YES! With KOHO Credit Building, you can establish a credit-building line of credit.
Although you can’t access the money from this line of credit, the monthly subscription fee will be reported to one of the credit bureaus in Canada. This means you can steadily build a healthy credit history and unlock new financial opportunities.
Who is eligible for a KOHO card?
As long as you’re at least the age of majority in your province or territory (typically 18 to 19 years old), hold permanent residence or citizenship in Canada, and have a social insurance number, you’re well on your way to enjoying the benefits of KOHO.
How to Apply for a KOHO Mastercard?
- Choose the Right Card: Select a credit card suitable for people with average credit, offering lower minimum credit score thresholds for first-time applicants.
- Complete the Online Application: Fill out the online form, providing your name, address, social insurance number, and current income information.
- Await a Decision: After submitting your application, the credit issuer will review your details. You may receive immediate approval or rejection, while some applications might require review by a credit specialist, leading to a response within a few days.