Rule Your Credit Score

When you’re ruling your credit score, you’re on your way to reaching your financial goals. Your credit score matters when it comes time to get approved on exciting life milestones, like buying a home. Lenders look at your score to determine your creditworthiness, or how good you are at handling your financial obligations. It’s how they determine how big a mortgage or loan (or how high a credit card limit) to offer you and at what interest rate. Having a low score could result in getting approved at higher interest rates — or even being declined. Many landlords look at your score when considering renting to you, and some employers are even requesting info on your credit score before making you a job offer. Not to mention, 67% of people say they’d rather date someone with a great credit score, over good looks. (New dating app idea? ) A few different factors make up your score, with payment history, utilization ratio, and length of credit topping the list, followed by types of credit and inquiries. Whether your score is stellar or needs some TLC, there are some easy ways to improve it and ultimately rule it. Here are

Rule Your Spending - 30 Day MogoCard Challenge

Ready to rule your spending? We're challenging you to use the Mogo Platinum Prepaid Visa® Card1 for 30 days as your dedicated spending account. Why 30 days? By creating a new habit for a month, you’ll be more likely to stick to it and integrate it into your day-to-day life. Whether you’re an overspender or a strict budgeter, the MogoCard will help you stay on track, learn about your spending habits, and ultimately #RuleYourFinances. @media only screen and (max-width: 480px) { .pr-20 { padding: 40px 20px 20px 20px !important; } .pl0t20 { padding: 20px 0 0 0 !important; } .align-left { text-align: left !important; } .mb-10 { margin-bottom: 20px !important; } .rl30 { padding-left: 30px !important; padding-right: 30px !important; } } What to expect in your 30 Day Challenge Use the MogoCard as your main spending tool. It’ll help you control your spending in ways that debit and credit cards can’t. Load money to the MogoCard for your weekly spending and stay on top of it. Learn about your day-to-day and weekly spending habits. Spend less than you normally would, ultimately getting you closer to your financial goals. How to get started: Add your spending money To start out, we recommend adding enough spending money to last

RULE YOUR FINANCES: Financial Literacy Series

Join us for an evening of drinks, light snacks and financial advice at the MogoLounge. We'll be talking ways to rule your finances. Where: The MogoLounge 797 Queen St W, Toronto When: Wednesday July 5th from 6:30–8 PM Can’t make it to the event? Submit questions via our Social channels (Facebook, Twitter, Instagram) using #RuleYourFinances. We'll be live streaming on our Facebook page, so be sure to catch it there. Jason De Thomasis, CFP® of De Thomas Wealth Management GET YOUR FREE TICKET! GET TICKET

MogoMortgage Wins The Canadian Mortgage Award for Best Use of Mobile Technology

We’re pumped to share our MogoMortgage product won the Canadian Mortgage Award for Best Use of Mobile Technology! We launched our MogoMortgage product earlier this year to give Canadians an innovative digital experience for mortgage seekers on the go. With a digitally led process from pre-approval until renewal or when the mortgage is fully paid off, the app also has a human touch: MogoMembers can chat online through the app or on the phone with experienced mortgage specialists anytime they have questions about their mortgages. We’re a licensed mortgage broker, so we offer the traditional benefits of working with different lenders to get access to the best products and rates, with the additional benefits of an interactive dashboard available online and through our mobile apps. Plus - perks like dinner on Mogo to celebrate annual mortgage payment milestones. Here’s what our CEO and Founder, Dave Feller, had to say about the award: “” It's great to receive recognition for what we believe is the best mortgage experience in Canada. As consumers continue to move to a more convenient digital mortgage experience, Mogo is clearly positioned as one of the industry's innovators and leaders. Need a mortgage? SIGN UP

4 ways to get out of debt faster

In December 2016, Canadians owed $569 billion in consumer debt like credit cards and lines of credit—and that’s not counting mortgages.* Debt, especially revolving debt (like credit card debt) can be difficult to get on top of. In fact, 46% of Canadians carry a credit card balance every month. Yikes. The good news? It IS possible to break the debt cycle and get on the path to financial freedom. 1. Use “found money” to pay it down Almost everyone will encounter “found money” throughout the year; basically money outside of your regular paycheck, like a tax refund, bonus at work, gifted money, etc. Although it’s super tempting to use this “extra” money for something fun, using it towards your debt is a smart way to make a good dent in it. If you have multiple debt products (like credit cards, lines of credit, etc.) make sure you put money towards the product with the highest interest rate first. 2. Create a budget This might sound obvious, but half of Canadians are living paycheck to paycheck without much insight into where their money is going. The first step to making a budget is knowing how you’re spending

How do I qualify for a mortgage

As a first time home buyer, it can be confusing and stressful figuring out exactly what you need to qualify for a mortgage. So, we’re breaking it down for you so you can focus on all the other exciting stuff (like house hunting!). After all, your first time should be amazing. When you’re getting a mortgage, lenders base your approval on factors about you and your credit history as well as the the property you’re buying. Your mortgage specialist will walk you through all the details and help you through the whole process, but we’re giving you a head start with this handy guide. What you need… Credit Score Aim for a credit score of over 680. It’ll allow you to qualify for more in terms of your mortgage. That being said, there are lenders that will give you great rates for credit scores as low as 640, and on a case by case basis may go lower depending on other factors. Canadian lenders have to follow specific rules for mortgages with a down payment that’s less than 20%. These rules are set by qualifying ratios called Gross Debt Service Ratio (GDSR) and Total

3 ways to improve your credit score

Your credit score is basically your adult report card. It matters when it comes time to make big life decisions like buying your dream place. The higher your score the better. It’s used by lenders and financial institutions to determine whether your credit-worthy or not. In general, a low score could mean you’re declined on a loan or receive a higher interest rate, while a higher score allows for lower interest rates and better options when it comes to things like getting a mortgage and borrowing money. Your credit score number basically tells lenders how likely your are to repay money you borrow, based on how you’ve handled your financial obligations in the past. If you didn’t know it was this important, don’t worry. You’re not alone…. • 47% of Canadians don’t know where to check their credit score • 81% of Canadians don’t realize that an employer may check their credit score when being considered for a job • 61% of Canadians don’t know that landlords often look at credit scores as part of a rental application • 51% of Canadians don’t know that small business lenders look at credit scores when approving

Jenn Kitagawa x Mogo Pop-Up Shop

Come by the MogoLounge on May 27th to shop one-of-a-kind pieces by artist Jenn Kitagawa! When: Saturday May 27th 2017, 12-4pm Where: The MogoLounge @ 797 Queen St. West, Toronto What: Your chance to shop postcards, apparel, and posters by local artists and designer Jenn Kitagawa. Jenn’s an award-winning multidisciplinary artist and illustrator. Her work playfully uses pattern, shape and colour to blend illustration and design. Perks: MogoMembers get 10% off their purchases, by showing us your MogoApp or MogoAccount at the event. Chill out on our Instagram-worthy patio, snap some pics, and grab complimentary drinks provided by Sweetgrass Brewery. Featured Sponsor: Sweetgrass Brewing Co. Items to shop: Not a MogoMember? Sign up now to enjoy all the perks SIGN UP