Understanding you credit score: The Good, The Bad and The Ugly
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Transcript of Understanding you credit score: The Good, The Bad and The Ugly
![Page 1: Understanding you credit score: The Good, The Bad and The Ugly](https://reader031.fdocuments.in/reader031/viewer/2022020715/54688382af7959816a8b4928/html5/thumbnails/1.jpg)
2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
![Page 2: Understanding you credit score: The Good, The Bad and The Ugly](https://reader031.fdocuments.in/reader031/viewer/2022020715/54688382af7959816a8b4928/html5/thumbnails/2.jpg)
First time and repeat buyer
Refinancing
Equity Take Out
Lines of Credit
Construction loans
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2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
My service is free for 99% of my
clients.
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Because Your Mortgage
Should Not Be Left To Chance.
You don't know what you don't
know
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Over 350 mortgage products.
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Credit Income
Equity
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2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
Understanding Your Credit Score
The Good
The Bad
The Ugly
![Page 8: Understanding you credit score: The Good, The Bad and The Ugly](https://reader031.fdocuments.in/reader031/viewer/2022020715/54688382af7959816a8b4928/html5/thumbnails/8.jpg)
2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
Key MessageIts your responsibility to manage
Your Credit Score
![Page 9: Understanding you credit score: The Good, The Bad and The Ugly](https://reader031.fdocuments.in/reader031/viewer/2022020715/54688382af7959816a8b4928/html5/thumbnails/9.jpg)
2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
![Page 10: Understanding you credit score: The Good, The Bad and The Ugly](https://reader031.fdocuments.in/reader031/viewer/2022020715/54688382af7959816a8b4928/html5/thumbnails/10.jpg)
2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
A credit score is a number thatsummarizes the historical creditinformation on a credit report.
The number reflects the likelihood that you will become delinquent on a loan
or a credit obligation in the future.
What is a credit score?
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2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
Credit Agencies in Canada
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2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
What is a credit score
• Score range from 300 to 900
• Every time you sign for credit, you agree to have your credit habits reported to credit agencies
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2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
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2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
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2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
Low Score will Cost you
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2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
Low Score will Cost you
![Page 18: Understanding you credit score: The Good, The Bad and The Ugly](https://reader031.fdocuments.in/reader031/viewer/2022020715/54688382af7959816a8b4928/html5/thumbnails/18.jpg)
2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
Lousy Things Happens To Good People
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2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
The Good
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2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
The Bad
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2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
The Ugly
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2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
The Ugly
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2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
The Ugly
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2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
7 Ways to protect your Score
• Maintain a low credit card balance• Pay all bills on time• Do not Co-sign a loan• Continually keep your accounts
active• Resist signing for a department
credit card• Limit the number of accounts• Do an annual review
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2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
Why An Annual Check?We live in the era of Identity Theft
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2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
The first step is to pull your credit report
Make sure none of the following are on your report:
• Late payments, charge-offs, collections or other negative items that aren't yours.• Credit limits reported as lower than they actually are.
Fixing Your Credit Score?
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2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
– Accounts listed as "settled," "paid derogatory," "paid charge-off" or anything other than "current" or "paid as agreed" if you paid on time and in full.
– Accounts that are still listed as unpaid that were included in a bankruptcy.
– Negative items older than seven years (10 in the case of bankruptcy) that should have automatically fallen off your reports
Fixing Your Credit Score?
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2023-04-08 Philippe Daigle Your Kelowna and Area Mortgage Expert
Questions?