Its time to do a full review on Self inc credit builder now that we have had it featured on the site for so long and its something I have personally used so I can give personal insight into what’s involved. With these credit builders, sometimes you don’t really know what you’re dealing with in terms of the institution or company and how they will treat you but with Self Inc they are super easy to get ahold of in terms of support, cancelling or closing out your credit builder account or any questions you have.
Right around the time when I closed my credit builder account they were just switching over to a more automated way to close out your account/end your loan. They even had a tracker in my account area that gave updates on how the payout was progressing. They will do the payout in a check or ACH payment and it takes about 2 weeks to get. Very simple and smooth process.
In terms of what they report, they close out the account and simply report that the account was closed out on your credit report, nothing else from what I could tell. Here is more details on the Self Inc tradeline.
The Self Inc secured visa credit card is an additional product which would report as its own revolving credit card is offered after 3-4 months of on-time payments with the credit builder account, you will see the offer inside your account. Personally I didn’t use this as I already had good enough unsecured cards, I didn’t want to put a sub $1000 card on my profile.
Highlights to the Self Credit Builder
- No credit required, they don’t hard pull your credit file
- You can start off as low as $25 per month as a credit builder
- They offer you another product, the secured credit card after 3-4 months of making on-time payments
- They report to all 3 bureaus immediately (from month 1 of opening the account)
- $9 setup fee
- No annual fees
- Guaranteed approval
- Reports as an installment loan which helps with credit diversity (credit mix represents 10% of your credit score)
- Hassle free cancelling/account closure
Sample products: A loan with a $25 month payment, 24 month term with a $9 admin fee at a 15.92% Annual Percentage Rate with a finance charge of $89; A loan with a $35 month payment, 24 month term with a $9 admin fee at a 15.97% Annual Percentage Rate with a finance charge of $125; A loan with a $48 month payment, 12 month term with a $9 admin fee at a 15.65% Annual Percentage Rate with a finance charge of $46; A loan with a $150 month payment, 12 month term with a $9 admin fee at a 15.91% Annual Percentage Rate with a finance charge of $146. Please refer to www.self.inc/pricing for the most recent pricing options.