If you have bad credit or no credit history at all, having access to a credit building apps like Nyble is extremely helpful.
But as awesome as Nyble is, it’s not the only app of its kind out there. Canadians have plenty of options when it comes to digital tools that can help establish and improve credit. Let’s go through some of our favourites, their features, how they work, and where you can find them.
Main Takeaways
- Nyble is a Canadian personal finance platform offering an interest-free credit line to help consumers build credit.
- Other credit-building apps like Nyble include KOHO and Chexy, with different features and services to help Canadians establish and improve their credit.
What Is Nyble?
Nyble is a Canadian personal finance platform that offers an interest-free credit line to help consumers build credit. Access to financial products is needed to establish a credit history, but those without a credit profile (or a bad credit score) will have difficulty getting started.
With Nyble’s credit line, no credit history or deposit is required. You can use the credit line to build good credit with every timely payment made. Since there are no interest charges or late fees, keeping up with your payments and repaying what you’ve withdrawn is simple.
Nyble will automatically withdraw the repayment amount on the due date and report these payments to the credit bureau. Nyble also makes it easy to check your credit score so you can monitor your credit-building progress.
How Nyble Credit Building Works
- Link your bank account with Nyble.
- Get approved for a credit line up to $150.
- Wait for the funds to be deposited into your account (between 30 minutes to 3 days).
- Choose your repayment date.
- Repayments will be automatically debited from your account.
- Your repayments will be reported to the credit bureau.
Features
- No interest. Access up to $150 from your credit line and pay no interest on the withdrawn funds.
- No credit profile needed. Whether you have bad credit or no credit history, you can still get approved for Nyble’s credit line.
- Earn rewards points. When you make payments and improve your credit through responsible account management, you can earn rewards points. These reward points can be redeemed for various gift cards and more.
- Track your progress. Keep tabs on your credit score to see how your efforts are paying off.
- Increase your credit limit. When you make on-time payments, you may be entitled to an increase in your credit limit.
Other Credit Building Apps Like Nyble
As useful as Nyble is for building good credit -— especially if you are starting from scratch — there are several other credit building products available to Canadians, including the following:
| Where Can You Get The App? | |
| KOHO | Apple Store Google Play |
| Chexy | No app available |
| Borrowell | Apple Store Google Play |
| Neo | Apple Store Google Play |
| Capital One | Apple Store Google Play |
KOHO
KOHO is a fintech company that offers banking services and products, including a credit building program. When you open a KOHO account, you’ll have the option to subscribe to their credit building plan, which includes 3 options:
Credit Building
When you open a line of credit with KOHO, you can choose a specific amount that is set aside. Every month, KOHO will report that amount as a payment to Equifax, one of the major credit bureaus in Canada.
When timely payments are reported to the credit bureaus, your credit score may improve.
Secured Credit Building
Another way to use KOHO to build a healthy credit profile is through the Secured Credit Building plan, which allows you to use a secured line of credit. With this method, you’ll use your own money as the credit line. In this way, the credit line is secured by your deposit.
Choose a deposit of anywhere from $30 to $500 and set the funds aside as a secured credit line in your KOHO account. Take out funds as required, and KOHO will collect that money at month-end. Every time you make a timely payment, it’ll help build a positive payment history.
Supercharge Your Credit
To give your credit-building efforts a boost, you can implement both the Credit Building and Secured Credit Building features.
You’ll need to open an account with KOHO, and then add the Credit Building feature to your plan. The cost of the Credit Building program depends on the KOHO account you have:
- KOHO Easy: $10/month
- KOHO Essential: $7/month
- KOHO Extra: $7/month
- KOHO Everything: $5/month
Chexy
Chexy is an online platform that lets you use your rent payments to build credit. Simply add the Credit Builder feature when you open a Chexy account and make your rent payments as usual. Chexy will verify your rent payments with your landlord and report it to the credit bureau. This is a great debt-free way of building a positive payment history.
Chexy also lets you pay your rent via credit card. Landlords don’t typically accept credit cards as a form of rent payment, which means you’re missing out on a golden opportunity to build credit with these large monthly payments. But with Chexy working as the middleman, you can use your card to pay your rent and take advantage of the perks that come with credit card spending.
