Chad Moore Calgary Mortgage Broker

How To Navigate Credit During Difficult Financial Times

I really wanted my people to better understand credit as we are living through uncertain financial times.

This kind of information is usually taught to people living through a financial trouble. I thought interviewing a credit expert would be helpful in understanding options and paths moving forward.

Below are some areas of the video you might like to skip ahead to. Please consider watching this entire video as it flows together.

Please, please also share this video with your friends, family and co-workers. I would hate for people to make financial decisions without understanding their options.

Thanks and talk soon!
Chad Moore

2:30 – Credit fundamentals.
8:07 – Bill repayment and overall credit score.
8:55 – Recency effect of missed payments.
10:12 – Understanding different credit score algorithms.
12:26 – Second most important credit fundamental.
13:41 – Why credit balance-to-limit ratio is critical to your score.
15:20 – Credit limit discussion.
16:01 – A huge shift in credit inquiries and how they impact credit.
20:05 – Expert opinion on looming credit changes!
21:12 – I press Richard for a prediction on any credit algorithm changes :-).
22:24 – Discussion of navigating difficult credit situations.
24:48 – Richard uses the “F” word …and then the “B”word.
26:11 – Debt consolidation. What is it? Why?
26:41 – Chad scratches his neck ;-).
26:51 – Debt consolidation with your bank vs third party.
28:21 – Debt settlement. What is it? Pros vs. Cons.
29:54 – I lob Richard a beach ball for him to plug his services :-).
31:19 – What is consumer proposal? Who is it for and why choose this path?
33:21 – Is a house or vehicle required to be in a consumer proposal?
34:20 – How can an insolvency trustee help me?
35:58 – Richard pays me a compliment and I blush like a schoolgirl.
38:08 – Let’s talk credit recovery!
41:04 – Where to I get a new credit card? What does that look like?
42:50 – How to transition to a major credit card?
43:45 – What banks might I consider approaching for a major credit card?
44:40 – Should I close my old credit cards?
45:40 – Richard and I wrap up!