10 Things to Know About Kikoff Account and Unsecured Credit
If you’re looking for an account to build your credit history from scratch, Kikoff Credit Builder might just be a viable option for you. Getting access to credit is the only way to start working on your credit history. Kikoff gives your score history a real push by offering a $500 line of credit at almost no cost at all.
Kikoff Account – is an excellent solution for people with poor or no credit who don’t have the funds to make a security deposit for a secured card. If you don’t have authorized access to someone else’s card, it is a viable solution for accessing a $500 revolving limit.
- 10 Things to Know About Kikoff Account and Unsecured Credit
- 1. Gives you access to a $500 line
- 2. Kikoff doesn’t perform credit checks
- 3. Kikoff credit line can help build credit
- 4. Is available to U.S. citizens only
- 5. Late payments reflect negatively on your score
- 6. Kikoff charges a membership fee only
- 7. You need to make the first purchase to activate account reporting
- 8. You can make your monthly payments using your credit or debit card
- 9. Kikoff provides several ways to get in touch with customer support
- 10. The credit line allows you to buy digital products
- Similar offers and alternatives
- Bottom line
- Frequently Asked Questions
The Kikoff line of credit can be used to build a positive history of responsible financial behavior. Although there are no fees or interest, you can use your revolving amount for online purchases on Kikoff’s e-store only. The company reports to two credit bureaus1. Account owners get access to VantageScore credit scores. However, before you apply for this account, there are certain things you should keep in mind to ascertain whether this solution matches your exact financial needs.
1. Gives you access to a $500 line
With a Kikoff account, you can access a $500 revolving limit. However, that’s the only amount you can count on. Although the company doesn’t check your credit, there are certain limitations to how you can use your money. The credit is only valid with Kikoff’s online store. You can only make purchases online, and there’s no other way to access your credit line. An upside is that you can use your credit line without paying a monthly fee or interest. Making on-time payments puts you in a good place with two major reporting bureaus and helps you establish a positive history. Let’s take a closer look at the available lines:
- The credit line amount is $500 only – although there’s no way to increase your fund line, Kikoff puts no limits on how many monthly installments you can make, allowing for some spending flexibility with your available funds.
- The company charges no fees or interest – lenders usually charge both fees and interest on credit lines they issue, exposing people with poor credit or no credit history to additional charges. Thankfully, that’s not the case with Kikoff.
Another upside to receiving a limited credit line is that you can pay it off without additional penalty fees. Instead of carrying a balance, you can pay it early without worrying about a prepayment penalty.
2. Kikoff doesn’t perform credit checks
Having bad credit is one of the main obstacles to getting a line of credit. If that’s your case, you should know that Kikoff doesn’t involve a credit check when assessing your eligibility for a line of credit. In fact, the company caters to customers with no history by offering them a credit line for online purchases that can help build credit.
Read more: Soft vs Hard Inquiries Explained
3. Kikoff credit line can help build credit
Since Kikoff reports your financial behavior and payment history to Equifax and Experian bureaus, the company can help you build credit by improving your FICO2 score. Indeed, Kikoff is one of the best credit building apps. Your FICO credit score depends on five determining factors:
- Your payment history;
- The amount you owe;
- The length of your credit history;
- New credit;
- The credit mix.
A Kikoff credit line can help you to improve your credit and payment history by reporting your timely minimum monthly payments to bureaus, thus allowing you to keep your credit utilization ratio somewhere between 10% and 30%. Moreover, Kikoff allows account holders to keep their credit lines open indefinitely. Since there are no additional charges associated with credit line utilization, paying off your balance can improve the length of your credit history.
Read more: 23 Credit Score Donts & Dos
4. Is available to U.S. citizens only
A Kikoff is only available to U.S. citizens with a social security number. The company conducts fraud checks to verify your identity. The service isn’t available in Delaware and Indiana. If you don’t have SSN check these offers – Sable Debit Mastercard, Sable One Secured, Stilt Debit Mastercard, or Deserve EDU.
5. Late payments reflect negatively on your score
Even though Kikoff has no interest, fees, or penalties, missing your monthly payments can impact your credit score negatively and hurt your credit history. While the company doesn’t charge a late fee, Kikoff might freeze your account if you’re late with your payments.
6. Kikoff charges a membership fee only
Becoming an owner of a Kikoff credit builder account won’t cost you a dime. There’s only a membership fee to worry about, but it’s quite affordable.
7. You need to make the first purchase to activate account reporting
The company starts reporting your payments only after you make the first purchase. Once you complete a purchase, the company will report your outstanding balances, line of credit, and monthly payments. You may wait up to six weeks for your payments to appear on your credit report.
Read more: Credit cards reporting credit explained
8. You can make your monthly payments using your credit or debit card
Kikoff allows you to apply for a credit account with no money. However, you’ll need to link a payment method to make your monthly payments. While you can’t link a bank account, you can use your credit or debit card to pay your balance.
9. Kikoff provides several ways to get in touch with customer support
If you have questions about the account, you can contact Kikoff customer support using the support portal, email, or text.
10. The credit line allows you to buy digital products
You’re limited to using the Kikoff credit line in the company’s online store only. Although the online store gives you access to a range of digital products, such as e-books, you can’t use your Kikoff account to buy any other items.
See more: Merchandise shopping credit offers
Similar offers and alternatives
| Offer | Issuer | Max Credit Limit | Annual fee | Credit reporting | Application |
|---|---|---|---|---|---|
| Grow Credit | Sutton Bank | $150 | See terms | Yes, 3 Bureaus | Claim this offer |
| TOTAL Visa (Pets) | Bank of Missouri | $300 | See terms | Yes, 3 Bureaus | Claim this offer |
| Perpay Credit | Perpay, Inc. | $2,000 | $0 | Yes, 3 Bureaus | Claim this offer |
| Fortiva Mastercard | Bank of Missouri | $1,000 | See terms | Yes, 2 Bureaus | Claim this offer |
| Buy On Trust Lending | Dorado Management, LLC | $5,000 | See terms | No | Claim this offer |
| Cleo Visa Card | Webbank | $7,500 | See terms | Yes. 1 Bureau | Claim this offer |
Bottom line
If you’re a fan of educational e-books looking for an easy way to build credit and establish a positive credit history, Kikoff might be a great solution for you. The company’s credit account provides you with a $500 credit line at no fees or interest and reports your monthly payments to two major bureaus. The more you make timely payments, the more your FICO score goes up. Although there are some limitations, you get access to an almost free line of credit that costs you nothing but a cheap membership fee. Click here to pre-qualify instantly.
Frequently Asked Questions
Index References
- What you need to know about the 3 main bureaus – Credit Karma
- What is a FICO Score and why is it important? – CNBC
