When you apply for Kikoff, you get approved instantly for a $500 revolving line of credit (with 0% interest and no fees). In this post, we explain how this credit line works – and why it’s so great for credit-building 😉.
This is a type of credit that doesn’t have a fixed number of payments or term length. Think of it as an ongoing loan that stays open until you decide to close it.
You can make purchases up to your credit limit. And while there is a minimum monthly payment, you always have the option to pay it off entirely. Credit cards are a common example. These are a very flexible option – there’s no minimum time commitment, and you’re in control of how much you spend and when you pay it off.
But unlike other revolving lines of credit, such as credit cards, the Kikoff Credit Account has 0% interest, no fees, and no credit check to apply.
Kikoff’s Credit Account is only valid in our online store, which you can browse once you’ve been approved. The Kikoff Store is intentionally built to focus on educational and affordable content – our items cost between $10 – $20 each.
Something we’ve noticed is that revolving lines of credit can often lead people into more debt, spending money they don’t have on things they don’t really need.
We want to do things differently. That means helping our customers build responsible money habits – and learn more about personal finance along the way.
All items in the Kikoff Store are digital educational content: we offer a variety of e-books, e-courses, and other resources. They’re focused on financial literacy. All items are affordably priced, between $10 – $20.
We’re been updating and improving our content based on customer feedback. You can create an account and browse our store for free before making any purchases – no commitment necessary!
To start building credit, you just need to make one purchase. That activates your account, and Kikoff will begin reporting for you to the credit bureaus. (You can read more about our reporting timeline here.)
Since your credit limit is $500, you can make multiple purchases if you want. But keep in mind your credit utilization – the second most important factor in your credit score. Each additional purchase increases your credit utilization, and experts recommend keeping this below 10%. Kikoff is on your side – we are here to help you use your credit responsibly.
You can use any major debit or credit card to pay off your Credit Account balance.
We don’t want anybody to forget a payment, which is why we offer AutoPay – a way to automatically make your monthly payments without even opening the app. Set it and forget it 😇
Once you’ve made a purchase, Kikoff will set up a minimum repayment schedule over the course of 5-10 months. You can see this schedule by logging in to your Kikoff Dashboard.
If you start off by purchasing one product from the Kikoff Store, your monthly payment will only be $2.
Please note that your minimum payment may vary once you make multiple purchases. It depends on how much of your $500 balance you have used: the minimum payment is either $2 or 10% of your balance – whichever one is lower.
Yes, you always have the option to pay off your balance entirely! And since it’s Kikoff, there are no fees for doing this 😉
But we encourage you to stick to your minimum monthly payments because it’s the best way to build credit – through consistent monthly payment history. And since Kikoff charges 0% interest and no additional fees, there’s no additional cost to you sticking to the monthly payments.
Congrats! By this point you’ve built several months of positive payment history and you’re one step closer to your financial goals. You’re ready to rinse and repeat.
To keep building credit, simply make another purchase on the Kikoff store. The Kikoff Credit account doesn’t expire, so you can keep building credit year after year.
Also, by keeping your account open and active, you’re increasing your average account age – another important factor in your credit score.
We report every payment you make to the major credit bureaus. Every month you build credit, and every month you get an updated credit score!