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Kikoff Credit Builder Accounts (2024 Review)

logo for kikoff credit builder

If you are ready to build your credit history but unsure where to start, then a Kikoff credit account could be a great option to consider.

In this review, we’ll discuss the ins and outs of Kikoff credit accounts. We’ll cover how Kikoff works, the pros and cons, and how they compare to other solutions available for increasing your credit score.

Let's get started.

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Long Story Short
Kikoff credit accounts offer access to various credit-building features and are affordable at $5 per month, but other credit-builder loans and programs may provide additional value. Know your goals and shop around before starting any credit improvement plan.

How Kikoff Credit Accounts Work

Screenshot of Kikoff credit service app
Some Kikoff users with scores under 600 claimed a 50 point increase with consistent, timely payments

Kikoff Credit Account is a unique service that provides a credit account to build credit history over time. The platform is specifically designed to help users with low scores build their credit history with a simple low-fee structure.

  • After you apply, you will be offered a limit of up to $750 to finance a credit builder plan.
  • The credit line can't be used outside of Kikoff as it's intended to finance their credit builder plan. If you're looking to build credit while you spend outside of Kikoff, their Secured Card product is likely a better fit.
  • Features including dispute and rent reporting are also available.
  • All payments are reported directly to one or more of the major credit bureaus, which enables you to improve your credit score by building a positive payment history, credit utilization, and a path to an older account history.
  • The monthly fee for an account is just $5.

The credit line is designed to improve some of the most important credit score factors starting with getting you access to credit. As you make consistent, timely payments against the credit line, it will build your payment history. Keeping your account open for a longer period of time will increase your average account age, which could also help improve your score.

Flate-rate Pricing

kikoff pricing table showing flat $5 per month

Kikoff offers a flat $5/month subscription plan for their Kikoff Credit Service. The plan charges no administrative fees, no annual fees, no late fees, has zero annual finance charge and has 0% APR. The flat five-dollar-per-month structure makes Kikoff a low-cost alternative to other credit-building products that require secured credit cards (and higher fees).

Credit Reporting to Bureaus

Kikoff takes a proactive approach when it comes to reporting payment details to the major credit bureaus. Every month, the information is sent in, and within two weeks, the submitted payment information will be reflected in your credit report. Timely payments significantly affect your credit score, and by showing consistent on-time payments, you will see improvement in your score and have better chances of securing additional credit and loans if needed.

Payment Process

Kikoff’s payment process is simple and secure. You buy products through the online store using your credit line. Once you make a payment on your account, your timely payment will be reported to the credit bureau which will gradually help to increase your credit score.

For added safety, Kikoff also provides reliable payment options to pay off your line of credit or fees, such as monthly bank transfers or credit card payments. This way, you can set up automatic payments for your regular payment or monthly fees, avoiding a late payment.

Applying for a Kikoff Credit Account

Getting started with Kikoff credit is easy. You just have to open an account and supply the necessary details, such as your email address and Social Security number. No credit check is needed, which makes it ideal for those who may have poor or no credit history.

Identity Verification

Kikoff requires identity verification for security purposes. This involves the submission of photo identification, such as a driver’s license, state ID, US passport, or permanent resident card. You will also need to supply a secondary identity document, such as a birth certificate or Social Security card.

To ensure accuracy and protect against potential identity theft, fraud checks are conducted along with comparing Social Security numbers against credit bureau records. By doing this, Kikoff is able to keep your information up-to-date while also protecting you from possible fraudulent activity.

Account Management

Kikoff provides a comprehensive account platform to help users track their credit scores and payment dates. With affordable monthly fees, no security deposit required, the convenience of interest-free payments, and an easy setup process, the Kikoff online platform is the perfect way to improve your credit. The transparency and control offered by Kikoff lets you be at the helm of managing every aspect related to building better credit.

Alternatives to Kikoff

If you are looking to build credit, Kikoff might be right for you, but there are other options that should be considered. These include apps like Self, secured cards, and other loans that will accept co-signers if you have someone willing. Each of these options has its own set of pros and cons depending on your financial situation and objectives. In order to help you choose the best method for improving your credit rating, we will discuss the advantages and disadvantages of various options.

