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The hardest part about building a credit history is getting access to credit in the first place.
If becoming an authorized user on someone else’s credit card isn't an option for you or you can't afford the deposit on a secured card, Kikoff offers a way to build credit: The Kikoff Credit Account.
The San Francisco-based online lender’s Kikoff Credit Account gives you access to a revolving line of credit that you can use to build a credit history. There’s no interest, but there is a monthly charge depending on which Kikoff plan you choose.
You can only use the line of credit to make purchases on Kikoff's online store. The company reports payments to the three main credit bureaus, and users get access to VantageScore credit scores to track their progress. Kikoff says there’s no hard credit check involved, and you don’t need to link a bank account.
If you already have credit but need to build it after some missteps, Kikoff is one of several options you can explore. Here’s a summary of Kikoff’s line of credit.
| Plan | Line of credit amount | Monthly fee | Other features |
| Basic plan | $750. | $5. |
|
| Premium plan | $2,500. | $25. |
|
| Ultimate plan | $3,500. | $35. |
|
How a Kikoff Credit Account line of credit works
Kikoff offers plans with a $750, $2,500 or $3,500 revolving line of credit. There's no credit check involved.
There are limitations: You cannot access the money through a check or other method; you can only use the credit line to make purchases on Kikoff's online store. Think of it as a payment option at checkout. The Kikoff store contains educational items on personal finance with prices starting at $10.
NerdWallet's advice: If you go this route, choose the Basic plan with the $750 line of credit. Make a $10 purchase, and pay it off over six months (usually the minimum amount of time it takes to build credit history). Then, revisit and decide if the impact on your credit score makes it worth continuing.
How the Kikoff Credit Account can help your credit score
Kikoff’s revolving line of credit shows up like a credit card account would on your credit reports. Payments are reported to the three major credit bureaus, Equifax, Experian and TransUnion. That helps build your credit history.
Your scores are calculated from information in your credit reports. The most important factors affecting your scores are whether you make on-time payments, followed by how much of your revolving credit limits you use, known as your credit utilization. New Credit Account users typically have less than 15% utilization on their accounts, which is considered an excellent rate, according to the website.
Payment is due every month (Kikoff sends reminders). You can make payments using a debit or credit card or by setting up autopay.
Kikoff also gives borrowers access to a free VantageScore 3.0 to track their progress. You can also use NerdWallet to track your free VantageScore 3.0 from TransUnion and see your credit report weekly.
Kikoff fees and penalties
Kikoff charges a monthly fee of $5, $20 or $35, depending on which plan you choose. Unlike a traditional credit card, Kikoff's line of credit does not carry any interest. If you do not pay off the monthly balance or pay just the minimum, you won't accrue interest.
As with any other form of credit, paying late or missing a payment can hurt your scores. Normally, paying a bill 30 or more days late can seriously damage your credit.
Kikoff doesn't currently charge a late fee, but it will report late payments to credit bureaus. If someone becomes delinquent on their payments, the line of credit can be frozen. After 180 days of no payment, Kikoff may close the account and it can’t be reopened.
Other Kikoff credit-building tools
You can add on other credit-building products once you have your Kikoff Credit Account set up:
- Secured credit card: Kikoff offers a secured credit card “that works like a checking account and debit card.” You deposit $50 or more upfront, and your deposit then equals the credit limit of the card. Payments are reported to all three credit bureaus. You’ll need the Premium or Ultimate plan to get the secured credit card.
- Rent reporting: Kikoff will report your rent payments to Equifax if you link the bank account you use to make rent payments, provide a valid lease and submit landlord information. The service is included with all three plans.For a onetime $50 fee, you can get rent payments over the past 24 months reported.
- Bill reporting: If you choose the Premium or Ultimate plan, Kikoff will report your phone and utility payments to TransUnion each month.
- Debt negotiation: Premium and Ultimate plan users get access to Kikoff’s AI-powered debt negotiation tool, which can make offers to creditors and collectors to settle debt for less than you owe. There’s no guarantee the offer will be accepted, and settling debt typically hurts your credit score.
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Kikoff vs. Self
Self is a lender that also offers credit-builder loans to help people establish credit. Like Kikoff, Self offers an add-on secured credit card. However, Self doesn’t offer a product similar to Kikoff’s Credit Account.
Both Kikoff and Self are available in all 50 states. Here’s how their products compare:
Credit Account
- Offered by Kikoff; no similar product from Self.
- $750, $2,500 or $3,500 lines of credit.
- $5, $20 or $35 monthly charge, no interest.
- No credit check.
- Reporting: Equifax, Experian and TransUnion.
- Spending is limited to the Kikoff Store products.
Credit-builder loan
- Offered by Self; no similar product available from Kikoff.
- Loan amounts of $600, $840, $1,152 or $3,600.
- APRs around 15% (see the Self website for current pricing).
- No hard credit check that might affect your score.
- Reports to Equifax, Experian and TransUnion.
- Loan term: 2 years.
- Free payments by bank transfer; variable fee to pay by debit card.
Secured credit cards
Kikoff (available to Credit Account holders as an add-on):
- $50 minimum deposit to have the account reported to credit bureaus.
- No hard credit check.
- No interest or annual fee.
- Reports to Equifax, Experian and TransUnion.
- Fee-free access to funds at more than 55,000 Allpoint ATMs worldwide; $2.50 fee outside of the Allpoints network (in addition to any ATM fees).
Self:
- $100 minimum deposit.
- No hard credit check.
- 27.49% Variable APR; $0 intro fee first year, $25 annual fee thereafter.
- Reports to Equifax, Experian and TransUnion.
- Cannot be used as a debit card at ATMs.
Rent reporting
Kikoff:
- Included with Basic, Premium and Ultimate plans.
- Reports on-time payments to Equifax each month.
- Requires you to link the bank account you use to pay rent and provide your lease and landlord information.
- Reports up to two years’ worth of prior rent payments for a onetime $50 fee.
Self:
- Offers free rent reporting service.
- Reports on-time payments to all three credit bureaus each month.
- Requires you to link the bank account you use to pay rent.
- Reports up to two years’ worth of prior rent payments for onetime $49.95 fee.
Other ways to build credit
- Become an authorized user: If you have a family member or friend with a high credit score and long credit history, ask them to add you as an authorized user on their credit card.
- Ask someone to co-sign a loan for you: You may be able to get a loan with a co-signer who has good credit. A co-signer doesn’t have access to loan funds, but they agree to be legally responsible if you miss payments. Someone who co-signs for you is putting their credit at risk, so think carefully about your ability to repay the loan.
- Apply for a secured loan: Some lenders offer secured loans if you put up collateral, like a savings account or car. Getting a secured loan can help you get better loan terms, but the lender can seize your collateral if you don’t make payments.
- Credit-builder products from other financial institutions: Some banks, credit unions and online lenders offer secured credit cards, and several allow you to switch to an unsecured card after a minimum number of on-time payments. You can find credit-builder loans elsewhere, but they’re most common at credit unions and community banks. You can also explore using services like Experian Boost or a rent-reporting company to get your bills counted toward your scores.
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