Not only can you rack up your credit card points (if applicable), but you can also use your credit card payments to build good credit. This is especially useful for newcomers or those with no credit history.
How Chexy’s Credit Builder Feature Works
- Activate the Credit Builder feature at any time from your Chexy account.
- Chexy will automatically report your rent payments to Equifax each month.
- Chexy will send your landlord an invitation with no need to create an account.
- Keep track of your payments and watch your credit score increase.
Features
- Debt-free credit building. Use your rent payments to build credit without having to take on additional debt like a loan.
- Build a high credit score faster. Your rent is probably one of the highest payments you make every month. You can use this to your advantage to build good credit faster with timely payments through Chexy.
- Stronger rental application. Using on-time credit card payments toward paying your rent by the due date will show your landlord that you’re a reliable tenant.
- Qualify for more financial products. With a higher credit score, you’ll have access to better credit cards, loans, and mortgages with better terms and lower interest rates in the future.
Chexy’s Credit Builder program costs $9.99 per month and is available when you pay your rent with Chexy.
Borrowell
Borrowell offers innovative digital tools to Canadians to help establish good credit health. The company’s Credit Builder program is perfect for Canadians looking to build a credit profile from the ground up and diversify their credit mix.
How Borrowell’s Credit Builder Feature Works
- Make payments for 36 months.
- Get back the money you saved at the end of the term.
- Borrowell will report your payments to Equifax.
- Every timely payment reported will build your credit history.
Features
- Cashback rewards. When you subscribe to the Credit Builder program, you’ll receive up to $300 cashback with National Bank.
- Cancel anytime. Cancel your subscription at any time without penalty.
- No credit checks. Your credit score won’t be negatively affected when you apply since there’s no hard credit inquiry involved.
Secured Cards That Can Help Build Credit
Making timely payments toward your credit card bill is one of the best ways to build good credit. But without a credit history, you won’t qualify for a traditional unsecured credit card.
That’s where secured credit cards come into the picture. These products provide a great way to build good credit, especially if you have no credit history at all.
Secured credit cards are very easy to qualify for since no credit is required. Unlike conventional credit cards, secured credit cards are backed by a cash deposit.
Thanks to their less stringent approval criteria, secured credit cards are more accessible to those with bad or no credit.
Here are a couple of great secured credit card products to consider to start building good credit.
Neo Secured Credit
Neo Secured Credit is a secured credit card designed to help consumers build good credit. This secured card is unique in that it also comes with additional perks that aren’t typically found with the average secured card.
You can use Neo Secured Credit to not only build a good credit profile but also earn instant cashback. Plus, you can easily adjust your credit limit, and there’s no annual fee.
Features
- Cash back rewards. Earn 1% cashback on gas and groceries and 0.5% monthly minimum cashback with Neo partners.
- Security deposit minimum. Start using Neo Secured Credit with as little as $50. You’re free to choose whatever credit limit you want, as long as you meet the minimum amount.
- No annual fees. Neo Secured Credit is free to use with no additional fees. Unless you upgrade to the Premium Plan for $4.99/month.
- Track your spending. The Neo Insights feature lets you keep tabs on your transactions and get detailed info on your spending by category all in one place.
Capital One Guaranteed Secured Mastercard®
Like other secured cards, the Capital One Guaranteed Secured Mastercard requires a security deposit to be made. When you repay what you spend, Capital One will report your credit card activity to the credit bureaus each month. If you continue to use your card responsibly, you can establish or improve your credit profile over time.
Features
- Guaranteed approval. You can get approved for the Capital One Guaranteed Mastercard without good credit or any credit at all (terms and conditions apply).
- Build good credit. Use the secured card wisely and establish or repair your credit profile over time.
- Zero Liability protection. If your card is used without your authorization, you won’t be held liable.
- Security funds required. Make a security deposit of $75 or $300 to start using your secured card.
- Annual fee. The secured Mastercard comes with an annual fee of $59.
Final Thoughts
Having no credit or bad credit can make it almost impossible to secure credit products. But it’s these products that are used to help build good credit. Nyble and other similar products can help solve this issue by making it easier to get approved without the credit profile necessary for traditional credit products. Consider using credit building apps like Nyble, KOHO, Chexy, and others mentioned here to help you build a healthy credit profile.
