There’s no charge even if you miss a payment, though they’ll lock your credit line until you make up for it. They don’t charge interest on your purchases or fees for the privilege of using the account, besides a $2 membership fee.
#KICKOFF LENDING FREE#
Unlike many other credit-building services, the Kikoff Credit Account is almost free of charge. You can do so by contacting their customer service via email at Unfortunately, Kikoff doesn’t offer phone support.
That said, if Kikoff is bringing down the age of your credit accounts, you may wish to cancel. In both cases, older is better, so leaving the Kikoff account open may benefit you. The length of your credit history is worth 15% of your FICO score, and it incorporates the average age of your accounts, as well as the age of your most recent one. In fact, it’s probably best to leave it open, as long as it’s one of your older credit accounts.
#KICKOFF LENDING HOW TO#
No other details are provided, but if you have a Kikoff account this would be worth looking into! How to Cancel Kikoffīecause there’s no fee to maintain the Kikoff credit line, there’s generally no need to close out your account. You’ll be able to add this product after your first payment with the Kikoff Credit Account.” This is a 1-year savings plan for $10/month. The site says “…this is an optional add-on for customers that want to build even more credit. The Kikoff Credit Builder Loan: Kikoff’s FAQ describes a credit builder loan product available to Kikoff users. We don’t see any discussion of this product elsewhere an the site or in customer reviews, and it’s not clear whether it’s available. We’re a bit confused by the mention of a credit builder loan product that reports to TransUnion and Equifax. It will have no impact on your TransUnion credit report or any credit score derived from your TransUnion credit report. The Kikoff credit account described in this review reports only to Equifax and Experian. If you only ever buy one e-book at a time, your utilization should never go above the 10% threshold, which is the ideal upper limit. That helps you establish a payment history, and it should help your credit utilization too.
#KICKOFF LENDING SERIES#
Once you do, you’ll pay off the amount in a series of monthly installments with no interest, and they’ll report your payments, credit limit, and outstanding balances. Kikoff won’t start reporting your account to the credit bureaus until you buy something from the store. They cover topics like personal finance and wellness. As I mentioned above, they offer various e-books that typically sit in the price range of $10 to $20. Once you have the Kikoff Credit Account, you gain access to the Kikoff store. How to Use the Account and the Kikoff Online Store They send updates to the credit bureaus at the end of each month, and it can take up to two additional weeks for the bureaus to process the new information. ☝️ Note that it may take up to six weeks for Kikoff to show up on your credit report. You can’t sign up for an account if you live in Delaware or Indiana. citizens or legal residents in 48 states. To get access to the line of credit, you need to provide identification information, such as your name, email, address, and Social Security Number. They don’t check your credit, and just about anyone can qualify. How to Sign Up for the Kikoff Credit AccountĪcquiring a Kikoff account is more like a sign-up process than an application. Here’s a more comprehensive review of the account’s specifics. Once you pay your balance off, you can reuse the funds. It has a $500 credit limit that you can draw against to make purchases. The Kikoff Credit Account is a revolving line of credit, which means it functions similarly to a credit card. However, customer reviews note that their stock is limited to educational e-books. Their site doesn’t discuss what you can purchase there except that everything costs between $10 and $20. You can only use the credit line to buy from Kikoff’s store. It won’t help you finance anything or save money. Unfortunately, building credit is its only practical function. If you make all your payments on time and keep your balances low, you can use the account to improve your score. That includes the timeliness of your payments, the size of your credit limit, and any outstanding balances. Once you sign up, Kikoff reports the details of your account usage to Experian and Equifax each month. In short, you don’t have to pay for anything except what you purchase and the $2 membership fee. There’s no interest on the balances you carry, and they don’t charge you any fees to sign up for or maintain the account besides a $2 membership fee. That means the account doesn’t add a hard inquiry to your credit report and is much more accessible to people with low credit scores or no credit score. It’s a $500 revolving line of credit you can get without a credit check.
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