That our future resources are going to be far greater than our present resources. What does that really mean when you borrow money? It should be used to grow your personal assets or you are in a position to grow your business so that you can be successful, hire people and spread the wealth.

The Use of Credit is based on the assumption that are future resources are greater than our present resources

Are you using credit to build wealth?

What is Credit made up of? It is your history, your Score, and your credit report

Myths about Credit clarified:

• You don’t need to carry a balance but you do need to use your credit
• All credit reports are not the same, we have Transunion and Equifax, there can be discrepancies
• Checking your credit will impact your score, there is a difference between hard and soft credit pull.
• Having now credit is not good credit, no record is not good because you are seen more as a risk
• Pay off derogatory debts and settling can remove it from your credit, only in 6-7 years will it be removed, You can’t get it removed unless it was a mistake

The difference between a consumer proposal and bankruptcy.

Why do you need good Credit?

• The better your credit the better your rates and terms & conditions of the mortgages
• To buy or rent a home
• Employers are pulling credit
• To Start a business
• Student Loans now are checking your credit
• Buying or leasing a Car
• Auto or home insurance

There is a need to do your best to maintain good credit

What is Good Credit

• There is a scale from 300-900
• Under 500 is Bad
• 500-600 is Not Good
• 600-700 ready to by
• 700-800 very good
• 800-900 Excellent

What impacts your Score

• 35% is Payment History
• 30% is Utilization, how much of your credit are you using, it helps to bring down your balances to look good to lenders
• 10% - Types of Credit you have e.g. credit cards, mortgages, lines of credit - Lenders prefer to see major types of credit cards
• 10% - Pursuit of new credit - how much new credit are you shopping for
• 15% - Credit History

Your Credit Score does not define you, you can rebuild from a bad Score

Contact Siobhan Bent - Mortgages 4 Moms

www.mortgages4moms.com

[email protected]

www.siobhanbent.com

416-505-3067

Instagram: @mortgages4moms

A secret the Banks don’t want you to know  - The Rule of 72

• A simple calculation to determine how long it will take for you to double your money, banks and lender use this simple rule to determine how long it will take to double their money while extending credit to you.

Set a debt Freedom date

• 2 ways to decide which debts to pay of debts first
• Smallest debts first to feel like you’ve seen success quickly then move on the tackle the next largest debt
• Tackling the debts with the highest interest debt or most costly.
• Listen in for more excellent tips on improving your credit and using your good credit to build wealth

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