What is Credit Building?

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.

Who can use this feature?

There are currently only two eligibility requirements:

  • Your KOHO account has been fully verified

  • You must have enough funds in your account to cover the subscription fee (not including Vault)

How does it benefit my credit history?

Upon registering for the feature, you are issued a no-fee no-interest line of credit. This line of credit is separate from your available balance. Every month, we deduct a portion of these funds and report the activity to the credit bureaus. This process will repeat every month for six months.

What do I have to do?

First, you’ll need to ensure that there are enough funds in your account each month to cover the monthly subscription fee*. You’ll also be asked to set your utilization rate in-app. We recommend a utilization rate of 30%. Every month, you’ll repay the line of credit. Making on-time payments will build your credit history.

*Just a heads up, this charge will appear as CB SUBSCRIPTION FEE in-app!

How long can I use this feature?

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

To learn more visit koho.ca/credit-building 😀

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