How To Increase Your Credit Score Canada [KOHO Credit building]

[@deereid3207]

4 months on credit builder. increased by 120

[@chronos313]

Hey 👋 I’m on my second month with this credit building and it increased by 37 points. I was soooo shocked in a positive way!

[@MoneyWithMark69]

Wow! That's amazing to hear! Thanks for sharing! 37 in 2 months is pretty dang good!

[@MsForeverFly]

Nice! Did you pick the 7/ a month option or the 42 dollars upfront option?

[@chronos313]

@@MsForeverFly at the time I only saw the option to pay it monthly so I’m paying 7$ a month.

[@wiseman4160]

​​@@MoneyWithMark69My credit score took a hit during pandemic. My first month with koho credit builder up 51 points so I was very shocked!

[@ianjohnson7319]

Hey thanks for the great video! I live in Nova Scotia and am wanting to build my credit to get a house for my family. Also watched your Neo and other new Koho video and considering both of those. Thanks again for your work! Ian.

[@MoneyWithMark69]

Thanks Ian! I’m in NS too. Good luck building your score! Let me know how KOHO credit building works for you

[@MrAmoutolacor]

Hi all, I chose the $7/month and my score jumped 23 points in the first month. Lets see what happens next month. Toronto

[@estefanitito1756]

Any updates?

[@INDIGE_STUDIO]

I went up 7 points in one month so it's worth the cash. Gg

[@MoneyWithMark69]

That’s a good start! What’s your score at now?

[@estefanitito1756]

Any updates?

[@mikey301000]

Has any of ur thots on the KOHO company changed since being a customer of them? I just signed up today to build my credit sore. Are there anythings you would recommend since this vid u mad as today is 7-12-23 when I am viewing it. Thnx & u gained a new subscriber too. Look forward to your reply. Cheers Mark.

[@giovannafreitas6320]

Hi, love your videos! Do you think Koho credit building would be a good idea for foreigners that just got into the country and want to start building credit scores? Thanks

[@mleekahh]

For anyone that wants to improve their credit this is perfect.

[@MoneyWithMark69]

Yes it 💯 is!! It’s Perfect for new Canadians. And welcome! 🇨🇦❤️

[@ventusprincess]

I have a quick question, how long would it take to get your card once you sign up? I'm asking because I am moving December 1st and I'm worried if I sign up now, I won't get my card in time or I might be moved by the time it arrives

[@MoneyWithMark69]

You should be okay! Took me about 3 weeks

[@MoneyWithMark69]

Also you can setup with Canada post auto-mail to your new address if you want!

[@ventusprincess]

@@MoneyWithMark69 ah, thanks! I caved and signed up last night!

[@inouske2975]

the best part is, u can sign up and it gives u sure digital card, and u can add it to sure apple pay. so unless ure making massive amount purchases card isn't really needed.

[@ilusions4]

So, if I use this credit building feature to build credit from 0 (I got nothing when trying to pull up my credit because I have no credit card and hate the idea of getting one) and don't use it afterward, my credit score will just deteriorate back to being useless over time?

[@MoneyWithMark69]

Not necessarily. Once you establish credit you will maintain your credit score for a while. But it is true that if you are not actively using any credit that your score will deteriorate. A lot of people who achieve financial independence actually have trash credit scores simply because they don’t use debt.

[@fatimamshehab1067]

Get at mogo card

[@ilusions4]

​@@fatimamshehab1067 I'm mainly seeing a bunch of buzzwords with mogo, but looking beyond that, it just seems to be another pre-paid card.. I don't see any credit-building feature within it. Yes, it technically does have loans for people with a bad (or no) credit score, but it doesn't seem to be geared toward people looking to build credit.. The interest rate is also 47%.. At this point, I'd feel more comfortable just going with Koho's purpose-built line of credit for this. I'd use it if it allowed you to create an anonymous card, but nobody's talked about that as of yet, so idk.. might try it some day when I setup a phone geared toward anonymity. **Edit** just learned that credit-building services are a scam to begin with. nvm. awful. I hate NA.

[@monalisainunderground8931]

What’s the difference of flexible credit and non flexible ?

[@MoneyWithMark69]

I'm not sure actually! Checkout the FAQs on their website

[@cuffedsoso5457]

Koho Credit building feature really works im up 25 points since september

[@JackitChan]

No it doesn't, been using for 2 years and have had nothing but problems, from account access to by far the most terrible support i have ever encountered.

[@saracharef593]

Hello I just subscribed in the credit build, i know that i don’t a high credit score but still i don’t know how to check how low is my credit i need help

[@MoneyWithMark69]

You can request a free credit score check by calling trans union or equifax. Get a detailed report and it’ll show you what’s dragging down your credit score

[@aaronjensen338]

I prepaid the 6 month term for KOHO and have not seen it show up on my credit karma or borrowell credit score apps as open accounts (been well over one month). My main issue is under-utilization so i just got a credit card again i will keep under 10% utilization and 100% payments made. Im just being honest. It should show up as an open account on credit check platforms... It has not.

