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Its not a membership, or at least the Company doesn't consider it to be one but think of it like a membership. its 10 dollars a month for 24 months and at the end of the 24 months you should have built credit but you don't get your money back because its pretty much 10 dollars for their service to report ontime payments for 24 months to the Credit bureaus. Also the membership gives you access to info on how to buy a home or how to buy a car and more... I wouldn't suggest to get the 240 dollar plan because they will just report one payment to the Credit bureaus instead of 24 on time payments which is the point because you want to build credit but you still have access to that info on how to buy a house and stuff and the most negative thing about Covo credit is that once you pay 10 dollars and you have the membership you have 30 days to get a refund and cancel it because after 30 days your locked into a contract for 24 months and you have to pay 10 dollars for the rest of the 24 months like a lease on an apartment
If I understand you correctly I think the worst thing is that you pay $10 a month for 24 months just so that at the end of 24 months they will make a single report that you paid them $10 a month for 24 months.
Or am I misunderstanding you?
if you go with the 10 dollars a month for 24 months plan they will report that your making 10 dollars on time and they will report that 24 times to the Credit bureaus. what I was saying is if you went with the 240 dollar plan you only would pay once that 240 dollars and as such they would report only once to the credit bureaus and that plan isn't good because you want a credit account that your paying for to report as many times as possible
It appears that Kovo is a site that will report $10/mo payments over the period of 24 months to all 4 bureaus. At the end it is over with no savings or money back. Basically you are paying to report you threw $10 into the air in hopes of building your credit. If you decide to stop, they will report as non-payment which will adversly affect your credit, so make sure you go into your Kovo decision wisely, knowing for 2 years you are paying $10 for better credit.
There are much better services that do the same, however you get your money back at the end. Try SELF (formerly known as self lender). They deposit an amount ($500 or $1000) into a CD. You pay monthly payments for 12 or 24 months - with small amount of intrest going to SELF of course for the service - which is report to your credit bureaus. When you pay the final payment, your money is returned to you.
Also CREDIT STRONG. I have raised my credit score significantly using both services.
I recommend both of those services myself and they have been helpful for credit building. This one at first looked like they were similar, but they are far from it! Self also has the optiinbof using your saved balance as security for a credit card. This way you get reported on both!
@Anonymous wrote:There are much better services that do the same, however you get your money back at the end. Try SELF (formerly known as self lender). They deposit an amount ($500 or $1000) into a CD. You pay monthly payments for 12 or 24 months - with small amount of intrest going to SELF of course for the service - which is report to your credit bureaus. When you pay the final payment, your money is returned to you.
Also CREDIT STRONG. I have raised my credit score significantly using both services.
it fails the sniff test IMHO. There are more reputable companies such as Self..... and why do you need this? Shouldn't you be gardening?
I will repeat it again.. Credit is a marathon, not a sprint... it seems that you are trying to find some cheat or shortcut... when what you need is time and experience...
-J
You make a selection for how much you want to pay a month and they the money you pay them away in an account. By the end of the time frame you selected for paying them, You get what you paid back. The benefit of keeping up on these payments with them is they report monthly to the credit bureaus that youre keeping up on your payments so you can build good credit history factors fast for low payments. All that remains is how much do you want to get back from it- and realistically, can you maintain the amount youre paying monthly. Im paying 10 a month and in 2 months my score has gone up 50 pts
Kovo advertise that they report to the different bureaus, when like many of these so-called credit fixer loans, they only report to 1! False advertising is a red flag in my book!