More credit means a higher score, right? Not exactly. #debtfreein30

Many assume more loans and higher credit means a higher score, but the reality is more complex. Doug Hoyes and Ted Michalos break down how multiple loans impact your credit score and share expert advice on when accessing more credit makes sense—and when it doesn’t.

(0:00) – What impacts your credit score?
(5:35) – How important is your credit score in Canada’s unique rating system?
(6:45) – Understanding credit utilization rate and debt-to-income ratio
(9:00) – What’s the difference between hard and soft inquiries?
(14:30) – The impact of credit history and canceling accounts
(16:30) – Why missed payments hurt more than you think
(17:40) – A fictional but realistic debt scenario
(24:20) – Why dealing with your debt should be your priority—and how to start
(26:00) – How to decide if taking out another loan is the right move

Credit Card Debt Consolidation in Canada - What You Need to Know

What is Credit History and How To Influence It

What To Do About Credit Card Debt in Collections

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Debt To Income Ratio Calculator

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Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.