[@watermage4477]

Hey! It asked me what percentage of funds for the credit or "credit build funds payment "we'll collect X amount from the credit building funds". Im super confused about that? does this mean i cant use the amount i set it at?

[@MoneyWithMark69]

Hey! You’re correct you can not access or use your line of credit that KOHO opens for you. The percentage of funds will create your credit utilization rate… which doesn’t matter that much. Just make sure if you add up the total credit available to you that you’re spending less than 30% of that per month. Also check your credit score for free from transuion before you start! You may already have a fantastic score 🤷‍♂️👌🤙🏻

[@ebonyjai6771]

Great video!

[@MoneyWithMark69]

Glad you enjoyed it

[@LIFE-OF-MINERVA]

Nice review! - Quick couple questions... #1. Why can't i just get a secured credit card for 1k or even $500.00 and spend 7 dollars every month on something I actually need or perhaps more than that like $100.00 and build my credit up over six months that way? I guess what i'm asking is how is KOHO subscription better than using a credit card? #2. Do you have any updates on the average amount it could potentially raise your credit by within the six months assuming you don't have any outstanding balances owed ? Do you know if you could achieve that same credit rise within six months, just using a secured visa ? thanks great channel, very informative !

[@JackitChan]

Koho can't actually increase your credit as its a pre payed card nothing more

[@MrKnife.69]

@@JackitChan did you not watch the video LMAO

[@bigjeffy132]

You can actually withdraw the credit line just make sure to return it before the next month

[@MoneyWithMark69]

Oh interesting!

[@sorchadeheer9871]

Yes. Whatever utilization percebtage you chose in deposited into your spendable. If you choose 0% your credit score wont increase. Every article makes it sound like you are only paying $7 but you are paying $7. Plus whatever percentage you took out.

[@SFXENT]

Woooooo hamilton shout out lol

[@MoneyWithMark69]

I went to Mac! 🦅

[@issaibrahim4273]

Can I rent cars with KOHO?

[@MoneyWithMark69]

Depends on the car rental company and country. If you’re travelling and want a sure bet use Neo financials card (I have a video on them too)

[@sairohanbadini5366]

Hey! Could you please tell me whether there are any free websites where I can check my credit score?

[@MoneyWithMark69]

Hey! 👋 you can get a free credit score report from Borrowell here: www.moneywithmark.ca/go/borrowell

[@Patadis]

Thanks

[@MoneyWithMark69]

No problem

[@chanskin4108]

I just signed up for this card

[@MoneyWithMark69]

Awesome! Let me know how much your score increases by! I’ve been taking tallies and it’s looking pretty good like 20 -80 points in a few months 🥧

[@MoneyWithMark69]

Signup for KOHO Credit Building here (and help support the channel!) www.moneywithmark.ca/go/koho-credit/

[@dtowler5]

Yes! Sign up now so you can give this guy money all while depositing your own money in a fintech with abysmal customer service and no regulator to safeguard your money. Read the reviews people

[@sensayaaasilvecchi4666]

Wait wait wait.. why shouldn’t we get loans for a car ? Someday send me the linkkkkk 😭

[@luisbrenes291]

Can I use the KOHO card to get a phone plan with any phone company 🤔

[@MoneyWithMark69]

Ohh good question… please try and let me know if it works!

[@AtthachaiBKK]

What is the best setting to use when asked for credit utilization, they recommended 30% but I heard 10% utilization is better. Opinions please

[@MoneyWithMark69]

30% is the max utilization rate if you want to have the best score possible

[@streetcrypto1218]

It’s important to consider all your lines of great

[@eychone7629]

@@MoneyWithMark69 this is confusing is it 10% better than 30% or the otherway around?

[@ROVLOGS12345]

@@eychone7629 no advice but the less the better but I feel like as long as you pay off before statement it's fine as it won't be reported not sure on this yet but yeah thats what I kmow

[@ramonathon7112]

I had a r 1 credit rating

[@MoneyWithMark69]

What’s a r1 credit rating?

[@bossone5812]

Do you know of a program like this that reports to Equifax?

[@MoneyWithMark69]

Yes it does!

[@tixerr8373]

Im 3 months into this rebuilding credit. I put it as 12% credit line. My score stays as --- why is this? What am i doing wrong?

[@MoneyWithMark69]

It depends a whole lot on your credit history… pull a trans union report and see what issues or big past events have happened

[@pudda-pudda]

show Canadian money

[@Migdk24]

No comments here yet?

[@MoneyWithMark69]

Oh shit! Thanks for reminding me!

[@MoneyWithMark69]

In case you wanted to signup for KOHO and help support the channel :) click.linksynergy.com/fs-bin/click?id=AhzVDjmUMf4&offerid=871723.16&type=3&subid=0

[@Migdk24]

Hahah opening a Koho account thank you so much for sharing this video. I have a somewhat ok credit score I’ll let you know how it works out for me

[@MoneyWithMark69]

Please do! I'm super curious how much it can increase someone's score... Just make sure everything else is taken care of too 👌