The average KOHO Credit Building user has seen their scores rise by 22 points after 3 months*
Build your credit without using a credit card, using Canada's #1 rated credit builder according to Forbes**
Join 100,000+ Canadians
Building credit can save you money
A boost to your credit scores can result in lower interest rates and serious savings. Take a look at how good credit scores could help you save nearly $3,000. Let’s assume a loan amount of $15,000 and 12 months of payments.
Credit Scores | 579 | 740 |
---|---|---|
Interest Rate | 47% | 15% |
Total Interest | $4,086.77 | $1,246.50 |
Savings | - | $2,840.27 |
Why use KOHO credit building?
Trust
We report payments to the credit bureau, Equifax
Affordability
It costs as low as $5 a month for Everything members
Financial Coaching
With KOHO, you have access to experienced Financial Coaches, to support your financial journey
Track Progress
With Credit Building, you can check your Equifax credit score anytime.
Making real progress
Explore how our credit-building solutions have made a difference in the lives and credit health of KOHO members.
*Testimonials provided are a representation of individual experiences and are not intended to guarantee a similar outcome. These are unedited but for minor editorial changes for the sake of grammatical corrections and brevity. In come cases names may be changed to protect privacy.
How it works
Start building credit history with ease by opening a KOHO line of credit separate from your balance. We'll set aside an amount from your line of credit each month, reporting it as an on-time payment to Equifax. It's simple, safe, and secure.
*Image is for illustrative purposes only
Getting started is easy
- Download the KOHO app and sign up for an account.
- Pick a plan and save up to 50% off Credit Building.
- Follow the steps in-app to set up Credit Building.
KOHO members can get up to 50% off Credit Building
Get started today, make progress on your financial journey and maximize savings
Essential
Earn more on the essentials your wallet cares about.
Starting from*
$4 $0/month
Add Credit Building for $10
Best deal
Extra
Earn extra on your spending and savings.
Starting from*
$9/month
Add Credit Building for $10 $7
Most popular
Supercharge everything in your KOHO account.
Starting from*
$19/month
Add Credit Building for $10 $5
Ready to start building?
Join over 100,000 Canadians who are using KOHO to build their credit.
Sign up for KOHOFAQs
KOHO gives you an affordable and free way to make or build your credit history in Canada. You can use your own money or borrow from us to do it. There are no deposits, credit checks, or applications. And you’re guaranteed approval. Head to your KOHO app and click Credit > Register to get going.
Choose the way you’d like to build your credit history (it’s totally up to you, credit builder!). On-time repayments build credit history. A strong history can raise your scores.
It helps kickstart your credit, without adding to your debt if you don’t withdraw the funds.
Absolutely! You can access up to $225 with zero interest. You just need to ensure you pay it back on time so you don’t miss a payment.
Secured Credit Building involves setting up a collateral instead of getting a credit builder loan. The deposit becomes your line of credit. This setup provides more control. It's ideal for those with the funds to secure the credit line. You can always access your line of credit. Just make sure to deposit it back before the billing date.
A secured line of credit requires collateral. An unsecured line of credit is opened for you without the need for collateral.
To unlock our Secured Credit Building, you need to first be subscribed to Credit Building. You can add the Secured Credit Building option to your package. It boosts your chances of building better credit. And, it does so faster.
Not at all! There's no need to withdraw funds. Simply set your utilization (we suggest keeping it under 10%) at the start of each billing cycle. However, you'll have access to the funds whenever you need them. They provide a safety net for unexpected situations.
Once you’ve registered for Credit Building in-app, you will be able to see your current credit scores. Every month, after we've taken payment and reported to Equifax, a major credit bureau, you'll be updated with any changes. It's that simple!
You know how making payments on time can positively impact your credit? Well the opposite is true too - missing or late payments could hurt your scores. This is why we do not recommend withdrawing from the line of credit. We are invested in your success.
KOHO's Credit Building tool retrieves your scores directly from our trusted partner Equifax, which is one of the major credit reporting bureaus in Canada. Please note that your scores might vary from what you see on other reporting services. This difference can happen because Canada has two major credit bureaus. Each has its own criteria for scoring your credit.
You can reach out to Equifax directly by giving them a call at 1-800-465-7166, or you can also log into your account on Equifax's website
A credit bureau, like Equifax, collects information from companies you owe money to, like your history of paying bills, to understand how you handle money.
The minimum credit scores you need to buy a home depends on which lender you get your mortgage with. In general, you’ll want scores of at least 620 to get a mortgage with a traditional lender (like a bank). This is according to Loans Canada. The better your credit scores, the more likely you are to get a low-interest rate.
You’ll want credit scores in the mid-600s to qualify to buy a car, according to Borrowell. You might qualify for a car loan with lower scores. But, like for buying a home, the higher your credit scores, the better your chances of getting a good car loan rate.
Reach out to our customer support team and write in #coach before writing in your question.
Our customer support team is ready to answer any of your questions 24/7 either through email or the chat functionality in the app. We’re always happy to help, no matter how big or small your query, so don’t be shy!
**Credit scores are based on complex models involving a variety of factors. Consistent on-time payments help improve scores. Missed or late payments may cause credit scores to decrease. Outcomes may vary among users.