KOHO uses TransUnion for evaluating applications for new credit cards. KOHO typically does not conduct hard inquiries on their applicants’ credit histories and information. They usually run soft checks and, it is not very difficult to get approved for a KOHO credit card. If necessary, they may pull credit reports and scores from Experian and Equifax as well. But that is not a common occurrence. In this article, we will go through the application process for applying for a KOHO credit card, their credit card evaluation process, and the requirements for a KOHO credit card. We will also go through their merits and demerits for users. Finally, we will mention some American credit card issuers and some questions asked frequently by customers.
How To Apply For A KOHO Credit Card
The following are steps for applying for a KOHO credit card online: After filling out the application form, customers will receive updates on their applications within seven working days. They may receive a virtual credit card if they want to. The physical card may take 7 to 10 days to get shipped to the customers’ addresses.
Requirements For A KOHO Credit Card
The following are the list of requirements needed for getting approved for a KOHO credit card:
The applicant must be a legal resident of the country from where they are applying (in this case, the United States).The applicant must be considered legally, an adult in the state where they are residing.The applicant must have all the requirements for entering a legally binding contract.The applicant must have a valid shipping address in their country of residency (in this case, the United States)The applicant must provide at least 2 valid government authorized photo IDs.The applicant must have at least a fair credit score (600 or higher).
The credit score requirements for KOHO are not strict and vary from applicant to applicant.
Credit Evaluation Process
As mentioned above, KOHO takes credit scores and credit reports prepared by TransUnion for evaluating new credit card applications. KOHO does not explicitly describe its credit evaluation process to its applicants. But it has been observed from applicants who got approved that having at least a fair credit score can increase chances of getting approved for a KOHO credit card. The credit report prepared by TransUnion depends on several factors. They take the cardholders’ card usages, spending limits, amount of money in the customers’ accounts, billing histories, payment histories, and dues left into account when preparing the reports. The reports are then studied by KOHO. If they consider that a customer can be trusted with their credit card, What Credit Bureau Does KOHO Use they will approve their application. The applicant will then be issued with a new KOHO credit card in 7 to 10 business days. It should be noted that KOHO also reports their customers’ credit card usages to TransUnion, Experian, and Equifax. They do this to make sure that their customers’ credit information stays up to date and relevant. If any changes are made by the credit bureaus, then the customers’ credit lines will be altered by KOHO. They report to them near the end of the month after the billing period has ended. New cardholders will not see any updates on their credit cards.
Benefits And Demerits Of KOHO Credit Cards
The following are the pros and cons of KOHO credit cards: Pros
Can be acquired by customers with low credit scores or have shallow credit histories.Only soft inquiries are done on the applicants’’ credit information.Helps in building credit score for applying for credit cards with higher credit score requirements.Most cards require no monthly fees except for some premium cards.Rewards and cashback are guaranteed.
Cons
Is not helpful for customers with low credit scores and poor spending habits.Their cards are lacking in better planning and credit building plans.Some cards require extra charges on international purchases.There are better alternatives for building credit scores.
American Alternatives To KOHO
Since KOHO is not based in the United States, customers may find it hard to avail these cards. The following are some credit cards that are readily available to the American population:
Surge MasterCardCapital One Platinum Secured Credit CardReflex MasterCardTotal Visa CardFIT MastercardOpenSky Secured VisaFirst Access Visa Solid Black Credit Card
Conclusion
KOHO cards are available at all places where Visa is accepted. They do not require very high credit scores for approval and are recommended to customers with fair or good credit scores who are looking to improve their credit scores even more. They do not run hard inquiries n their applicants which is also a good thing for customers. However, What Credit Bureau Does KOHO Use they might be less readily accessible to customers in all parts of the United States. In such cases, it is recommended to get some American alternatives. Q1. Can I shop immediately after I get approved for a KOHO credit card? A1. Yes, customers who have been approved for their KOHO credit cards can start shopping right away with KOHO virtual credit cards. Q2. How long does it take to get refunds from KOHO? A2. Refunds from KOHO typically take 2 to 3 business days to appear in the cardholders’ accounts. However, in some cases, they make take up to 7 working days.