Self Review: Is It Good?
Wondering about Self's credit-building claims? Discover in-depth information in this review and decide if it's legit.
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Apply for a Credit Builder Account at Self | |||
Overall Score | 4.3 | ||
Fees | 2.0 | ||
Credit Building Tools | 5.0 | ||
Credit Bureaus Reporting | 5.0 | ||
Mobile App | 5.0 | ||
Pros and Cons
- No hard credit check
- Available in all 50 states
- Get your money back (minus interest and fees)
- Cancel anytime
- High APRs
- Charges late fees, convenience fees, and closing fees
Bottom Line
Flexible credit builder that can turn expensive with fees
If you don't have a credit history, creditors probably won't give you a chance. How can you
Enter Self - a credit monitoring and credit building system that helps people with low or damaged credit.
Read on to see if Self might be the right service for you.
What Is Self?
Self credit monitoring service gives you on-demand access to your credit score. It gives you access to your credit history at all times. They provide all of this free of cost.
However, the Credit Builder Account is the real meat and potatoes of
The main purpose of the Credit Builder Account is to help bump a low credit score. In other words, they give you a chance no matter how many other lenders turned you down.
Apply for a Credit Builder Account at Self
- Get the Credit Builder Account that helps build credit today!
- Choose the plan that fits within your budget
- Monthly payments are reported to the three major credit bureaus.
How Self Works
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For $25/month, you can rebuild your credit. The Self Credit Builder Account isn't your typical loan. Think of it like a loan in reverse. You don't receive the proceeds from the loan upfront. Instead, it's placed in a Certificate of Deposit for you. The maturity date equals the term of the loan.
You then make payments over the course of the term of the loan (24 months). At the end of the term, the CD matures. You receive your money back (minus interest and fees)
As you make payments, Self reports them to Experian, Equifax, and TransUnion. If you make your payments on time, this will help build up your credit. Small steps really do pay off. And Self makes the whole process as easy and painless as possible.
Learn how to build credit while building savings at Self
Who Benefits from Self?
Self is ideal for people who have little to no credit. If you've ever tried to apply for credit only to be turned down because you don't have any credit, you are a good candidate. How are you supposed to prove you are creditworthy if no one will extend credit?
This is where Self helps the most. They don't pull your credit to determine eligibility.
It can also be a good option for those with damaged credit. With a poor credit history, many creditors will turn you down for new credit. Without new credit, it's nearly impossible to rectify your score. Self can help by providing you with the Credit Builder Account.
- You are at least 18-years old
- You have a valid bank account
- You can afford the monthly payments that vary between $25 - $150 per month
Start building your credit with Self
Opening an Account and What It Costs
Opening a Self account takes about five minutes. They need the following information:
- Name
- Address
- Social Security number
- Date of birth
- Amount of income
Once you provide this information, Self runs a check on ChexSystems. Similar to running your credit, this system checks your bank account history. This keeps an eye on how you treat your bank accounts. They look for overdrafts and bad checks. However, unless you let your overdrafts sit unpaid, you should be in good shape.
If your ChexSystems report comes back clean, Self will ask you which loan amount you want from a predetermined list of options:
- $511 ($25 paid over 24 months)
- $717 ($35 monthly payment over 24 months)
- $985 ($48 monthly payment over 24 months)
- $3,069 ($150 monthly payment over 24 months)
Sample loans: $25/mo, 24 mos, 15.92% APR; $35/mo, 24 mos, 15.69% APR; $48/mo, 24 mos, 15.51% APR; $150/mo, 24 mos, 15.82% APR. See self.inc/pricing
You then enter your payment information. You can use a checking account or debit card. However, using a debit card will cost you a convenience fee based on your monthly payment plan. Using your checking account is best.
Apply for a Credit Builder Account at Self
- Get the Credit Builder Account that helps build credit today!
- Choose the plan that fits within your budget
- Monthly payments are reported to the three major credit bureaus.
How the Credit Builder Account Helps
The moment you take out the Credit Builder Account, you have an FDIC-insured Certificate of Deposit opened in your name. Like any other CD, you cannot touch the money until it reaches maturity. In this case, it's 24 months.
The real benefit lies in the payments you make towards the loan. As long as you make each loan payment on time, Self reports the timely payments to the credit bureaus. According to Self, clients who open a Credit Builder Account and make on-time payments see an average credit score increase of as much as 47 points.*
This only works, however, if all aspects of your credit are in line. For example, if you have a credit card with another company that you let default, your credit score will fall. This is independent of what the Credit Builder Account can do for you. It's up to you how you handle all aspects of your credit profile.
Start building credit with no hard credit pull at Self
Pros and Cons of Self
As with any financial product, there are pros and cons of Self.
Pros
- All payments are reported to the credit bureau to help you build a credit profile.
- You don't need a credit check to get approved.
- The interest rate is often less than that of a credit card.
- An installment loan may diversify your credit mix, which further helps your credit score.
- Check Your Rate >>
Cons
- If you have a negative history with bank accounts, you may not qualify.
- Late payments are reported to the credit bureaus and could damage your credit.
- It costs you 5% per monthly payment if you miss the grace period of 15 days.
- You have to pay to take out the loan versus other free ways to build credit.
How It Compares to Other Options to Build Credit
Self isn't the only way consumers with thin or damaged credit can build credit.
- Secured credit card: This option isn't free upfront, but it can be if handled correctly. Your credit line equals your deposit. You can find secured credit cards that require as little as $200 deposited. If you pay the balance off each month, you don't pay any interest. You can also get your deposit back if you upgrade or close your account.
- Co-signer on a loan: If you have a willing co-signer for a loan, you may be able to get approved for a standard credit card or installment loan.
- Authorized user: Ask to become an authorized user on a parent, sibling, or other close relative's credit card. Make sure you ask the credit card company beforehand if they report payment history for authorized users, though.
Bad credit? Start building credit with Self
For a detailed comparison of Self with other credit-building services, check out our Kovo vs Self vs Kikoff review to help you make the best decision.
Bottom Line
If you've exhausted all other "free" options to build credit, Self can be helpful. If you don't have anyone who can co-sign a loan or make you an authorized user, you have two options: a secured credit card or Self. If you don't have the money to open a secured credit card, Self may offer the lower cost way to build your credit.
Make sure before you take this option that you can afford the monthly payments. Paying for a loan that you will only pay late will damage your credit score and cost you money. When taken responsibly, though, the service can help you bump your score.
Apply for a Credit Builder Account at Self
- Get the Credit Builder Account that helps build credit today!
- Choose the plan that fits within your budget
- Monthly payments are reported to the three major credit bureaus.
Credit Building Made Easy
- No credit pull required
- With 0% interest
- Open your account in minutes
Build Credit for Free
Get a Free Mastercard to pay your subscriptions and build your credit
Write to Kim P at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., First Century Bank, N.A., each Member FDIC. Subject to credit approval. The secured Self Visa® Credit Card is issued by Lead Bank or First Century Bank, N.A., each Member FDIC.
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