Kikoff Review: An Online Credit Builder
GOBanking Rate Score
- Ease of application
- Customer service
How did we calculate this?
- Can help build credit
- Of no interest
- No credit check
- Capped at $ 500
- Not available in some states
- Credit only valid in the Kikoff store
What is Kikoff?
Kikoff is an online credit builder offering a revolving line of credit of up to $ 500. It helps people improve their credit score by making purchases from Kikoff’s online store which the company then reports to the credit bureaus.
In most other cases, it’s difficult to get a line of credit if you have a bad credit rating. However, Kikoff does not check your credit before granting you a line of credit.
How it works?
When you apply for Kikoff, you get a revolving line of credit of up to $ 500. It is basically an open loan that stays open for as long as you want.
To improve your credit score, you can make purchases in the Kikoff store on this line of credit. Then you repay them with low monthly payments. According to Kikoff, the payouts for each purchase are broken down into five to ten installments, with payouts as low as $ 2.
Kikoff reports to Equifax and Experian. Your Kikoff Revolving Line of Credit appears as a credit card account on your Experian and Equifax credit reports.
Since timely payments are an integral part of building your credit, Kikoff sends you monthly payment reminders. Plus, you can view your free VantageScore and monitor your credit score improvement since you created the account.
Fees and penalties
Kikoff doesn’t charge any interest if you don’t pay your monthly balance. However, if you pay late or miss payments, it will hurt your credit score in the long run.
If you don’t make your payments consistently, the business freezes your line of credit. Here are the administrative costs of Kikoff:
- Guaranteed Installment Credit Creator: $ 8.95 to $ 25
- Kikoff credit account: $ 0
- Secure credit card: $ 9
How to register
Simply go to the Kikoff website and click on the “Register” option. After that, you need to provide some personal information like your phone number, name, address and social security number.
Since the company does not perform a credit check, you do not have to provide your banking information. Kikoff will need to verify your identity and once you’re approved you can start monitoring your balance, credit scores, payments, and more once you’ve created an account online.
Difference between competitors
Kikoff’s most notable competitor is online credit builder, Self. Self charges you an administrative fee for the line of credit offered.
Additionally, it differs from Kikoff in that your line of credit may vary. Here’s how they stack up:
|Line of credit amount||$ 500||Up to $ 1,800|
|Cost||To free||$ 9 administrative fee|
|Reports||Equifax and Experian||The 3 offices: Equifax, Experian and TransUnion|
Alternative credit creation methods
Here are a few more ways to create credit if you don’t want to use Kikoff:
- Secured credit card: A secured credit card is backed by an initial cash deposit and is available to people whose low credit scores might not qualify them for unsecured credit cards. If you make your payments on time, banks will allow you to switch to unsecured credit cards within months of appraisal.
- Get a loan to pay the rent: If you are paying the rent on your house and don’t want to make an initial deposit for a secured credit card, you can take advantage of the services of a rental information company to have your rent taken into account. in the credit score.
The service offered by Kikoff is beneficial for people who want to improve their credit score without spending any money up front. The only limitation is that you can only buy from Kikoff’s store, but that shouldn’t be a problem if your main goal is to build credit, not shopping.
If you want to grow your credit and are not eligible for a credit card, you can try Kikoff.
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