Question 1

What is Kikoff Credit Builder?

Accepted Answer

Kikoff Credit Builder is a financial service offered by Kikoff, a fintech company based in San Francisco. It provides individuals with the opportunity to build or rebuild their credit history by offering a range of financial products, including a revolving credit account, a credit builder loan, and a credit plus cash card.

Question 2

How does Kikoff Credit Builder work?

Accepted Answer

Kikoff Credit Builder works by giving users access to a 750 credit line with no credit check and zero interest. Users can open an account for as low as $5 per month. They can also opt for a premium service, which provides a $2,500 credit line with a monthly credit report from all three credit bureaus for $20 per month. Users can use this credit line to purchase products from Kikoff's store, similar to a retail credit card.

Question 3

Does Kikoff Credit Builder charge interest or fees?

Accepted Answer

No, Kikoff Credit Builder does not charge any interest or fees on outstanding balances. This sets it apart from traditional credit cards and many other credit-building options.

Question 4

How do I apply for Kikoff Credit Builder?

Accepted Answer

The application process for Kikoff Credit Builder is simple. You can sign up on the Kikoff website or download their app from the App Store or Google Play Store. You'll need to provide your email address, personal information, and social security number. Approval typically takes just a few seconds.

Question 5

How does the Credit Builder Loan work with Kikoff?

Accepted Answer

The Credit Builder Loan with Kikoff is an option that becomes available after you've been using their service for a year. You can set up auto or manual transfers from your bank account to contribute $10 each month to the loan. At the end of the year, Kikoff returns the $120 you've contributed. This can help you create an emergency fund and improve your credit score.

Question 6

Does Kikoff Credit Builder report to credit bureaus?

Accepted Answer

Yes, Kikoff Credit Builder consistently reports to all three major credit bureaus. This means that your positive credit behavior will reflect on your credit reports, potentially improving your credit score.

Question 7

Is Kikoff Credit Builder available in all states?

Accepted Answer

Kikoff Credit Builder is available in 49 states, covering about 99% of the U.S. population. The only state not covered is Delaware.

Question 8

What are the benefits of Kikoff Credit Builder?

Accepted Answer

Some of the benefits of Kikoff Credit Builder include: No credit check during the application process. Easy approval process. No interest or fees. Variety of credit lines, including revolving and installment. Consistent reporting to all three credit bureaus.

Question 9

Are there any downsides to using Kikoff Credit Builder?

Accepted Answer

While Kikoff Credit Builder offers many advantages, there are a few potential downsides, such as: Limited product selection in their store. Availability limited to 49 states (excluding Delaware). The 750 credit line can only be used to purchase products from Kikoff's store. Specific combinations of products are required for reporting to all three credit bureaus.

Question 10

How does Kikoff Credit Builder compare to other credit-building tools?

Accepted Answer

Kikoff Credit Builder offers unique advantages, such as no interest or fees, easy approval, and diverse credit lines. However, its product selection is limited, and it's not available in all states. When comparing it to other tools like Kovo Credit Strong, secured credit cards, or credit builder loans, consider factors like credit limits, costs, and reporting to credit bureaus to determine the best fit for your needs.