Other Apps Like Kikoff

Credit builder loans and apps such as Self are aimed at helping users improve and establish their credit scores. Credit builder loans can come in a range of amounts, often from as low as $600 to as high as $2,000. For these loans, there is often a monthly fee, usually around the $10 to $20 range.

Once you have been approved for a specific amount, the loan funds will be placed in a secured account, which you will be allowed to access once your monthly payments have been made for the specified time length. The monthly payments will be reported to the three credit bureaus, which will help you to improve your credit score over time.

Not all features in this category of apps are equal. Self, as an example, will take your monthly payments, hold them in a certificate of deposit and give you the money back when the loan is paid off (less your fees and interest)

Secured Credit Cards

Building credit can be done through secured credit cards, as well. With a secured card, a cash deposit is used as collateral to secure the card’s limit. Secured cards often function like your debit card, meaning the credit limit will equal the cash you fund it with. However, they offer perks like reporting transaction history to the credit bureaus and sometimes even cash back on everyday purchases.

Co-Signers and Authorized Users

Building or improving your credit can be made easier with the help of an authorized user or co-signer. With a co-signer or authorized user, both parties are responsible for making timely payments, and the cosigner's credit history will be taken into account when determining approval and interest rates. This can provide you with approval in cases where you would likely have been denied if you have poor or no credit.

It is important to keep in mind that any actions taken by either party could reflect negatively on one another - particularly if payments aren’t made in a timely fashion or there are large balances carried over each month. Always make sure that your payments are made on time or inform your co-signer before they are late so they have the option to make the payment without incurring a late payment on their credit report.

Tips for Maximizing Your Kikoff Experience

boost credit score written in sharpie on post it

To get the most out of your Kikoff Credit Account, pay close attention to your payment dates and credit utilization. You'll also want to establish reminders that will help ensure that your bills are paid on time. Any late payments or misses outside of Kikoff will likely adversely impact the progress you are making with a Kikoff credit builder loan.

  • Credit Utilization: Your credit scores heavily depend on your credit utilization, which ideally should stay below 15%. To help keep your credit utilization low, you should pay down balances as much as possible each month, make multiple payments in the same month if you can, and ask for a higher limit after a period of time.
  • Payment Reminders: Logging into your Kikoff credit account and taking note of the payment due date can help you stay on top of payments, which is crucial to establishing a strong credit score. To make sure that all monthly installments are submitted before their deadlines, consider setting up automated payments or scheduling regular transfers.

The Bottom Line

Kikoff is a credit-building service that is affordable, user-friendly, and well-reviewed.

However, there are other options available in the market that might offer better benefits or more flexibility, such as receiving money back once the plan is completed – making it important to compare different credit-building products before selecting one to maximize the value of your journey.

Frequently Asked Questions

Do you actually get money from Kikoff?

Along with Kikoff's credit accounts, they also offer a credit builder loan. These loans allow you to get money by making monthly payments of $10 for 12 months. Upon completion of the payments, you will be entitled to all of the money you paid in, along with interest added on top.

Can you withdraw money from Kikoff?

It is possible to access money with the secured credit card option from Kikoff without incurring ATM fees at many locations.

Can I use Kikoff to buy anything?

You can use Kikoff to purchase goods and services from their store; however, you cannot use the Kikoff credit account for purchases outside of the store.

Is Kikoff good for credit?

Kikoff is a good option for building credit, as it offers Kikoff credit builder loans and secured credit cards even if you have poor or no credit, so you can establish a positive payment history. Customers have reported an average 58-point increase in their credit scores, thanks to Kikoff's payment reporting, debt level management, and length of account history features.

What is the maximum credit limit offered by Kikoff?

Kikoff offers its customers a credit limit of up to $750, which gives you enough to establish a positive payment history without significantly increasing your debt load.


By
Melissa Nason Ferreura

Melissa has worked in finance for over a decade, focusing on publications designed to help readers make their money work to their advantage to achieve both short-term and long-term financial goals.

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