Kikoff Review

Kikoff Ratings at a Glance

Kikoff offers two credit-building options to help potential customers safely establish or improve their credit history and credit score. Here's an overview of each option and how they work.

Credit Account

Kikoff's Credit Account is a revolving line of credit similar to a credit card, although with more limitations. With this account, you can access a $750 revolving line of credit with the Credit Builder Service for $5 per month or $2,500 for $20 per month for the premium, which offers more benefits, including reporting to TransUnion and much lower credit utilization, further bumping up your credit score. No other fees or interest is involved. The fundamental limitation is that you can't access the money via check or other methods — it's only usable for purchasing items from Kikoff's proprietary online store. It's like a payment option at checkout. In the Kikoff store, you can find a variety of e-books on personal finance, wellness and other subjects, with prices starting at $10. 

However, you don’t have to purchase any items to boost your credit score; you only need to consistently and timely fulfill the $5 or $20* monthly payment. Kikoff reports your revolving line of credit to Experian and Equifax, just like a credit card account, and your credit scores are determined based on the information in your credit reports. To get started with this offer, you sign up with your name, email, phone, address and Social Security number. The process takes about 5 minutes, and Kikoff provides instant approval decisions. 

Once approved, Kikoff uses the credit to purchase 12 months of its credit building service for $60. You then repay Kikoff in full via installment payment of $5 per month for 12 months ($5 x 12 = $60). On repayment, you can either close the account or buy another credit-building product to repay over time. Kikoff's streamlined and impactful credit-building approach addresses the three key factors that may negatively affect your credit score — payment history, credit utilization and account age.

Regarding payment history, Kikoff reports all your purchases (on its online store) and monthly payments to Equifax and Experian on time. The available items are priced such that you only ever use between 3% to 10% of your credit, which is the recommended optimal credit utilization for credit building. The credit account doesn't expire; the older, the better since Kikoff also reports your account age to the credit bureau. Kikoff grants you access to a free VantageScore for progress tracking, and there's an autopay feature to ensure you don't miss out on payment.

Credit Builder Loan

Kikoff offers credit builder loans as an optional add-on product to the credit account. It is essentially a one-year credit-building plan that helps you build $10 per month in savings. By year-end, you'll have established a 12-month payment history and will receive your accumulated savings of $120 back. Accumulating such savings can indirectly benefit your credit score by providing financial stability and a cushion for unexpected expenses, which can help maintain timely payments and reduce reliance on credit utilization. You can add this product once you make your first payment with the Kikoff Credit Account.

Credit+ Cash Card

Kikoff's Credit+ Cash card is a secure credit card that helps you build a payment history while using it for your everyday transactions, offering the convenience of a debit card and the advantages of a credit card. Regular card usage and timely payments can help you establish a positive payment history. Benzinga rates Kikoff 4/5 on product offerings.

Kikoff offers customer support only via email; there's no telephone contact, live chat or online form. You can connect with the team via Facebook and Instagram, although these social media platforms don't provide fast and efficient access to support compared to phones. The FAQ page presents an alternative avenue if you need a constructive overview of Kikoff's offerings and how it works. 

Besides the personal finance and budgeting resources available for purchase on the online store, Kikoff's blog offers valuable and insightful content on credit building and how it works overall. Still, that doesn't account for the lack of effective customer support channels for handling specific customer needs or resolving complaints. Kikoff has reviews on independent platforms like Trustpilot, where it scored 4.5, 4.9 stars on Apple Play Store and 4.5 stars on Android App Store. 

Kikoff Credit Account stands out among other credit-building services for its transparent and low fee structure. Unlike many alternatives, it does not impose interest on purchases or additional fees for using the account, except for a modest monthly cost of $5 or $20 (for premium) for the Credit Builder Service. The add-on product (or Credit Builder Loan) is optional, allowing you to save $10 monthly for 12 months, resulting in $120 in take-home pay without fees. Furthermore, Kikoff charges no late repayment fee, though it may lock your account until you make up for late payments. Kikoff's affordability makes it an attractive option for individuals seeking to build credit without incurring high costs. Benzinga rates the platform 5 on pricing.

Kikoff offers iOS and Android apps which you can find by searching "Kikoff" on the App Store and Play Store. Kikoff's app provides a user-friendly experience with seamless navigation and compatibility across different devices. It serves as the primary platform for receiving updates and ensuring an optimal Kikoff experience. The app provides convenient access to account information, payment history and transaction details, enhancing overall ease of use. Users can easily manage their credit-building activities and stay informed about their progress through the app's intuitive interface. The app has an overwhelmingly impressive rating indicating overall efficiency and ease of usage.

Kikoff provides a seamless user experience. The application process is fast and usually takes 5 to 10 minutes, with an instant approval decision on completion. Its highly intuitive mobile app ensures convenient access and management of your credit-building activities while on the go. It is also affordable — potentially the most affordable credit-building platform available currently. It caters to and is accessible to anyone looking to improve their credit history or build a credit score from scratch. And it is available in all states across the U.S. except Delaware. Benzinga considers Kikoff a highly recommendable credit-building platform.

Kikoff vs. Competitors

Kikoff's revolving line of credit has several competitors in the credit-building space; however, its closest competitor is Self. Like Kikoff, Self requires no credit pull and reports your account to the three major bureaus, including Experian and Equifax. However, unlike Kikoff, Self requires a monthly payment ranging from $25 to $150 (depending on the loan account type) over a 24-month loan term. Furthermore, a non-refundable administrative fee of $9 applies. Although significantly higher than Kikoff's minimum payments, your contribution (minus interest and fees ) to Self is refunded at the end of the loan term. Kikoff's core advantage is its exceptionally low fee — $5 per month.

Kikoff is a user-friendly and affordable credit-building platform that provides accessible and flexible solutions to help individuals establish or improve their credit history and FICO scores. It requires no credit pull, and besides the $5 (or $20 for premium) monthly fee, there's no downside to using the service. The platform's low cost, fast account setup process with instant approval and intuitive mobile app make it a convenient choice for individuals looking to enhance their credit score. 

However, you can only use the credit to purchase items from Kikoff's online store, meaning you might have to buy things you don't need. Furthermore, Kikoff only reports to Experian and Equifax, unless you purchase the premium account, in which case Kikoff will also report to TransUnion. Remember, though, that shopping at Kikoff's store isn't mandatory to boost your credit score. Ultimately, the Kikoff Credit Account can be a beneficial option for many people on their credit-building journey. Still, it doesn't offer the most optimal approach for credit building or saving money.

Frequently Asked Questions

*The advertised price per month is the monthly payment required to be made on your Kikoff Credit Account for the purchase of the Kikoff Credit Building Service only. If at any time your account has multiple purchases on it, the advertised price per month will not apply. Terms and Conditions apply.