Kikoff Credit Builder Review (September 2024) (2024)

Our Thoughts on Kikoff Credit-Building Products

Kikoff offers an unusual way to build credit. Although there’s a $5 monthly fee, its products have a 0% annual percentage rate (APR), so you don’t have to worry about growing debt. Also, there’s no credit check when you apply, so it’s ideal if you’ve been rejected for traditional loans in the past.

Kikoff’s Credit Account is a revolving line of credit that is its flagship product. It comes with a $750 credit limit you can only use to buy items from its online store – which only carries things like e-books and courses on personal finance. There’s no way around the $5 monthly fee.

Because of these limitations, we at the MarketWatch Guides team don’t recommend Kikoff for high-credit borrowers looking for a traditional loan. But if you have a low credit score and want to improve it, Kikoff can be valuable. In return, you may go on to qualify for better rates on mortgages, car loans, credit cards and more. Just remember to weigh Kikoff’s pros and cons before opening an account.

>> Related: Learn more about credit-builder loans

Kikoff Credit-Building Products and Services

Kikoff helps you build your credit with two products: a line of credit and a secured credit card. All Kikoff users must have a Kikoff Credit Account. Here’s a closer look at each:

Kikoff’s Credit Account

Kikoff’s Credit Account helps you build or improve your credit score. It’s a no-interest, revolving line of credit with a $750 limit. You can use it to buy specific e-books or courses from Kikoff’s partners. It doesn’t require a credit check, making it accessible even if you have no credit or a poor credit history.

Kikoff helps you build credit in three key areas: payment history, credit utilization ratio and account age. As you repay your balance, Kikoff reports your on-time payments to three credit bureaus: Equifax, Experian and TransUnion.

Kikoff’s line of credit has no fees, so it’s a cost-effective way to fill in gaps in your credit report. Note, however, that there is no physical card associated with this product.

Kikoff Secured Credit Card

The Kikoff Secured Credit Card is a secured credit card that functions similarly to a debit card. It’s another optional add-on to Kikoff’s Credit Account. As you use your card for everyday purchases, such as gas and groceries, Kikoff will report your transactions to Equifax, Experian and TransUnion.

You’ll need at least $50 to open a Secured Credit Card. The card’s credit limit is equal to the amount you deposit into the account. This ensures you never overspend or overdraw.

Also, you can withdraw cash for free from over 55,000 ATMs, and your money is insured by the Federal Deposit Insurance Corp. (FDIC) through Coastal Community Bank. That means any deposits are protected by the federal government even if the company folds.

>> Related: Learn more about how to increase your credit score

Pros and Cons of Kikoff Credit-Building Products

Kikoff offers a range of products aimed at helping you build credit, but it has strengths and weaknesses. Here are some benefits and drawbacks to keep in mind:

Who Are Kikoff Credit-Building Products Best For?

Kikoff is ideal if you’re looking to start your credit journey or rebuild a damaged score. The fact it doesn’t charge interest and reports to all three major credit bureaus is a huge win. Also, its online store can be a good way to learn more about personal finance and other topics.

That said, Kikoff might not be for you if its Credit Account feels too restrictive. You can only use that line of credit for purchases from Kikoff’s store. If you want more flexibility in how you spend your money, other options such as secured credit cards might be a better fit.

How To Get Kikoff Credit-Building Products

Whether you’re new to credit or aiming to bounce back from past financial hiccups, jump-starting your credit-building journey with Kikoff takes just a few steps.

Application Process

Applying for a Kikoff product is a breeze. You’ll start by visiting the Kikoff website or downloading the mobile app from the Google Play Store or Apple App Store. Next, fill out a basic application with details including your name, address and Social Security number.

There’s no hard pull on your credit, so you don’t have to worry about it dinging your credit score. The entire application usually takes a few minutes.

Approval and Funding

Once you’ve completed the application, Kikoff will quickly assess it. You should receive an immediate response. If approved, you can access your line of credit – which does not expire.

Consistent, on-time payments are key to building credit, so once you’ve opened your account, set reminders or automate your payments to stay on track.

Kikoff Credit-Building Products Reviews

Kikoff claims to help customers increase their credit scores by 28 points on average after one month. But what do real-life Kikoff users have to say about that?
Overall, many users report seeing significant boosts to their credit scores in just a short amount of time. As of June 2024, the platform boasts 4.9 out of 5 stars in the Apple App Store and 4.9 out of 5 stars on Google Play. Here’s a roundup of recent Kikoff reviews.

“My score went up after my first autopay. So far so good. If my score keeps going up, so will the stars. Update: 7 months now and my credit score has gone up 107 points! 2nd update: It’s been over a year now and my score keeps going up and up thanks to kickoff! They’ve helped get my credit score up 120 points in less than 18 months. I would recommend them to anyone looking for an easy, affordable, and very effective way of building your credit score!”

