Kikoff Review: Get Help Building Credit

Kikoff is a financial technology app that helps you build credit.

Building credit can be a difficult process, and plenty of apps and products promise to help users improve their credit scores. But most of these credit-building options provide help at a huge fee.

Kikoff, by contrast, has no credit check and charges no interest or any and no hidden fees. It starts at $5 a month, which is reported against a $750 line of credit. 

Kikoff reports to the three major credit bureaus, but the line of credit can only be used in the Kikoff digital store. Is this interest-free loan worth it? We explain the pros and cons of this product, so you can decide whether to use it.

What Is Kikoff?

Kikoff is a financial technology company that aims to give as many people as possible access to easier credit building opportunities and tools. The San Francisco-based lender was founded in 2019, and it doesn’t operate like a normal lender.

Kikoff's most popular product is its Credit Account, which extends a $750 lines of credit to most applicants. You can then use the line of credit to buy digital products from the Kikoff store, and pay off the amount owing in affordable monthly installments, with no interest charges. Kikoff earns its money from the digital products it sells in the store.

Kikoff reports all payment history to the three major credit bureaus, Experian, Equifax, and TransUnion. This can help customers who make timely payments build their credit.

Unlike most lenders, Kikoff approves all citizens and legal residents of the United States who are over age 18. This means that anyone can have the opportunity to build their credit.

What Does It Offer?

Kikoff is a fintech that wants to make credit building accessible to more people. By reporting the transactions and payments to the credit bureaus, Kikoff helps people build credit.

No Credit Pulls

Everyone who meets Kikoff’s criteria (legal resident of the United States, Social Security Number, 18 and older, etc.) will can access a $750 line of credit which you can use to access Kikoff's credit building products. The company doesn’t pull user credit, so applying for the new loan neither hurts nor helps credit.

Simple And Affordable Payment Plans

Kikoff has three credit building Accounts available for you to choose from, starting as low as $5/month.

Start Building Credit Immediately

All Kikoff users can start to build credit as soon as they sign up and submit their first monthly payment. Kikoff will report this positive payment against a revolving line of credit to the credit bureaus. And by offering a $750, $2,500, and $3,500 line of credit, Kikoff helps users keep their credit utilization low.

Use The Line Of Credit To Buy Digital Kikoff Products

You can also buy digital products (mostly-ebooks) focused on financial literacy and general wellness. The funds cannot be used for any other purpose.

No Interest Or Fees On The Loan

Once you buy a digital product, you can pay off the full amount in installments. There are no additional fees, even if you make a late payment. However, late payments will be reported to credit bureaus which could negatively impact your credit.

Must Have A Social Security Number To Open An Account

Kikoff is technically open to most citizens and legal residents in the United States, but customers must have a Social Security Number to open an account.

Payment History Reported To All Major Credit Bureaus

Kikoff reports payment history to the three major credit bureaus: Experian, Equifax, and TransUnion, helping you build credit over time. 

Are There Any Fees?

Kikoff does not charge any hidden fees. However, you have to purchase something from Kikoff so that they can start reporting your payment and credit utilization to the credit bureaus. If you start off with Credit Account Basic, your monthly payment will only be $5.

How Does Kikoff Compare?

Kikoff’s business model is difficult to compare to most credit builder accounts. With a $750 line of credit, most people who make on-time payments will see their credit score grow, at least to some degree.  

People who use Kikoff may see improvements in the “VantageScore” credit score. But this amounts to a vanity metric if it doesn’t result in the ability to borrow money at inexpensive rates. Many people may think their credit score is growing, but they may fail to borrow money from real lenders when the lender pulls their credit report from TransUnion.

By contrast, other credit building loans are much more expensive. Self, for example, has interest rates ranging from 14-15%, but borrowers will build credit at all three credit bureaus.

Kikoff’s model seems great in theory. Providing zero-interest financing for digital products ensures that Kikoff earns money and that people build credit. In practice, low-cost credit builder loans are likely to be better options.

Editor's note: Credit builder loans from Kikoff are now available for qualifying users who already have a credit account. These installment loans work in addition to a Kikoff Credit Account. Basically, you put away $10 each month for 12 months, and at the end of the year, you get the full $120 returned. 

How Do I Open An Account?

Kikoff is available in all states. Citizens and legal residents who are 18 or older can create an account by downloading Kikoff from the App Store or the Google Play Store.

If you prefer, you can also signup through the Kikoff website.

Once you’ve provided and confirmed your email address, you will need to provide basic information, so Kikoff can determine whether you meet its requirements. Once the basic information is cleared, you can start building credit as a Kikoff customers.

Is It Safe And Secure?

Kikoff uses encryption and multi-factor authentication to keep user data secure. While the company cannot guarantee your data security, it is held to the standards of all lenders. Banks are held to some of the highest data security standards, so users who feel comfortable banking online can likely feel comfortable using Kikoff.

How Do I Contact Kikoff?

For basic questions about the product, check out Kikoff’s detailed support portal. The portal provides critical information about opening and managing accounts.

Customers can contact Kikoff customer support by emailing support@Kikoff.com. Kikoff customers can also call them on their customer support phone line.

Is It Worth It?

Kikoff has a high-value proposition. For $10-$20 (paid over the year), you can improve your credit score with the three major bureaus. On one hand, it seems like a no-brainer. The cost is minimal relative to the benefit. 

If you're new to credit, Kikoff may help you qualify for a real credit card with a traditional lender. You can then use that card to further strengthen their credit. 

However, be careful not to overestimate the expected benefit of using Kikoff. While Kikoff reports to all three credit bureaus and also sees its customers get approved for car and home loans, an excellent credit score comes from establishing and maintaining good credit history over a period of time through multiple trade lines, including various types of credit products, such as revolving, installment, etc. 

With that said, Kikoff can serve as an important tool in your tool belt as you strive to build credit. 

Kikoff Features