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Kikoff Overview
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.
However, the biggest knock against Kikoff is that neither the line of credit nor credit builder loan reports to all three credit bureaus, which is essential for all the best credit-builder loans. The revolving line of credit only reports to Experian and Equifax, while the credit-builder loan reports to Equifax and TransUnion. Using both products, you can build credit with all three bureaus, but your payment history will look different with 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. Buying these products is the only way to build credit with Kikoff, so you might as well add these purchases to the cost of using Kikoff.
How Does Kikoff Work?
To use Kikoff, you'll need to download its iOS or Android app. You'll be prompted to choose between their basic $5 per monthly plan or their 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.
Unfortunately, Kikoff's line of credit doesn't function like a traditional credit card. Your line of credit can also be used to buy products offered through the Kikoff app, mainly self-help e-books. Once 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 TransUnion). 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.
Kikoff Pros and Cons
While Kikoff prides itself on its low fees, there are two main caveats that you need to watch out for.
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Who Is Kikoff For?
With no hard credit checks and no minimum requirements, Kikoff is one option for people who are credit invisible, meaning they have no credit history. However, once you've established a credit score, Kikoff's cons start to heavily outweigh its pros.
The fact that you can't use Kikoff for anything outside of their self-help books limits usage potential, though it does remove that temptation to overspend on a credit card. More importantly, you'll want to quickly transition to another credit product that reports to all three credit bureaus as soon as possible.
It may be worth your time to check out our guide for the best credit cards for bad credit. The cards on this list report to all three credit bureaus. Some of them don't have credit requirements or annual fees.
Kikoff Frequently Asked Questions
How fast does Kikoff build credit?
According to its website, payment data reported by Kikoff can take six weeks to appear on your credit reports and another two weeks for the credit bureaus to process that information. However, with each new payment, you'll start building credit even if you don't see an immediate bump in your credit score.
Can I cancel Kikoff?
Yes, you can cancel Kikoff with no penalty fees.
How do I contact Kikoff customer service?
Kikoff does not offer phone support for its credit-builder products. However, you can email customer service at support@kikoff.com.