My Honest Review of KOHO's Credit Building

Hear from Canadians who tried KOHO's credit building feature. This is my review and results when using KOHO. Try KOHO credit building here: www.moneywithmark.ca/go/koho-...
👇 Download my Credit Score Protocol here👇
www.moneywithmark.ca/reviews/...
I spend my free time testing new financial products for Canadians. Just like KOHO’s credit building feature. KOHO will open a dedicated line of credit on your behalf, but you won’t have access to it. Then you choose a set amount to set aside each month from your line of credit. As you pay their monthly fee you’ll also be repaying the full amount on your line of credit.
This is my honest KOHO credit building review so you know the pros and cons of it. That way you can evaluate it to see if it’s right for you.
Credit Building Pros:
Debt-safe way to build credit history.
Grows your credit history by reporting proper credit utilization & repayments to the credit bureaus.
Earn interest on all your money.
Common score upgrades are 20 - 100 points within 6 - 9 months.
Credit Building Cons:
Does not fix outstanding / overdue bills.
Only affects your credit history, there are lots of other factors that go into a credit score.
Costs $10 / month (but at least KOHO is a free app!).
Read my full review here: www.moneywithmark.ca/reviews/...
Chapters:
0:00 KOHO credit building review
1:30 How it works
2:47 Downsides
3:27 Credit score protocol
4:23 Free credit check
5:30 Credit building results
#kohocreditbuilding #kohocreditbuildingreview #koho #fintech #canada #creditscore #credithistory #creditbuilding #creditbuilder #moneywithmark
Music:
bensound.org
Liability Disclaimer: www.moneywithmark.ca/disclaimer/
*This video is not investment, financial, or legal advice. It may be incorrect, outdated, inaccurate, or reflect personal opinions. This video is for entertainment purposes only.

[@MoneyWithMark69]

Try KOHO credit building here➡www.moneywithmark.ca/go/koho-credit-building/ 👇 Download my Credit Score Protocol here👇 www.moneywithmark.ca/reviews/koho-visa-card-review/credit-building/#protocol

[@nelioanderson5315]

Plus it gives you great advice

[@MoneyWithMark69]

Extra bonus!

[@chefconor94]

Credit Karma is the best for credit monitoring! It provides you with your credit report containing your score, tells you your ultilization, payment history all thoses things as well as how many acounts are open or in collections. How many hard credit checks you have had so on and so on! The most notable feature is the it credit factors section where it outlines the 7 factors that go into your credit score and how each one affects your score to a different level of impact! And tells you how well your doing in each factor so its really helpful to see what is going good or bad and where to put your focus! I'd suggested you check it out and make a video on it 😜

[@gerrymcguire2863]

Is there cost involved?

[@richardchaplinskycd9046]

Follow up. I have spoken to 17 associates. Each one wants the complete story. They gave me a telephone appointment for 11 am on the 11th of August. No call. I gathered everything and mailed everything to their Toronto office. Keep getting calls that they have not received all relevant documents. Hence a registered letter to KOHO Toronto. Moved on to another card. One that this gentleman highly recommended.

[@jennifer.edward]

Credit karma is a life saver

[@MoneyWithMark69]

Never tried it! What does it do?

[@jennifer.edward]

@@MoneyWithMark69 tells me my credit score, payment history, utilization any if anything is in collections... They use transunion credit info but it's free :) Borrowell uses Equifax I think and I have that one toom

[@RobS282]

@@jennifer.edward ok so whats the point ? just go straight to the source lending institutions dont use third party scores

[@MoneyWithMark69]

@RobS282 typically lenders will use FICO scores which is a combination between Equifax and trans union credit reports

[@nojack9738]

Any update for koho 2024 about 5% interest on your cash. Thank You.

[@MoneyWithMark69]

Yes their premium plan provides that!

[@stevenninjaa]

Hi what’s the amount you’d recommend putting into your “secured credit building” ?

