Kikoff Credit Builder Review 2024 (2024)

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Introduction to Kikoff Credit Builder

Kikoff's credit-building product offers users a $750 line of credit without charging any interest or fees on the credit line.

Users will have a Kikoff credit account that gets reported to all three credit bureaus, Equifax, Experian and TransUnion. These on-time payments can help people boost their credit scores.

Kikoff Overview

Kikoff Credit Account has a lot of features to like. Available in all 50 states, Kikoff's basic plan gives you a $750 revolving line of credit for $5 per month, and its premium plan gives you a $2,500 line of credit for $20 per month. With a 0% APR and an optional credit-builder loan at no extra cost, it can be a solid, cost-effective choice for credit-building.

It also has some credit-monitoring capabilities and educational resources to help you understand your credit situation. Notably, the premium plan comes with tri-bureau credit reports. However, it's still a far cry from the best credit monitoring services.

Kikoff's credit account reports to all three credit bureaus. While the credit-builder loan reports to Equifax and TransUnion. With the credit account reporting to all three credit bureaus your payment history will look the same on each report.

The line of credit also loses points in functionality since you can only use that line of credit to purchase products Kikoff offers through its mobile app. These are mostly self-help e-books on personal finance and wellness, priced at $10-$20. You do not have to buy the e-books to enjoy the benefits of Kikoff, but if you want a traditional credit card to buy groceries or gas for example, you will have to look into the Kikoff secured credit card.

Compare Credit Builder Accounts

How Does Kikoff Work?

How to get started

To use Kikoff Credit Account, you'll need to download its iOS or Android app. You'll be prompted to choose between the basic $5 per monthly plan or the premium $20 monthly plan, which gives you a $750 or $2,500 line of credit, respectively. Once you put in your information, including your birthdate, address, and social security number, you'll gain access to your line of credit without incurring a hard inquiry on your credit report.

Kikoff's line of credit doesn't function like a traditional credit card. Your line of credit can be used to buy products offered through the Kikoff app, mainly self-help e-books, but you do not have to use your line of credit to buy the e-books, you can make your monthly payments only and still enjoy the benefits. If you make a purchase through the Kikoff app, you'll pay it off with a linked bank account or credit card. Since Kikoff doesn't charge interest on your balance, you can make the minimum payment and still reap the benefits of the loan.

Once you make your first payment with Kikoff, you'll also gain access to an optional credit builder loan. The credit builder loan has you paying $10 monthly over 12 months, which Kikoff reports to TransUnion and Equifax (though not Experian). At the end of the 12 months, you'll receive all $120 back.

Kikoff also provides Equifax credit monitoring and reports that you can use to track your progress. The premium plan adds monitoring for TransUnion and Experian. Though these are appreciated features, there are better credit monitoring plans that also offer identity theft protection services.

Benefits of Using Kikoff

Kikoff Pros and Cons

While Kikoff Credit Account prides itself on its low fees, there are two main caveats that you need to watch out for.

Kikoff and the Importance of Good Credit

Potential lenders check your credit history any time you want to open a new financial product, credit card, or loan. They typically only approve applicants who meet certain credit requirements, such as having a good or excellent credit score.

Landlords also look at credit when deciding who to rent an apartment to and some employers may even check your credit report for signs of financial instability, like delinquencies or accounts that are in collections, before extending a job offer.

If you don't have good credit, you may miss out on a low-interest rate mortgage, personal loan, or credit card and find yourself paying more over the course of your loan. But if you build a good credit score, you can save money on interest payments, especially now in a high-interest rate environment.

Kikoff in Comparison to Other Credit Builders

Unlike other credit cards and loans, Kikoff is designed solely for the purpose of credit building, with no fees for late payments or interest charges and it reports on-time payments to all three credit bureaus. It offers an easier, cost-effective method to improve credit scores, especially for those new to credit or recovering from past financial mistakes.

Here is what other well-known credit building products have to offer:

CreditStrong: With this product, users can make installment payments on a loan, which are reported to the three major credit bureaus: Experian, Equifax, and TransUnion. There are three plans available, and each has a one-time $15 fee.

Self Visa® Credit Card: The Self Visa Secured Credit Card charges a $25 annual fee, in addition to the $9 administrative fee to open the Self Credit Builder Account. It reports to all three credit bureaus.

Chime Credit Builder Secured Visa® Credit Card: To use the secured card you have to first sign up for the Chime spending account. You then have to set up and transfer $200 by direct deposit into account. Once you do this, you can set up a Chime "Credit Builder Account," which is a secured credit card. It has no annual fee and reports to all three credit bureaus.

Who Is Kikoff For?

With no hard credit checks and no minimum requirements, Kikoff Credit Account is one option for people who are credit invisible, meaning they have no credit history.

The fact that you can't use Kikoff for anything outside of their self-help books limits usage potential, though it does remove the temptation to overspend on a credit card.

It may be worth your time to check out our guide for thebest credit cards for bad credit. Some of them don't have credit requirements or annual fees.

Kikoff Frequently Asked Questions