Kikoff’s credit builder works fast. Just how fast? We will report your account to the major credit bureaus within 30 days. In this post, we explain our monthly reporting schedule – and then walk through a helpful example.
How the Kikoff Credit Builder Works
- We report all active accounts to Equifax and Experian every month, at the end of the month. If it’s your very first month with Kikoff, we report your first purchase.
- We report any and all payments and purchases made during the entire month. There’s no benefit or difference between purchasing on the first or last day of the month.
- Your first payment is due within 30 days after your purchase. You can make this payment as soon as you make your purchase!
- Then, the credit bureaus process your information. Processing times can vary, but Kikoff will usually appear 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.
Tips for how to build credit
To build a positive credit history, make sure your account is active and in good standing.
- Active means you’re utilizing your credit line 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 with Kikoff’s Credit Account.
April 15 – Alex applies and is approved for a Kikoff credit builder account. She activates her account by purchasing a $24 Kikoff subscription.
April 30 – At the end of the month, Kikoff reports Alex’s account to the major credit bureaus. Our report shows that Alex has used just 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 15 – Alex’s first payment for her subscription 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 ($22) as well as Alex’s on-time payment ($2). Alex is building a 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 is updated. Her Kikoff Credit Report also includes her other accounts, so she can keep an eye on her full credit picture.
May 15 – After 12 months, Alex finishes paying for her $24 subscription. She’s built one year of payment history with Kikoff.
Alex’s credit score has increased by 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 renewing her Kikoff subscription. 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 our credit builder account. We’re excited to join you on your financial journey!
