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Self Credit Builder Review 2021: Build Your Credit and Raise Your Score

Self (formerly Self Lender) helps establish, rebuild or raise credit scores through a credit-builder account reported to all 3 credit bureaus.  

Self helps thousands of people build credit or raise credit scores with its Credit Builder Account. Self is one of the best options for helping people with no credit or little credit to establish their credit history. And a great option for people with bad credit or recently discharged bankruptcies rebuild their credit. Your on-time payments on the credit builder account will be reported to all 3 major credit bureaus and can help raise your credit scores. 

You do not need a cosigner to get a credit-builder loan with Self (former Self Lender) and requires no upfront money. 

Self is a great option for anyone looking to strengthen their credit history and boost their credit score.

Self Credit Builder Account Features:

  • Credit history not required
  • No cosigner needed
  • Reported to all 3 major credit bureaus
  • No prepayment fees
  • Save money into a certificate (CD) while rebuilding credit
  • FDIC insured savings

Self New Account Promotion

There is currently no new account promotion. Current Self account holders can earn $10 for referring friends.

Self Overview

Self (formerly Self Lender) is a financial tech company with a mission to help people establish, rebuild, and strengthen credit especially for those who may not have access to traditional financial services.

What is a Self Credit Builder Account?

Currently, Self offers a Credit Builder Account which is an installment loan that enables borrowers to build positive repayment history by making on-time payments while saving money at the same time.

Who is it best for?

The Self Credit Builder account is a great option for those new to credit or anyone looking to rebuild their credit or boost their credit score. 

What do you get?

You get an installment loan with monthly payments for a specified term you choose. After successfully repaying the loan, you get access to your savings (CD account).

Additionally, Self will give you a free credit score with periodic updates to show how repaying your loan is improving your score.

How Self Credit Builder Account works

With Self, you apply for a loan with a partner bank with the funds deposited into a certificate (CD). The CD cannot be withdrawn until the term is completed.

Self is available in all 50 states. You must be at least 18 years old, a US citizen or permanent resident with a physical address in the U.S.

How it works:

  • Apply for a loan held by a Self partnered bank. 
  • Pay off the loan in 12-24 months.
  • Each payment builds credit history and adds to your savings.
  • After you’ve completed the terms, the CD is released to you.

What you need to get started:

  • A bank account, debit card or prepaid card
  • A valid email address and phone number
  • Your social security number

This information is used to verify your identity, make your payments and for the purposes of reporting to the credit bureaus. 

If you have no credit history, additional information is needed to confirm your identity. This is to protect you and prevent any fraud.

Safety and Security

Self is a legitimate company and not a scam. The company based in Austin is venture-backed and registered as Self Financial, Inc. Self banking partners include Sunrise Banks, N.A., Lead Bank, and Atlantic Capital Bank, N.A.

How to Get Started with a Self Credit Builder Account

  1. It’s a quick and easy process to get started in 5 minutes, get started here.
  2. Once the loan is approved, you’ll pay a one-time administrative fee.
  3. Connect your checking account for automatic payments.

Why Use Self Credit Builder Account

Self is a great option for anyone looking to establish, build, or rebuild their credit. The process is simple and quick. If you need a way to boost your credit and have a hard time getting approved through traditional means, then consider a Credit Builder Account with Self.

Unless you make late payments, you’ll benefit by having your repayments reported to all 3 credit bureaus. And a bonus of a Self Credit Builder Account is getting the reward to access your savings after completing the terms. 

Smile Summary: My Personal Experience with Self Credit Builder Account

After using Self since January 23, 2018, Self has reported my credit score has jumped +85 points. In January 2020, my CD is unlocked and they will direct deposit the funds.

Basically, you apply for a loan and the money from the loan is locked into a certificate (CD) for the term of the loan. You are required to make payments until the loan is satisfied. Then, the CD is released to you.

Credit Score (1/2019): 661 | Credit Score (1/2020): 746

My loan: $1000 with loan date 1/23/19 with an APR of 13.28%

I paid a $5 administrative fee.

The loan proceeds were deposited into a certificate maturing in January 2020 for $1,001.

My term: 12 months

My monthly payment: $89

In total, I will pay $73 in finance charges.

Additionally, because of my positive history with Self, I was offered a credit card (not a debit card or prepaid card) that would be secured with my Credit Builder Account. Get started rebuilding or strengthening your credit score, click here.

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