(MENAFN- EIN Presswire)
Rob Tetrault is Senior Fiduciary Portfolio Manager at Tetrault Wealth Advisory Group - Canaccord Genuity Wealth Management
Demystifying Credit Scores: Rob Tetrault's Insights for Canadians
WINNIPEG, MB, CA, October 7, 2024 /EINPresswire / -- Renowned wealth management advisor Rob Tetrault delves into the intricacies of credit scores in Canada, offering a comprehensive guide on how they function and their significance. As a Senior Fiduciary Portfolio Manager at CG Wealth Management and head of The Tetrault Wealth Advisory Group , Rob provides valuable advice to help individuals improve and maintain their credit scores, ultimately leading to better financial opportunities.
Rob Tetrault emphasizes the importance of understanding credit scores and their impact on financial decisions. In Canada, credit scores range from 300 to 900, with higher scores indicating better creditworthiness. Rob explains that a score below 560 generally makes it difficult to obtain loans, while scores above 725 are considered good, making it easier to secure credit at favorable interest rates.
Breaking down the credit score ranges, Rob notes that those with scores between 300 and 560 may face extremely high-interest rates and limited lending options. Scores from 560 to 660 might only qualify for secured credit products with interest rates up to 30%. A fair credit score, ranging from 660 to 725, allows for better credit options and lower interest rates. Scores above 725 are categorized as good, providing access to low-interest rates and more attractive credit offers. The highest tier, from 760 to 900, is reserved for the best credit scores, ensuring the most favorable financial terms.
According to TransUnion, one of Canada's major credit bureaus, the average credit score in Canada is 650, with 20% of Canadians falling below 600. Rob advises aiming for a score above 700 to access the best lending options. He also highlights various factors affecting credit scores, including the length of credit history, payment consistency, credit utilization, and the number of credit applications.
Rob Tetrault emphasizes the importance of responsible credit management, such as making timely payments and avoiding excessive credit applications. He explains that financial institutions, landlords, employers, and other entities frequently review credit reports to make lending and other decisions. Understanding how credit scores are used and maintaining a good score can significantly impact one's financial health.
Rob concludes by stressing the long-term benefits of a strong credit score, particularly when securing major loans like car loans and mortgages. He encourages individuals to monitor their credit scores regularly and seek professional advice if needed to improve their financial standing.
For more information and to learn more about Rob Tetrault's wealth management strategies, visit
About Rob Tetrault:
Rob Tetrault is a highly respected wealth management advisor known for his strategic philanthropy and dedication to community development. He leads The Tetrault Wealth Advisory Group, focusing on sustainable and impactful giving. Rob is also a Senior Fiduciary Portfolio Manager at CG Wealth Management, where he leverages his extensive expertise to guide clients towards financial success.
To learn more, watch Rob Tetrault's video on YouTube.
Rob Tetrault
Tetrault Wealth Advisory Group - CG Wealth Management
+1 204-259-2859
email us here
Visit us on social media:
Facebook
X
LinkedIn
Instagram
YouTube
TikTok
Understanding Credit Scores in Canada: Insights from Wealth Management Expert Rob Tetrault
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability
for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this
article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
MENAFN07102024003118003196ID1108751742
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.