Build your credit history
KOHO users see an average credit score increase of 22 points after just 3 months of using Credit Building.*
Three ways to build your credit history
Credit Building – use a KOHO line of credit
Flexible Credit Building – use a secured line of credit
Supercharge your credit – use both
Whichever you choose, there’s no interest, no applications, and guaranteed approval.Let’s get building
1. Credit Building
Take out a line of credit, repay it on time, and build your credit history. It’s simple, safe, and secure.
How it works
Let’s get building
We open a line of credit, dedicated to Credit Building.
Choose an amount to set aside from your line of credit.
Each month, we'll report that amount as an on-time payment to Equifax.
2. Flexible Credit Building
Deposit your own money as a line of credit, repay it on time, and build your credit history. It's flexible, customizable, and secure.
How it works
Set aside funds as a secured line of credit in your KOHO account, from $30 to $500.
Withdraw what you need; we’ll re-collect what you owe at the end of the month.
Every on-time repayment builds credit history and could help your score.
3. Use both to supercharge your credit building
Sometimes 2 is better than 1. Use both together to supercharge your credit history.Let’s get building
Financial coaching + credit building
Whichever credit building you choose, you’ll also get access to a Financial Coach and your credit score, on demand.
Did you know?
Building credit can save you money
A better credit score = lower interest rates = serious savings.
Building your credit history can improve your credit score. Take a look at how a good credit score could help you save nearly $3,000. Let’s assume a loan amount of $15,000 and 12 months of payments.
KOHO User Testimonials
It’s KOHO’s affordable, interest-free way to build or rebuild credit history in Canada. You can either use your own money or a loan 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 and a strong credit history can build your credit score.
Either way, it’s a win-win (in our humble opinion). The one you choose might depend on how you’d like to pay for it. Flexible Credit Building has a lower monthly fee but you’ll need to set aside your own funds as a line of credit. Credit Building has a higher monthly fee, but the line of credit will be supplied by us. Either way, they both help you build your credit history. You can also use both to really supercharge your credit building.
You sure can. If you do that, you’ll be building credit in two ways instead of one.
Once you’ve registered for Credit Building in-app, you’ll be able to see your current credit score. Every month after we've successfully taken payment and reported to a major credit bureau, you'll be able to see your updated credit score.
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 score.
The cost of Credit Building depends on your plan. You can check the pricing in-app.
The minimum credit score you need to buy a home depends on which lender you get your mortgage with. Generally speaking, you’ll want a score of at least 620 to get a mortgage with a traditional lender (like a bank), according to Loans Canada. The better your credit score, the more likely you are to get a low interest rate.
You’ll want a credit score in the mid-600s to qualify to buy a car, according to Borrowell. You might be able to qualify for a car loan with a lower score but, similar to buying a home, the higher your credit score the better your chances of qualifying for a good interest rate on a car.
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 credit scores. Missed or late payments may cause credit scores to decrease. Outcomes may vary among users.