What is KovoCredit...?

[Charmante]

I ran across KovoCredit.com and I'm absolutely confused...

It says it's NOT a Loan, or CC... but WILL improve my credit...

Then it has two options, one is $10 monthly for 24 months OR a single purchase for $240...? I'm confused...

What DO I get for $240...?

What IS this? Lol

[K-in-Boston]

Appears to be a credit builder loan?

[Charmante]

It says it is NOT a loan?

And it has an option for a ONE TIME $240 payment, instead of $10 payments...

What does that do?

Anyone know?

[K-in-Boston]

Where are you seeing this information?  I don't see anywhere where it says it is not a loan.  At first glance at their website it looked to be an installment loan but now I am thinking they just may be a retailer offering to bill your credit card in equal installments; but there is no way that would impact your credit since it wouldn't report a tradeline.  Did you get to this website from another website?

[coldfusion]

https://domainwat.ch/site/kovocredit.com#ip_info

I did a little digging, didn't come away with much. 

I could be wrong but my gut sense is that this is something best avoided.

[K-in-Boston]

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@coldfusion wrote:

https://domainwat.ch/site/kovocredit.com#ip_info

I did a little digging, didn't come away with much. 

I could be wrong but my gut sense is that this is something best avoided.

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Their domain expires in 5 days.  Maybe it's a limited time promotional offer?  🤭

[Charmante]

I searched Best Credit Union Credit Card for Building Credit and it was a top of page list (AD).

Guess that's a bad idea. Lol

[coldfusion]

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@Charmante wrote:

I searched Best Credit Union Credit Card for Building Credit and it was a top of page list (AD).

Guess that's a bad idea. Lol

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It was not a bad idea, you had a bad outcome.

Poke around the site a bit more and don't be afraid to ask questions, there are a lot of people here who are happy to share their thoughts based upon their own personal experiences building (or rebulding) credit.

If you make a mistake as to which section of the site you post a question you won't get in trouble, one of the mods will relocate it for you.

[longtimelurker]

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@K-in-Boston wrote:

Where are you seeing this information?  I don't see anywhere where it says it is not a loan.  At first glance at their website it looked to be an installment loan but now I am thinking they just may be a retailer offering to bill your credit card in equal installments; but there is no way that would impact your credit since it wouldn't report a tradeline.  Did you get to this website from another website?

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Once you start the application it says:

Credit Builder Installment Plan is:

🚫 Not a loan.

🚫 Not a line of credit.

🚫 Not a credit card.

🚫 Not a savings account.

The T&Cs talk about evolving services.   My guess is you pay them money in equal installments and they report it (to the 4 CRAs they list).   It's not a loan as you never receive the money.   Instead you do get reports "How to buy a car" and "How to buy a house"   (well worth $240!)  Not sure what the non-credit-builder option does for you though, $240 at once for the reports?

[Anonymous]

The "public benefit corporation" language sounds super scammy.

Yes there is such a thing, but regardless of whether they serve their purpose you should not have to guess what their purpose is.

Robert Maxwell would be quite old if he were still alive, but this looks like Robert Maxwell type enterprise.