As someone who’s always looking for ways to improve my financial standing, I recently discovered the Self app. This credit-building platform has caught my attention due to its promising features and positive reviews from thousands of users.
The Self app, formerly known as Self Lender, aims to help individuals build or improve their credit scores through credit-builder loans and secured credit cards. It allows users like me to start building a credit history with small, manageable monthly payments, which in turn, comes with a positive impact on our credit profiles.
In this article, I will share some insights about the Self app and discuss its offerings in more detail.
Self App Overview
As a user of the Self app, I find that it provides a range of features that cater to those who are looking to build or improve their credit scores. The app primarily functions as a credit monitoring system, which offers on-demand access to my credit score. In addition to monitoring, it enables me to open a Credit Builder Account, through which I make monthly payments and build my credit history.
Furthermore, I can access their Self Visa® Credit Card services, which is an added advantage to this app. Setting up automatic monthly payments is also an option, which makes managing my finances hassle-free.
Self App Pricing – as of June 2024
The Self app is free to download and use for credit monitoring. However, when it comes to credit building loans, that’s where they make their money. Each plan available within the app comes at a different cost depending on the term and loan amount. The most common options include:
- $25/month plan for 24 months
- $35/month plan for 24 months
- $48/month plan for 12 months
- $150/month plan for 12 months
These plans help me determine how much I can afford each month and choose the one best suited to my financial situation.
Self app is available on both – Apple App Store and Google Play Store.
Building Credit with Self App
Credit Builder Account
With the Self App, I can establish a credit builder account which is designed to help me build my credit and save money simultaneously. By making on-time monthly payments, I can improve my credit score with the three major credit bureaus: Experian, Equifax, and TransUnion.
Opening a Credit Builder Account entails taking out a loan, which is then placed in a secure account held by the bank. The funds are inaccessible until the loan is repaid through a predetermined number of monthly payments.
The scheduled payment amounts and terms (generally 12 to 24 months) are tailored to fit my budget. As I repay the loan, my timely payments are reported to the credit bureaus, positively impacting my payment history and, consequently, my credit score.
Secured Credit Card
In addition to the Credit Builder Account, the Self App offers a secured credit card to assist me in building credit.
To obtain the card, I must have an eligible credit builder account and make a one-time, refundable security deposit. With the deposit established, I can use the secured credit card up to the credit limit, which typically matches my deposit amount.
By using the secured credit card responsibly and making payments on time, I build credit and strengthen my credit history. It’s important to note that this card reports activity to all three credit bureaus (Experian, Equifax, and TransUnion) ensuring my efforts positively contribute to my credit journey.
Payment History Influence
One of the most significant factors affecting my credit score is my payment history. The Self App helps me develop positive payment habits by ensuring timely reporting of my payment activity to Experian, Equifax, and TransUnion.
Both the Credit Builder Account and the secured credit card payments contribute to my payment history.
In conclusion, the Self App offers me practical tools and options to build credit and improve my credit score through the Credit Builder Account and the secured credit card. As I continue on my credit journey, the app helps me prioritize responsible payment habits, positively affecting one of the most significant components of my credit score: my payment history.
Financial Basics and Features
I noticed that Self offers Credit Builder loans where participants essentially pay back a loan to themselves over the course of 1 or 2 years. This approach helps people with low or no credit build their credit up. They offer multiple plans with varying loan amounts, which can accommodate various budgets and financial goals.
Payments and Deposits
Through my research, I discovered that the Self app allows users to set up automatic monthly payments for their Credit Builder Account. Users make these payments over the loan term with the objective of building their credit and saving money in the process. Upon successful completion of the loan term, the money saved in the Credit Builder Account, minus the interest, becomes available to the user. Users can also check their account balances and savings progress directly from the app.
Interest Rates and APRs
When I looked at Self’s loan plans, I found that the Annual Percentage Rate (APR) varies depending on the specific Credit Builder loan plan selected. It’s important to review these interest rates and APRs before choosing a plan, as they will impact the overall cost of the loan and the amount of money available at the end of the loan term.
Self Visa® Credit Card
In addition to the Credit Builder loans, I also learned that Self offers a Self Visa® Credit Card. This credit card is another tool designed to help users build their credit, and it becomes available once a user has demonstrated a history of on-time payments with their Credit Builder Account. By using the Self Visa® Credit Card responsibly and making on-time payments, users can continue to improve their credit scores.
