This episode of the More Money Podcast is brought to you by Borrowell. Did you know that only 14% of Canadians check their credit score each year? Now thanks to Borrowell, you can check your Equifax credit score for free (and it won’t ding your score either)! Visit bwll.co/momoneypodcast to get your free credit score.
If you have any questions about credit scores, I guarantee you that they’ll have been answered by the end of this episode. I was so fortunate to have been able to interview Borrowell co-founder and CEO Andrew Graham for this episode because he really is the credit score guru!
Not only did he start one of the fastest-growing Fintech companies in Canada, but he also really knows his stuff and gave me quite the education. Which makes it quite obvious how his passion for financial literacy and offering Canadians better options for borrowing led him to co-found Borrowell.
After working for several years in the banking industry, Andrew realized that Canadians were getting into deeper and deeper debt with sky-high interest rates holding them back. He wanted to find a solution that would save people from paying 19.99% interest on their credit card, but still, be able to borrow to help them when they really needed it.
We get into more detail about why he started Borrowell, what his company’s mission is all about, and most importantly why it’s so important to have a firm knowledge of credit and borrowing before you take out any type of loan.
Here’s a breakdown of some of the key things we talked about in this episode, with some additional resources so you can know your stuff before you get out of your next loan.
Key Things to Know About Credit Scores
- Credit scores can range from 300-900. Just like a letter grade, the higher your score the better you are (though it’s uncommon to actually achieve a perfect 900).
- The average credit score amongst Canadians is 749.
- Even if you have a “bad” credit score, you can improve with a few simple changes.
- Simple changes to improve your credit score include making consistent payments on your credit cards and bills and not always hitting the top end of your credit card limit.
- Your credit score can update as soon as the next day.
More Helpful About Credit Scores
- Does It Hurt My Credit When I Check My Rate or Score?
- Credit Utilization: The Credit Score Tip Most Canadians Have No Idea About
- What Is A Credit Score And Why Does It Matter?
- Do you know your credit score? Canada’s new mortgage rules make it more important than ever
Get Your Free Credit Score
Want to find out your credit score for free without dinging it? You can now, thanks to Borrowell. As I mentioned in this episode, I checked mine after my interview with Andrew. The last time I checked my credit score was when I was getting pre-approved for my mortgage. At the time it was in the high 700s, but when I checked again this time it had gone up to the low 800s (which is quite high for your reference. I even impressed Andrew!). Make sure to check yours at bwll.co/momoneypodcast.