Fabulous Frugal Finds

Do You Know Your Credit Score?

If the title of this post made you tense up, then I know the answer! I was just like you until this week! For whatever reason, I haven’t looked at my credit score lately and so when Borrowell approached me to ask if I knew mine – I embarrassingly said no. A girl who is Feisty, Frugal and Fabulous should know these things, right? The thing is, well established in a mortgage term, and with a new vehicle loan this summer, I assumed no news is good news. The last time a borrower had checked, all was good. I knew I didn’t have any credit issues, but that doesn’t mean I shouldn’t be aware of my credit score.

It turns out, I’m not alone. According to Borrowell consumer research, people become more interested in their credit score and overall financial health when they’re going through a major life event, such as getting married, buying a house or becoming a parent. It makes sense – your financial landscape is going to change in any of those scenarios so you’d best be aware of where you stand.

Borrowell had some fun with that concept in a recent commercial! What better time to look up your credit score, than when your wife is in the depths of labour with her midwife by her side?

How does a credit score affect you? Well, most notably your credit score will determine if you even qualify for a loan or credit card in the first place and then, the interest rate you’re charged on that money. Yes, just like school – those at the top of the class with a gold star are going to get a better rate, and the goal of course is to have that person be you!

Finding out your credit score for free with Borrowell not only gives you a credit score number ranging from 300 – 900 (the average in Canada is 745) but it also gives you a look at what credit products you are currently holding (maybe a credit card you thought you closed four years ago is still sitting there with a balance, maybe there’s a store card you don’t remember applying for). Your score of course is only that, a numerical score that gives you a definite number telling you where you stand. Your credit report is a detailed document that contains important information about why your credit score is the way it is. This is where you learn how past mistakes, or smart financial decisions and payment processes, can make all the difference going forward.

Once you’ve looked at your score and current credit products, Borrowell will also share some recommendations for you based on your credit profile including personal loans, credit cards, mortgage products and more, and you can compare features and benefits right there on your screen. Did you know? Borrowell is the first company in Canada to offer free Equifax credit report monitoring!

If you’re curious about your credit score, don’t wait until a very inopportune time like the guy in the commercial – simply visit Borrowell today to check and see where you stand. I love numbers and reports and hey, when it’s all about me  – all the better! It was an interesting thing to do and I’m so happy that everything is great with mine as I had thought. Phew!

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