An affordable way to build your credit history with KOHO. Head to your KOHO app and click Credit > Credit Building > Register to build your credit history.

There are currently only two eligibility requirements:

Upon registering for the feature, you are issued a no-fee no-interest tradeline* of 225$. This tradeline is separate from your available balance. Every month, we deduct a portion of these funds and report the activity to Equifax. This process will repeat every month for as long as you stay subscribed.

A tradeline is an account that appears on your credit report.

First, you’ll need to ensure that there are enough funds in your account each month to cover the monthly subscription fee**. Every month, you’ll also be asked to set your utilization rate in-app. We recommend a utilization rate of 10% or lower. Every month, you’ll repay the line of credit. Making on-time payments will build your credit history.

* A tradeline (or line of credit) is an account opened under your name that will appear on your credit report

**Just a heads up, this charge will appear as Credit Building Subscription in-app!

A utilization rate is the amount of credit you’re using divided by the total amount of credit you have available.

For example, let’s say you’ve been approved for a line of credit for $100. If you choose to withdraw all $100 that you were approved for, your utilization rate is 100%. If you choose to withdraw only $20 from the available $100, then your utilization rate is 20%.

With our Credit Building feature, you get to choose your utilization rate, but we recommend setting it at 10% or lower. Our Credit Building experts have determined that a utilization rate above 30% is not ideal for increasing your credit history (it is likely to still increase, however potentially not as much as with a lower utilization rate).

For as long as you wish - you will remain subscribed as long as your subscription fee is paid!