A drill bit is provided that in one embodiment includes a force application device on a body of a drill bit, the force application device including a floating member and a force application member configured to extend from the floating member to apply a force on a wellbore wall when the drill bit is used to drill a wellbore. The drill bit further includes an actuator configured to actuate the force application member to apply the force to a wellbore wall during drilling of the wellbore