Kikoff Credit Review – Build Credit for Just $5/Month

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Credit builder loans are a proven tool to help establish or boost your credit score that have exploded in popularity. They require regular, on-time monthly payments to impact your credit score, and late or missed payments can drag your score down even further. If you’re looking for help boosting your credit without busting your budget, Kikoff Credit has a solution that costs just $5 per month.

woman holding phon with Kikoff Credit app on screen

Credit Builder loans are loans specifically designed to help you boost your credit score. Your monthly payments are reported to credit bureaus, which can significantly help boost your score, often by 40 – 60 points, provided that they are made on-time. Late or missed payments can drag down your score even further though.

Unlike a traditional loan, you don’t get your money upfront. Your loan proceeds are held in a ‘locked’ savings account, until you have repaid your loan, which can take 10 years with some lenders! Additionally, the finance charges of many credit builder loans can add up over time. For example, Self Financial‘s two year plan for $35/month includes $125 in finance charges, while Credit Strong‘s ten year plan for $30/month plan costs $1,115 in interest and fees!

Kikoff Credit offers a new take on credit builders that costs just $5 per month with only a one year commitment. It can deliver a fast jolt to your credit score and many customers see their score increase by a valuable 58 points!

Big credit score bump, small price >>> Check out Kikoff Credit

How does Kikoff Credit work?

hand holding phone with Kikoff Credit on screen

Kikoff costs just $60, which is payable over twelve $5 installments via credit or debit card. You can sign up online or via the Kikoff app in just a few minutes. An autopay option is simple to set up, at no extra charge. There is no credit check; you’ll be instantly approved.

Once your account is created, Kikoff will provide you with a $750 revolving line of credit, which you can use in the Kikoff store to purchase ebooks on topics like personal finance or health and wellness. This line of credit is NOT a credit card. You won’t receive any cash and can’t spend it anywhere else. The purpose of the credit line is that Kikoff reports it to credit bureaus, which can also help your credit score since it increases two other key factors, utilization and number/type of accounts.

(Advanced class: If you’re looking for a more substantial boost to your credit score and can confidently manage the payments, using Kikoff and a credit builder loan at the same time will have a significant impact for most consumers since you would add both a revolving account and an installment loan to your credit file.)

You do not have to (and probably don’t want to) purchase any ebooks from the Kikoff store. If you do choose to, there are many available for $10, which can pay for at $2/month for five months. Kikoff does not charge interest (0% APR), late fees, administrative fees, or other fees besides the $5 monthly payment for your membership.

At the end of twelve months, your membership is complete. If you’ve made on-time payments to Kikoff (and any other creditors), you should have achieved a noticeable and valuable bump in your credit score, which can open the door to better quality and more affordable loans and credit cards. Kikoff previously offered a ‘step-up’ credit builder loan product for customers who established a consistent payment history, but that product was discontinued. It is about to debut a new secured credit card product and is currently taking names on a waiting list.

Build your credit for just $5/month >>> Check out Kikoff Credit

How much can Kikoff Credit help your credit score?

phone screen displaying kickoff credit builder

Kikoff customers with a credit score below 600 (which is generally considered to be ‘subprime’) see their credit scores increase by 27 points after just one month! Over time, customers who started with a score below 600 see that increase more than double to 58 points1.

58 points can have a substantial impact on fair or poor credit score. It could make you eligible for unsecured credit cards and loans, help you get approved for a larger amount of credit, and substantially reduce the interest rate and fees that you need to pay. That’s a pretty good return on investment for just $5/month!

And if your score is really in the doldrums, Kikoff can help deliver an even bigger gain. Customers with a credit score under 500 – meaning you are unlikely to be approved for most credit products – see an increase of 63 points in just three months!2

It’s important to note that you’ll need to make regular on-time payments to Kikoff and any other lenders to help build your score. If you’re late or miss payments, or apply for a bunch of additional credit over a short period of time you could see your credit score fall.

Kikoff reports your credit line and on-time payments to Experian and Equifax, which are two of the three major credit bureaus and are used by the majority of banks and lenders. It does not report your payment activity to Transunion.

Kikoff could help improve your credit by 58 points! >>> Check out Kikoff Credit

Is Kikoff Credit legit?

phone screen displaying how kickoff credit builder works

Kikoff was founded in 2019 and boasts over 500,000 customers. The company has raised $42.5 million from notable venture capital funds and boasts NBA star Steph Curry as one of its investors.

Unlike most credit builder products, Kikoff’s credit account is not issued by a bank. However, since there is no savings account component to Kikoff, you do not have funds at risk.

Kikoff has received 139 complaints with the Better Business Bureau over the past three years, which is less than one complaint per 1,000 customers. The majority of complaints relate to alleged reporting issues with credit bureaus. Kikoff has responded to 100% of complaints.

Build your credit for just $5/month >>> Check out Kikoff Credit

Watch: Build credit fast with Kikoff

  1. Based on Kikoff customers that used the Credit Account product and made consistent on-time payments during account lifetime. This data is based on observed VantageScore 3.0 credit score changes. Payment behavior can have an impact on your credit score, and individual results may vary. Data current as of March 2022.
  2. Based on Kikoff customers that used the Credit Account product and made consistent on-time payments for 3 months. This data is based on observed VantageScore 3.0 credit score changes. Payment behavior can have an impact on your credit score, and individual results may vary. Data current as of March 20222.

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