Kikoff is a credit-building service that offers a revolving credit account and a secured credit card to help you boost your credit score. It also now offers rent reporting as an additional way to build credit. Monthly payments, as low as $5, are reported to all three credit bureaus: Experian, Equifax, and TransUnion. No credit check is required and you can open an account online in minutes.
At a Glance
- Open an account within minutes
- No credit check is required
- Low $5 monthly payments
- Reports to all three bureaus
- Secured credit card makes it easy to access cash
Who Should Use Kikoff?
Kikoff is designed for those looking for an affordable way to boost their credit scores but cannot qualify for a traditional loan or credit card. According to Kikoff, “On average, customers with credit scores under 600 increase their credit scores by 58 points[1], with consistent on-time payments during the account lifetime.”
Kikoff Alternatives
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| Pricing | Varies: APRs range from 15.51% to 15.92% | Free | $20 – $25/month |
| Builds Savings | Yes | Yes (Chime Savings Account) | No |
| Reports to Credit Bureaus | Yes | Yes | Yes |
| Learn More | Learn More | Learn More |
Table of Contents
What Is Kikoff?
Kikoff is a fintech credit-building service launched in 2019. It offers a low-cost way to boost your credit score and is available via desktop and mobile devices (Android and iOS). The platform is available in all 50 states and you must be at least 18 to join.
The credit-building platform has two main components. A revolving credit account and a secured credit card. The former collects monthly payments as small as $5 and reports the on-time payment to all three credit bureaus: Equifax, Experian, and TransUnion.
Each payment can strengthen these credit score factors:
- Payment history (35% of your credit score)
- Credit utilization (30%)
- Account age (15%)
- Credit mix (10%)
You’ll want to consider Kikoff if you’re looking to build credit without a credit card.
How Much Does Kikoff Cost?
Payments on the Kikoff credit account are $5 per month. Unlike some credit-building programs, you won’t pay the following fees:
- Interest charges
- Late fees
- Administrative fees
- Hidden fees
- Early repayment fees
However, missing a payment can hurt your credit score despite the lack of fees. It’s free to join, and there are no financial commitments until you review the credit agreement and repayment schedule.
How Kikoff Works
Kikoff has three main components: a Credit Account, Secured Credit Card, and Rent Reporting. Here’s a closer look at each:
Credit Account
The first step to building credit with Kikoff is opening a revolving credit line with a $750 spending limit.
It’s similar to a credit card, with a preset spending limit and minimum monthly payment. However, you can only use this credit to purchase an annual membership or buy ebooks in the Kikoff store. At a minimum, you must choose the Kikoff Credit Service ($5 monthly payments) to be an active member.
The app recommends keeping your credit utilization ratio below 10% of your limit to see the most upside. For this reason, you’ll want to stagger your ebook purchases. Your payments report to the TransUnion, Equifax, and Experian credit bureaus.
Secured Credit Card
Kikoff offers a secured Mastercard that works more like a checking account/debit card combo. You can only spend the amount you deposit into the account. Because you’re spending your own money, you don’t have to worry about due dates or going over the limit. A minimum of $50 deposit is required.
The money you deposit is FDIC-insured up to $250,000 through Kikoff’s relationship with Coastal Community Bank. Payments are reported to all three credit bureaus, and you can access your cash fee-free at 55,000 Allpoint ATMs.
Rent Reporting
Kikoff will report future rent payments to the Equifax credit bureau for no additional cost. The company plans to add the other two credit bureaus in the future. Kikoff doesn’t collect your rent for you. Instead, you’ll need to link the bank account you use to pay your rent, provide Kikoff with your landlord and lease information, and authorize Kikoff to report your on-time payments.
For a one-time fee of $50, Kikoff will also report your past rental payments.
Can Kikoff Build Credit?
Kikoff can increase your credit score with on-time payments. It’s possible to start seeing an increase after the first month, but it can take several months to reap the full benefits as your account age increases.
Customers with no credit or a low score can see the most improvement. Some testimonials report seeing an increase between 20 and 100 points within a few months. Of course, results vary by person, and you must practice other good practices to see a higher score increase.
If you’re unsure where to find your credit score, here are 13 ways to check it for free.
Unfortunately, the standard Kikoff Credit Account only reports to the Equifax and Experian credit bureaus. Neither will it improve your business credit score.
Kikoff vs. Alternatives
These credit-building services can also be worth using to strengthen your credit history.
Self
A Self Credit Builder Account lets you contribute between $25 and $150 per month for up to 24 months into a credit-building account. Your payments report to all three bureaus, and you receive your payment amount back (minus administrative fees) at the end of the loan.
After opening a credit builder loan, you may also open a Self Visa secured credit card. This additional account can build credit and doesn’t incur additional fees.
Learn more in our Self Credit Builder review.
Chime
Chime can be an all-in-one banking and credit solution. You are eligible for a fee-free Credit Builder secured Visa credit card when opening a free checking account. Your spending limit is the same as your refundable security deposit, and your monthly payments report to all three bureaus.
In addition, this service offers high-yield savings accounts without fees or minimum balance requirements. Other banking perks include online bill pay, surcharge-free ATMs, and overdraft protection of up to $200.
Learn more in our Chime Bank review.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. Please see back of your Card for its issuing bank.
Extra Card
The Extra Card is a rewards debit card connecting to your checking account to pay for purchases. While Extra functions like a debit card with daily balance payments, your payment history reports to the three credit bureaus. Your purchases can earn 1% back, and pricing ranges from $20 to $25 monthly.
Learn more in our Extra Debit Card review.
FAQs
Yes and no. Kikoff offers a secured Mastercard, but you aren’t granted a credit limit. Instead, the money you spend comes from the balance you’ve deposited into the account, so you’re using your own funds. However, it does offer the convenience of a credit card as you can use it wherever Mastercard is accepted. You can also use your Mastercard to withdraw cash from Allpoint ATM machines.
You can enroll in monthly autopay for your Kikoff Credit Account and ebook purchases. Kikoff will withdraw the payment from your linked checking account or payment card. It’s also possible to pay off a balance early without prepayment penalties, but the remaining monthly payments won’t report to the credit bureaus as your balance is paid off.
You can submit questions through your account or visit the support center for knowledge base articles. Unfortunately, Kikoff doesn’t provide phone-based customer service.
Summary
Overall, Kikoff is an easy and cheap way to build credit or repair a damaged score. We like that they now report to all three credit bureaus, and rental payment reporting is a welcome addition. Just remember that credit-building platforms like Kikoff aren’t the be-all and end-all. You’ll eventually need to incorporate other credit products to build an excellent credit score.
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