While you can withdraw your Credit Building line of credit, it isn’t a requirement:
Credit Building works by providing you with a $225 line of credit without any interest, separate from your available KOHO balance.
Every month, Credit Building will automatically repay the utilized amount to your line of credit. This can be done without withdrawing from your Credit Building money.
To maintain Credit Building, pay your monthly subscription fee and set your utilization rate every month (we recommend keeping it at 10% or lower).
Withdrawing your line of credit can impact what is reported to Equifax. This includes your utilization rate (if you choose a higher utilization rate) and any missed line of credit payments. Credit Building withdrawals will always take 96 hours to process and cannot be expedited by our support team.
How can I withdraw from my Credit Building money?
Before initiating a withdrawal, always verify your upcoming Credit Building billing date. If you withdraw money close to this date, the money will be automatically collected when your billing date arrives.
The repayment date cannot be changed or deferred; it will always align with the date you initially began Credit Building.
Important: Support agents can't speed up this withdrawal. For instance, if you request a withdrawal at 9:02 a.m. EST on Monday, the money will be in your account at 9:02 a.m. EST on Thursday.
To access your Credit Building money:
Select the Profile icon in the upper left of your app
Scroll down to Credit Building utilization
Select the three dots (...) in the upper right corner
Choose "Transfer"
Confirm the withdrawal amount
Verify the process by entering the code sent to your phone number
Once confirmed, the withdrawal will be completed in approximately 96 hours.
Are there limitations to withdrawing your Credit Building money?
If you choose to withdraw your money, the next line of credit repayment date will be due on your next billing date after the withdrawal is processed. The billing date is based on the registration date. It is not possible to change the repayment date.
You cannot make two consecutive withdrawals from your line of credit without repaying the first amount due. Please make a payment for the withdrawn amount before requesting another line of credit withdrawal.
Finally, if you cancel your Credit Building subscription during this process, the withdrawal will be cancelled automatically.
Why was my Credit Building money collected back so soon?
Any withdrawn Credit Building money will be collected on your next billing date for your Credit Building subscription fee.
For example, if you initiate a Credit Building withdrawal on May 10th and receive the money into your account on May 14th, with your Credit Building billing date set for May 16th, then your line of credit repayment will happen on May 16th.
Additionally, we recently adjusted your loan repayment date to align with your Credit Building deposit date. If you initiate a Credit Building withdrawal close to your repayment date, the funds may be collected back sooner. Please verify your repayment date on the “Are you sure you want to transfer out funds?” in-app page.
Once the payment is recollected, a new Credit Building withdrawal would need to be initiated. After a new withdrawal is initiated, it will take another 96 hours to process.
Why was my line of credit withdrawal request cancelled?
Your Credit Building withdrawal request may be cancelled if
You have pending withdrawals on your billing date
Your billing date is within the 96-hour processing period
To avoid any issues, we suggest withdrawing your money on a day outside your billing date.
Remember, our support team can't help with cancelled requests. Just make a new request in the app, and you'll get the money in 96 hours (4 days).
How can I manually repay what was withdrawn from my line of credit?
Here’s how to manually repay what was withdrawn from your Credit Building line of credit :
Select the Profile icon in the upper left of the app
Scroll down to Credit Building Utilization
Select the three dots in the upper right to transfer back the money
Select the amount you want to repay
Confirm your repayment
If my Credit Building fee is in NSF status, will I have to repay my line of credit if I withdrew my Credit Building money?
Yes. We’ll first attempt to collect the full outstanding payment on your billing date. If the first attempt is unsuccessful because you don’t have enough money in your account, , we will try to collect a minimum payment of $67.50.
We will try to collect the payment up to three times. After the third attempt, your payment will be in an NSF status. You’re unable to withdraw payments that are in an NSF state.
When the payment is in NSF, we will collect the entire outstanding balance of the withdrawn line of credit rather than the minimum payment of $67.50.