When you sign up with Kikoff, there’s no minimum or maximum time commitment. When it comes to differentiating itself from the competition, Kikoff stands out in a couple of unique ways. Instead, your line of credit and account it will continue to sit on your credit report, which leads to an increase in your average account age.Īlthough you can cancel your Kikoff Credit Account, your score might benefit from leaving it open. Kikoff doesn’t allow your Credit Account to expire automatically. An older average account age will have a positive impact on your credit score. But how exactly does it help improve your credit? Payment HistoryĪccount age plays a role in your credit health. Kikoff offers a useful credit-building opportunity since it reports to the major credit bureaus. In general, you’ll get the most out of Kikoff if you are starting with a low credit score or no score at all. However, some users will find more value in the service than others. At just $5 per month, it’s a worthwhile option if you want to take your credit to the next level. Kikoff is a great tool for anyone who is looking to build credit using a revolving line of credit. You won’t encounter any interest, annual fees, administrative fees or late fees. In addition, the Credit Builder Loan product costs $10 per month. If you want to start building credit with the service, you’ll only need to pay $5 per month for the Kikoff Credit Account. That said, similar to using a traditional or secured credit card, building a record of on-time payments can only help your credit score. In fact, it can take up to six weeks to see Kikoff on your credit report. But, according to the company, customers with credit scores under 600 points saw a 58-point increase. Of course, the results of this credit-building tool will vary based on your unique situation. The Kikoff Credit Account reports to Equifax and Experian, while the Credit Builder Loan reports to Transunion and Experian. However, the credit bureaus it reports to depends on which product you use. This is because Kikoff reports your payments to Equifax, Experian and Transunion. Once you start making payments, you might see a boost in your credit score. This feature allows you to put your credit building on autopilot. If you are worried about missing a payment, consider setting up AutoPay. When you make those payments, the platform will report your payment history to the major credit bureaus. Generally, you’ll find many options starting at the $10 price point, so your $750 revolving line of credit is more than enough.Īfter you’ve made a purchase in the Kikoff store, you’ll be required to start making a minimum monthly payment of $5. Within the store, you can expect to find digital products about financial literacy and entrepreneurship. At this point, you’ll have a $750 line of credit to use at the Kikoff store.Īlthough you’ll have to use the revolving line of credit to make purchases in the store, you don’t have to spend your entire line of credit. How to Use the Account and Kikoff StoreĪccording to Kikoff, you’ll be instantly approved without a credit check. Since it is an add-on, you may need to sign up for the Credit Account first to get more details about the Credit Builder Loan. While the Kikoff site has quite a bit of information about their Kikoff Credit Account, information about their Kikoff Credit Builder Loan is more sparse.
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