Credit Program Eligibility
To be eligible for the credit-building loan program offered by Self Financial, I must meet a few basic criteria. First, I must be at least 18 years old and possess a valid Social Security number. Next, it is crucial that I am either a U.S. citizen or a permanent resident of the United States. Additionally, I need to have a valid phone number and email address to get started.
To support my credit-building journey, Self offers credit monitoring, enabling me to keep track of my progress as I pay off the loan. This feature helps me stay informed on my credit score changes, ensuring I know how my actions impact my financial health.
Self’s credit-building loans are issued by various participating banks, such as SouthState Bank, Sunrise Banks, First Century Bank, and Lead Bank. These partner banks report my on-time payments to major credit bureaus, helping me build up a positive credit history over time.
As I pay off the loan, I can enjoy the credit-building benefits provided by Self Financial and its network of participating banks. This collaborative effort helps me achieve my financial goals and strengthens my journey on the path to financial empowerment.
Progress and Results
Credit Score Increase
Over the past few months, I have been using the Self app as a tool for credit building and improving my financial standing. I am happy to report that my credit score has indeed increased. Utilizing Self’s credit builder account, I’ve been able to make on-time monthly payments that are reported to the three major credit bureaus, positively impacting my FICO score. Additionally, the app helped me establish a savings account for my security deposit, which serves as collateral for the loan.
While my credit score improvement may not be as dramatic as some, I am definitely seeing steady growth in my VantageScore. I particularly appreciate the low-cost credit-building loan option, which has a more affordable interest rate compared to traditional secured cards or prepaid cards. This has reduced my financial stress and allowed me to focus on my progress.
As an alternative to a Visa credit card, one advantage of Self’s credit builder account is that it does not require a hard credit inquiry. This means that my credit profile remains unharmed, allowing me to continue rebuilding and repairing my damaged credit.
Individual Success Stories
I am not the only one benefiting from the Self app. Many users have reported success in boosting their credit scores and achieving their financial goals. For instance, there are users who have managed to repair their credit enough to qualify for mortgages or obtain a more attractive interest rate on their loans. This is a testament to the app’s effectiveness in helping people turn around their financial lives.
Moreover, the Self app has become a valuable asset for individuals who had no prior credit history or were struggling to build their credit for the first time. By reporting our on-time payments to the credit bureaus and using a savings account as collateral, we can establish a reliable credit profile without excessively high fees or inflexible terms.
Tracking my savings progress within the app is motivating and helps me to remain committed to my credit building journey. Witnessing my credit score increase and reading about other users’ successes provides me with even more confidence in the effectiveness of the Self app in achieving my financial goals.
Frequently Asked Questions
Does Self App improve credit quickly?
From my experience, the Self App does help improve credit over time. However, improving credit quickly depends on several factors like consistent payments and credit utilization. Patience and responsible financial habits are key to seeing a noticeable improvement in your credit score.
Is the credit score accurate?
The credit score provided by Self is generally accurate to the best of its ability. The app uses data from credit bureaus to generate your score. However, keep in mind that credit scores may vary slightly across different platforms, so it’s always a good idea to regularly check your credit report and track changes.
How much does Self cost?
The cost of using Self varies depending on the chosen Credit Builder Loan option. The app has a regular APR ranging from 15.72% to 15.97%. Additionally, there is a $9 administration fee. It’s essential to consider these costs when deciding if Self is the right choice for you.
What is the customer service like?
From the reviews I’ve seen, Self’s customer service is generally praised by its users. They are known to be helpful and responsive, contributing to a great overall experience for most customers.
Are there any common complaints?
While some complaints have surfaced, it’s important to remember that people’s experiences with Self may vary. Some users have reported difficulties in canceling their accounts or issues with payment processing. However, these complaints seem to be a minority among the more positive feedback.
Are Self Credit Builder reviews positive?
Based on the reviews I’ve found, Self has received an overall rating of 4.57 stars out of 5 from 1,751 reviews. Most customers report being satisfied with their experience, indicating that it helps improve their credit score and offers good customer service. In my assessment, Self is generally well-received by its user base.