What is Credit Building?
An affordable way to build your credit score with KOHO. Head to your KOHO app and click Tools > 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 at least $7 in your account balance (not including Vault)
This feature is currently not available in Saskatchewan.
How does it work?
Want to build your credit score? Start by subscribing to Credit Building for $7/month and over the 6 month long program you can grow your credit score without having to lift a finger!
How does it benefit my credit?
Upon registering for the feature, you are issued a no-fee no interest line of credit that is dedicated to credit building. This line of credit is separate from your available balance because you shouldn’t spend it, it’s for building your credit! Every month, we automatically deduct a portion of these funds and report the activity to the credit bureaus. This process will repeat each month for six months and this activity will positively impact your credit!
What do I have to do?
First, you’ll need to ensure that there’s $7 in your account each month to cover the subscription fee. You’ll also be asked to set your utilization rate (we recommend 30%).
We’ll take care of the rest behind the scenes. Making on-time payments will positively impact your credit score.
How much is it?
$7/month for 6 months totalling $42. You can always renew after the 6 month period to keep growing your credit score!
You can also choose to pay the $42 fee upfront. Just set and forget! No tracking or missing payments.
Just a heads up, this charge will appear as CB SUBSCRIPTION FEE in-app!
How often can I use this feature?
The Credit Building feature works in 6-month cycles, billed monthly (or you can choose upfront billing during registration). Therefore, you only need to subscribe once every 6 months.