In this episode of The Wisdom, Lifestyle, Money Show, host Scott Dillingham shares practical strategies to build or boost your credit score, essential for mortgages, investing, or loans amid 2025's evolving market (BoC cuts to 2.25% easing affordability, per forecasts). Drawing from his denial story (erroneous Best Buy card lowered score; disputed/removed via Equifax), he emphasizes reviewing reports annually (free at equifax.ca) to spot/correct errors like mismatched debts or typos. Key tips include maintaining <30% utilization (call issuers for limit increases, accepting one credit hit for 30% score weight), avoiding closures (preserves account age), diversifying mix (cards/loans/mortgages), and minimizing inquiries (use brokers for one-check shopping).
He advises debt consolidation loans (7-12% rates vs. 20% cards, 1-7 year payoffs) for savings/principal reduction, and monitoring services (alerts for fraud/new hits). High scores (>680) unlock better rates/more borrowing (e.g., higher ratios), aiding jobs/approvals. In 2025's recovery (CMHC notes tightening vacancies ~2-3%, rents up 4-6% YoY per Rentals.ca), strong credit maximizes opportunities like unlimited rentals via A/commercial lenders. Scott warns against overutilization (>70% drops scores) and stresses SIN-based checks for accuracy. This timeless advice motivates proactive management for financial freedom, with 2025's lower rates amplifying benefits—contact LendCity for custom plans.
Host Bio
Scott Dillingham is the founder and CEO of LendCity Mortgages, a premier online mortgage brokerage specializing in financing for real estate investors across Canada and the USA. As host of The Wisdom, Lifestyle, Money Show, Scott draws from his own journey—from sales excellence at Future Shop to building a multi-property investment portfolio—to educate listeners on mortgages, investing, and personal growth. Based in Windsor, Ontario, he has achieved top national rankings in mortgage sales and now leads a team helping Canadians secure creative financing solutions. Connect with Scott on Facebook at facebook.com/scott.dillingham or visit lendcity.ca for mortgage advice and resources.
Scott Dillingham is the founder and CEO of LendCity Mortgages, a premier online mortgage brokerage specializing in financing for real estate investors across Canada and the USA. As host of The Wisdom, Lifestyle, Money Show, Scott draws from his own journey—from sales excellence at Future Shop to building a multi-property investment portfolio—to educate listeners on mortgages, investing, and personal growth. Based in Windsor, Ontario, he has achieved top national rankings in mortgage sales and now leads a team helping Canadians secure creative financing solutions. Connect with Scott on Facebook at facebook.com/scott.dillingham or visit lendcity.ca for mortgage advice and resources.
Key Takeaways
- Review credit reports annually (free via Equifax.ca) to spot/dispute errors (e.g., mismatched debts)—instant score boosts, as in Scott's Best Buy card removal.
- Maintain <30% utilization on cards/lines (call for limit increases, one hit worth it for 30% score weight)—avoid >70% to prevent drops.
- Diversify credit mix (cards, loans, mortgages) for positive impact—never close old accounts to preserve age.
- Use debt consolidation loans (7-12% rates, 1-7 year terms) to halve interest vs. cards (20%), pay principal, and simplify.
- Minimize inquiries: Brokers check once vs. multiple self-applications; use SIN for accuracy over names.
- High scores (>680) enable better rates/more borrowing amid 2025 BoC cuts (2.25%)—aids jobs/approvals.
- Monitor via services (alerts for fraud/hits)—timely fixes prevent long-term damage (reports span 7 years).
- 2025 tip: Strong credit maximizes rentals/commercial options in recovering market (rents up 4-6% YoY per Rentals.ca).
- (00:07) - Introduction and Overview
- (02:02) - Disputing Incorrect Credit Entries
- (02:31) - Steps to Improve Your Credit Score
- (08:55) - Boosting Credit Utilization
- (12:18) - The Importance of Credit Card Types
- (14:34) - Monitoring Your Credit Effectively
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