Everything You Need to Know About Credit Scores

Serious question: do you know, generally, what your credit score is? Have you checked your credit report yet this year?

If your answer is no, here’s a tip: Make it a New Year’s Resolution to check your credit report once a year.

That’s it, just once a year – so easy!

As easy as it is though, Canadians on the whole are not that great about understanding their credit.

A recent survey, commissioned by Mogo, found that while 72% of Canadians recognized that lenders and banks look at credit scores during the loan application process, most Canadians don’t know what else their score is used for:

  • 81% of Canadians don’t realize that an employer may check their credit score when being considered for a job position
  • A full two thirds of Canadians don’t know that insurance agencies or cell phone companies might look at credit scores during the application process (67% and 66%, respectively)
  • 61% of Canadians don’t know that landlords often look at credit scores as part of a rental application

Don’t be a statistic, guys, you’re better than those people.


Here’s the skinny on credit reports and credit scores: Continue reading “Everything You Need to Know About Credit Scores”

You Don’t Need Balance Protection

When I was 18, I moved from being a secondary card holder on a credit card shared with my mom to principal holder on my own shiny new credit card. When I called to activate it, the agent asked me if I wanted to add insurance that would cover my balance if I lost my job or had a disability. Being young, naïve, having no other insurance, and thinking that banks were always looking out for my best interest, I agreed. I had it for years before I cancelled it.

Do not make the same mistake I did. You don’t need balance protection insurance.

Continue reading “You Don’t Need Balance Protection”