[@MoneyWithMark69]

Any amount that ensures you're "active" amount is

[@stevenninjaa]

@@MoneyWithMark69 Awesome 👏 & thanks for the fast reply

[@MoneyWithMark69]

Anytime! I also have a credit building course you can checkout if you're serious about raising your score! www.moneywithmark.ca/credit-score-course/ (shameless plug 😬)

[@BlueAndAurora]

My koho is still 695 but when I did equifax snapshot check credit it’s 703?

[@MoneyWithMark69]

There will be slight variations on your score depending on who is checking it. Equifax, TransUnion and FICO scores are all slightly different because some companies report to one and not the other. If you're ready to improve your score you can do so here www.moneywithmark.ca/credit-score-course/

[@anhoang5251]

Hi mark. I have a question. Can the KOHO card work for security deposits for rental car or hotels?

[@MoneyWithMark69]

Sometimes. Depends on the hotel / car brand. Just call ahead and ask if they accept prepaid cards

[@wiseman4160]

Hi best prepaid card is Titanium plus prepaid mastercard. Hotel computer for some reason can't tell it's prepaid, only time this card doesn't work at the Hotel is you thought you had enough money on the card, but didn't. Always have extra on the card when dealing with hotels just in case!

[@b0mazor]

So I'm buying an improved credit score from koho for $60?

[@MoneyWithMark69]

Are you?

[@b0mazor]

@@MoneyWithMark69 well thats what im asking. where does the $60 go

[@tony011]

​@MoneyWithMark69 are you gonna respond. Ny not responding to this guy you're looking just as sketchy as koho

​@@tony011 I think it's only $10/month.

[@lindywoods6256]

How do I transfer money into koho account?

[@MoneyWithMark69]

E-transfer or direct deposit

[@gerrymcguire2863]

I had a 30 point pop one month, then 2, 3 points the months after. Wtf??

[@MoneyWithMark69]

Oh that's great! Check your credit report. Also you can watch this video to learn more about what goes into your credit score kzbin.info/www/bejne/e5DRqmeGprimi5osi=CGRzYmJAzEYIQ4zL

[@richardchaplinskycd9046]

Hi. Great card for purchases, but if your card is used fraudulently, KOHO support is useless. Purchase was made on Amazon. My credit card at the time only had 32.00. The purchase was 100.00 US for a game card. Amazon was notified and within 24 hours a representative called me by phone, and shortly after an email was sent with their findings. A credit was sent to KOHO with no luck. Contacted KOHO support on 12th Jul 2023. 7 to 8 associates only communicating by text was a joke. To speak to someone, you have to make an appointment. My appointment is Aug 11, 2023. Canceled my card with a credit and told them they could keep my money. A conversation with Anazon on phone lasted about 5 minutes. A conversation by text with KOHO spans 6 days and a few hours of texting. Shame on you KOHO

[@richardchaplinskycd9046]

Followup. Today is the 25th Aug. KOHO, finally cancelled my old KOHO credit card and re issued a new one, but still is reviewing the fraud committed with the KOHO card. In the end, communicated with over 27 associates, mailed a registered letter with all evidence of relivence, including every email of every associate. This letter was sent to KOHO's Toronto office. Never ever receivd a phone call to speak to someone to resolve the issue at hand. Shame on KOHO. To you Kevin, you praise this credit card for all it's positive attributes, but never once do you approach the subject when the card is used fraudulently.

[@MoneyWithMark69]

Wow! I'm not sure who Kevin is 🤷‍♂️ but that's a great story! You should add it to the real users reviews that im collecting at the bottom of this web page: www.moneywithmark.ca/reviews/koho-visa-card-review/

[@lindywoods6256]

It’s not a credit card. It’s a prepaid card which means you cannot use it everywhere 😔

[@MoneyWithMark69]

Very true!

[@rr-fu6mn]

your hand and finger move like music notes and I got distracteed from your explanation

[@MoneyWithMark69]

Ohhhh interesting 🤔