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 know things. (On the other hand, people born before 1944 comprised only 3% of these suspected frauds.) How to protect yourself from fraud Don’t put your real birthdate on Facebook. ![](/content/images/2016/05/askanadult_birthday_1.jpg) Fraudsters can start credit applications under your name—sometimes they only need your name, birthday, and address! You can still say your actual birthday because who wants to miss out on all the bday love (obvs) on your wall?? But to prevent someone from getting all of my personal info, I deliberately put the wrong birth-year (1976). CLEARLY I don’t look a day older than 21. But the fraudsters don’t know this lol. Make sure you read before you provide info in apps. ![](/content/images/2016/05/askanadult_scam_1.jpg) For example, like before you buy

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 of risk for lenders who are thinking about whether they want to offer you credit. Generally, they look at your credit score to judge whether you’d be prone to doing things like not paying your bills on time, maxing out your credit cards, etc. etc. But, if you don’t ever use credit, that could also lower your score as you’re not showing that you’re capable of managing credit like a grownup. Canadians’ credit scores ![](/content/images/2016/04/credit_score_on_phone_mockup_1.gif) Who’s looking at my credit score? ![](/content/images/2016/04/lender-financialservices_icon1-6.jpg) Lenders

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 many revolving credit products allow you to pay back only the interest. It’s a major reason why so many people find themselves stuck in what feels like an endless cycle of debt. How revolving credit costs you more than a loan ![](/content/images/2016/06/mogo_revolvecredit-compare_v2-1.gif) The psychology of spending The thing about revolving credit is that it makes it easy and convenient for you to stay in debt. When you pair that with the psychological high of copping the latest pair of shoes / iPhone / whatever your poison is, then it’s not the interest rate you should be worried about anymore. Because let’s face

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 access to lower loan rates in the future, mortgages—and can be a big part of your dating life. What’s your credit score and where does it fall on the scale of zero to hero? Want to improve your credit score? Here’s what to look for: Fraud or mistakes on your credit bureau. Make sure that everything on the report belongs to you and that the info is correct. If you spot something, it’s time to contact Equifax Canada or Transunion—and do it right away as it can take a while to resolve the issue. An alternative (and quicker way) to get mistakes fixed is to have the creditor who made the

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 relationship with someone and the two of you want to buy a house. If your credit rocks and theirs sucks, that might not bode well for your future together. And sure, you're probably not—and you shouldn't be—picking a partner based on their net worth, but it is important to be aligned with someone who has habits and goals that are on your level. I’ve got my own set of advice, but I wanted to find out what people think about a partner’s credit score and if it's really a dealbreaker (or maker). So… I ran this survey and found out the following: ![](/content/images/2017/05/mogo_financialfitness_img-2.jpg) So I