The Mogo Blog

Surprise! Millennials are the #1 fraud victims

You’re more likely to be a victim of fraud than your grandma. According to the Financial Post, [] “50% of suspect and highly suspect credit application frauds in Canada in 2015 were against Millennials or Generation Y… regarded as anywhere from age 16 to 36.” That’s crazy. Millennials are supposed to be the ones who are on top of technology and kn

What's a credit score? (And its everyday uses)

Well, first let’s talk about what a credit report is. Your credit report shows your history of borrowing and details on any loans you’ve taken out, as well as other info like how many times you get your credit checked and how close you are to maxing out your balance. Oh yeah, and if you’ve been avoiding those parking tickets or your phone bill from 2011, those get written up in your report too. The score is calculated based on secret algorithms using all the above—and more. It can be a measure

Revolving credit: why a loan is smarter than a credit card

You’ve probably been told that credit cards are bad because the interest rate is high. But that’s not the only reason—it’s actually because they’re “revolving credit.” If you’re wondering what the hell revolving credit is, you’re in the right place. ![](/content/images/2016/04/revovling-cycle_v2.gif)Let's ask an adult ![](/content/images/2016/04/ask.jpg)Revolving credit comes in the form of a credit card or line of credit that lets you immediately re-borrow what you paid back on principal. And

How to improve your credit score and why it matters

One of the awesome things about signing up for a MogoAccount is that you get your credit score for free (paid for by us, provided by Equifax Canada). Oh btw, if you want to get your score somewhere else, be prepared to pony up. Yep, we're basically paying you to get a MogoAccount. 56% of Canadians have never checked their score. [] Not good. If you're one of them, create your MogoAccount to find out yours now. Knowing your credit score could help you get acc

Dating someone with debt: my partner has bad credit, now what?

My friends always ask for my financial fitness advice and it's often around stuff like when they should talk about finances with their partner or how do they tell their spouse about the credit card debt that funded their shoes and booze-filled 20s.![](/content/images/2017/05/mogo_financialfitness_img-1.jpg) Here’s the thing... Your credit report is your financial report card and your credit score is your grade. Together, they show if you've got your life together. Let's say you're in a relations