I haven't seen to much on here about "Kikoff" I'm curious to see what others think about it.
Kikoff is similar to what Self lender offers but is also a bit different. It's suppose to be a way to help people build there credit and add a installment loan to there credit mix if they don't already have one.
Kikoff has been around for about a year or so from what I understand , but really picked up popularity maybe 6 months ago in many credit building groups. At that point there wasn't a lot known about the company , even now a days it's kind of a bit unknown but I've seen thousands of people utilize it including me.
it operates as a credit building "loan" that reports to all 3 credit bureaus each month. The part that is different from self lender is Kikoff is completely free. They give you a online wallet that they load with 12$ of virtual currency that you are responsible for logging into the website each month and paying back $1.00 to them from your virtual wallet. When you make the payment they report it. I've had it for about 5 months and it has reported to all 3 credit bureaus up until a month or so ago they came out and said that they will not be reporting to transunion anymore due to issues with them not wanting to work with them anymore. Most likely I'm guessing transunion saw that it's not an actual loan , just a service that offers you a quick way to build credit without actually paying for anything.
They are still currently reporting to Experian and Equifax as of now. I also noticed they reached max capicity on there website and are no longer taking new people right now. Supposedly they are going to be releasing a new service soon and an actual app.
I suspect when the app is released it will be similar to something like credit karma where they sell your info and give you suggestions on different credit cards you could be approved for.
Im wondering if anyone else has used it or looked into Kikoff ? What do you think of the whole idea ? How do you think they will eventually start to make money ? Does a $12 year long loan actually help your credit profile or because it's such a small amount will most credit card company's that are looking at your reports just disregard it? I decided to take a chance on it because my credit was doing good , I've been working on it for a few years finally getting to the 700s but didn't have any type of installment loan reporting so I figured I'd give it a shot. I rember when it first reported but honestly I don't think I saw any type of big boost through fico. I've seen others report they have got a nice boost from utilizing it. Would you say Kikoff's free service would do the exact same thing self lender does for your credit report ? Or would self lender be more beneficial because they offer longer terms then 12 months and the payments each month are higher then a $1?
Just looking to talk more about the company and see what others think....
Happy holidays !
