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 credit.
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 work?
Subscribe and get a credit-building line of credit with KOHO. On-time repayments build credit history and a strong credit history builds your credit score. We’re with you the whole way to keep you on track.
How does it benefit my credit?
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 (we recommend 30%). Every month, you’ll repay the line of credit. Making on-time payments will build a credit history and a strong credit history builds your credit score.
*Just a heads up, this charge will appear as CB SUBSCRIPTION FEE in-app!
How long can I use this feature?
The Credit Building feature works in 6-month cycles and will auto-renew every 6 months.