fast. Just how fast? Well, we report your account to the credit bureaus within 30 days. In this post, we explain our monthly reporting schedule – and then walk through a helpful example.
How it works
We report all active accounts to Equifax and Experian every month, at the end of the month.
We report any and all payments and purchases made during the entire month. There’s no benefit or difference between making a purchase on the first or last day of the month.
If it’s your very first month with Kikoff, we report your first purchase(s). Note: no payments are due for your
first 30 days. Then, the credit bureaus process your information. Processing times can vary, but usually Kikoff will show up on your credit report within one week. Woohoo! Rinse and repeat! Keep making your monthly payments, we keep reporting monthly, and you build payment history. It’s that easy.
Credit Building Tips
To build positive payment history, make sure your account is
active and in good-standing.
Active means you’re utilizing your $500 line of credit and have a balance of more than $0. To utilize your credit, make a purchase from the Kikoff Store. Good-standing means you’re on-time for all your payments – in other words, you aren’t late on any payments! Login to your Kikoff Dashboard to see your payment schedule and set up AutoPay.
Let’s walk through an example.
April 5 – Alex applies and is approved for a Kikoff Credit Account. She activates her account by purchasing a $10 e-book from the Kikoff store.
April 30 – At the end of the month, Kikoff reports Alex’s account to the credit bureaus. Our report shows that Alex has used $10 out of her $500 credit line, giving her 2% credit utilization – this is a big plus for her credit-building. Alex’s first Kikoff payment isn’t due until next month (May), so her account is current – she’s up-to-date on her payments. May 1 to 7 – The bureaus process this data and add Kikoff to Alex’s credit report. She gets an email from us, saying that Kikoff is now visible on her credit report 🌟
May 28 – Alex’s first payment for the e-book is due. She got a reminder email from Kikoff a few days earlier, so she easily made her payment on-time. Alex decides to enable AutoPay so all her future payments are made automatically. Her credit-building is now on autopilot 😎
May 31 – It’s the end of another month, – so, you guessed it! Kikoff reports Alex’s account to the credit bureaus. This time, we report the updated balance ($8) as well as Alex’s on-time payment ($2). Alex is building positive payment history and keeping a low credit utilization. June 1 to 7 – Alex gets another email from Kikoff to let her know her credit report’s updated. Her Kikoff Credit Report also includes her other accounts, so she can keep an eye on her full credit picture.
September 28 – After 5 months, Alex finishes paying for her $10 e-book and has built 5 months of payment history with Kikoff. 💪
Alex’s credit score has increased 55 points since opening her Kikoff account. She’s thrilled – but wants to keep building her credit to qualify for a lower interest mortgage.
Good news! Our Credit Account doesn’t expire, so Alex can keep building credit by simply making another purchase from the Kikoff store. Her monthly cycle repeats, and she’s well on her way to her financial goals 🚀
Keep this in mind!
If you’re late on a payment, unfortunately we’re required to report that to the credit bureaus. Late payments can stay on your credit report for
years – so please make sure you’re on-time! We’re here to help you never be late. Kikoff has AutoPay, and we also send you multiple payment reminders.
If you’re new to Kikoff, check out our
FAQ for more information about the Credit Account. We’re excited to join you on your credit journey!