Will taking a MogoMoney loan improve my credit score?

Last Updated: Apr 03, 2019 01:22PM PDT

That depends on many factors....

Mogo started reporting payment history to Equifax Canada (the largest credit bureau in Canada) as of April 2019 for MogoLiquid loans issued April 5, 2018 and later. So, if you took out a MogoLiquid loan after April 5, 2018 and you’re making your payments on time like a champ, then you could see your credit score go up over time. If you’re missing payments, those little slips can hurt your credit score. Mogo will continue to report your payment history on a monthly basis until your loan balance is paid in full.

If your MogoLiquid loan was issued before April 5 2018 or you have a different MogoMoney product, your payment history is not being reported to Equifax so a Mogo loan product by itself won't improve your overall credit rating.

Even if your MogoMoney loan payments aren’t being reported to the credit bureau, there are still other ways you could potentially improve your score. For example, you could use your Mogo loan to pay off another debt listed on your credit bureau that is in default, or a credit card or line of credit that has a utilization ratio (your balance to limit ratio) of over 70%. Because utilization ratios make up about 30% of your score and payment history makes up about 35%, getting these ratios in check can help your score improve.

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