— Theresa W., May 20, 2023, Google Play Store

“Since joining in December of 2022 my credit score has gone up 77 points! I pay $5.00 a month. You get a $750 line of credit you pay off over time and your score improves. They report to the big three companies. Thanks to Kik off I now have a good score and a history of on-time payments and a credit history.”

— Luxana H., April 11, 2023, Better Business Bureau (BBB)

“My credit score went from the high 400s to 749 in about 16 months! I couldn’t be more satisfied with the results.“

— Christopher M., Dec. 23, 2023, BBB

“Since starting with kickoff my score has increased by 99 points. Everything looks good they have helped me regain my credit.“

— Thomas S., Jan. 2, 2024, BBB

But no company is perfect. Some users report being dissatisfied that they had to buy something from Kikoff’s store to build credit.

“This is not a place I would recommend to anyone! Clearly a new company! I started with them not knowing you have to buy something real fast from their site to pay back to build the credit.”

— Charlotte M., Nov. 19, 2023, Google Play Store

In response to a request for comment on this review, a Kikoff spokesman touted the company’s high ratings in smartphone app stores.

“Kikoff is a leading player in the credit building space – Kikoff has been in business for over four years and has served over 1 million customers. With a 4.9-star rating with over 114,000 reviews on the App Store and a 4.9-star rating with over 53,000 reviews on Google Play, the positive impact and value customers experience with Kikoff is clear,” the spokesman said in a statement. “Kikoff offers multiple credit-building plans to fit different budgets and credit-building needs.”

Eligibility Requirements for Kikoff Credit-Building Products

With Kikoff, there are no eligibility requirements beyond being a U.S. citizen who’s at least 18 years old.

Credit Score and Financial History

Kikoff doesn’t check your credit score or delve into your financial history. So whether you’re new to credit or rebuilding, you can open an account without hurdles from past financial decisions.

Income and Employment

Kikoff doesn’t require you to prove any specific income or employment status. If stable income or employment has prevented you from qualifying for other loans in the past, Kikoff could be worth exploring.

Kikoff Credit-Building Products Usage Rules

Kikoff’s loan products have one specific purpose: to help build or boost your credit. But there are some restrictions.

With the Kikoff Credit Account, you can only purchase items directly from Kikoff’s store. The store primarily sells e-books and e-courses about financial literacy. If you’re ready to improve your financial situation, it could be money well spent. But if you were hoping to use the money for other things, such as debt consolidation or to fund a big purchase, it won’t be for you.

Kikoff’s Secured Credit Card has the most flexibility in terms of usage. It functions like a debit card with credit-building benefits, which means you can use it for more everyday purchases, such as groceries or gas.

Kikoff Fees and Penalties

Kikoff doesn’t have any late fees, annual fees or administrative fees. But you will pay $5 per month to use its service.

Loan Origination Fees

Kikoff doesn’t charge any origination fees for its credit-building products. This means you won’t face additional charges when starting with them, making the process more budget-friendly for users.

Early Repayment Penalties

Kikoff doesn’t have any early repayment penalties. If you choose to pay off your balance early, you can do so without any extra costs. It’s typically a good idea to repay any borrowed amount as soon as you can, and with Kikoff, there’s no penalty for being proactive.

Monthly Fee

Kikoff prides itself on transparency when it comes to fees. For its services, there’s a flat $5 monthly fee. While there are no origination fees or penalties associated with early repayments, it’s essential to consider the $5 fee in relation to the credit line offered.

For instance, a $5 monthly fee might not seem substantial at first glance. But that’s $60 per year on a $750 credit line. This translates to roughly a 7.73% APR. When you look at it this way, you can compare Kikoff to other loans.

Other Fees

While Kikoff largely avoids extra fees, there’s one to note if you use the Secured Credit Card: ATM withdrawals. If you’re getting cash from an ATM outside of the Kikoff network, you’ll pay a $2.50 ATM fee, plus any fees the ATM operator might charge. To avoid this, try to use ATMs within the Allpoint network, commonly found in places such as Walgreens, Target and CVS.

The Bottom Line

Kikoff takes a unique approach to credit-building by providing low-cost ways to build your credit. With a 0% APR, no hard credit pulls and consistent reporting to major credit bureaus, it’s a valuable tool if you have bad credit or no credit.

But Kikoff’s offerings are niche — mainly centered on credit-building products with low limits and several usage restrictions. If credit-building is your primary concern, Kikoff might be an excellent place to start. Otherwise, take time to find a product that better aligns with your financial goals and needs.

>> Related: Learn more about the best personal loans

Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.