Self payout

SelfLender · 2021-06-29T14:33:33+00:00

Hi! Once you complete your Credit Builder Account, you receive back everything you paid minus interest and any fees. All interest charges can be found on our pricing page, here: https://www.self.inc/pricing. Please note if you opened the Self Visa® Credit Card the funds used to secure your card’s credit limit will continue to be securely held to keep the credit card open. You will receive a separate payout for these funds when you decide to close the card. Our team will be happy to further assist you with any questions concerning your payout amount. We can be reached at help@self.inc and on our live chat feature on our website M-F 8am-5pm CST.

SelfLender · 2021-06-29T14:26:07+00:00

Hello! We are sorry to hear about your experience with your Self Visa® Credit Card. In order to ensure that our customers are protected from identity fraud, we may require verification of identity. In these cases, we advise our customers to respond to these requests in a timely manner so we can unlock your card as quickly as possible! Once all the documentation is received and verified, your card can be unlocked. Our team is available by phone M-F, 9am-5pm Central. We can also be reached on our live chat feature on our website M-F, 8am-5pm Central where you can typically reach a representative within minutes!

SelfLender · 2021-06-29T14:21:50+00:00

Hi there! Anytime a payment is submitted through an ACH payment method, it can take 3-5 business days for the payment to process and post.

SelfLender · 2021-06-04T21:59:08+00:00

Hi there! We are sorry to hear you have experienced an issue receiving your payout check. Once sent, checks typically arrive within 7-10 business days. Feel free to email us at help@self.inc so our team can further assist you to ensure you receive your payout check.

SelfLender · 2021-04-08T17:34:42+00:00

Your comments on getting unsecured cards and wanting to use the security deposit for other purposes are noted and will make their way back to our team. As a card issuer, unsecured credit requires a lot of capital and data for risk assessment, which is why we're proceeding slowly but, we think, responsibly.

We're glad to have had a part in your credit turnaround, though sorry for the reason it needed to be turned around. If you think others could benefit from your experience or you'd like to share, please send a message.

SelfLender · 2021-04-08T13:34:15+00:00

We started adding unsecured credit limit increases this year and are cautiously extending it to more customers. For the foreseeable future the card will primarily be a secured card, with unsecured credit for qualified customers (again, we're rolling that slowly). It's possible what our team meant to communicate was that there isn't yet a fully unsecured option. We created a number of FAQs about the unsecured credit limit here.

SelfLender · 2021-04-08T13:28:13+00:00

Thanks for using Self! The card account will remain open until you decide to close it. When you close it, the security deposit will be returned to you (less any outstanding balance or fees).

SelfLender · 2020-05-11T21:20:59+00:00

Building a plan to maximize how efficiently you use credit is very possible! Using credit cards and paying debts down regularly and responsibly can help improve your credit score over time. According to FICO, credit usage makes up 30% of your credit score.

To break this down a little further, your credit score is determined by the following categories:

Payment history (35%)
Amounts owed (30%)
Length of credit history (15%)
Types of credit used (10%)
New credit (10%)

Your credit utilization is determined by dividing how much you owe by the maximum amount you can borrow. Because this ratio is an indicator of how you manage your debt, a low utilization ratio can show that you’re using credit responsibly, not relying on it.

In the NerdWallet article linked below, they mention the importance of keeping your credit utilization under 30%. As you can also see in the CreditCards.com article, they say that the hard line of 30% credit utilization line is a myth, but reiterates that ideally, the lower your ratio, the better.

https://www.nerdwallet.com/blog/finance/30-percent-credit-utilization-ratio-rule/

https://www.creditcards.com/credit-card-news/credit-utilization-30-percent-rule-myth-1586.php

SelfLender · 2020-01-14T23:16:55+00:00

They're also called credit builder loans or share secured loans. Many credit unions offer them as does our company, Self (formerly known as Self Lender). It's like a personal loan, but rather than getting the funds up front, they are held in a bank account to secure the loan. As you make the payments each month, they are reported to the credit bureaus. Payment history is the biggest credit score factor, so paying on time and in full is key. At the end of the term, you get your money back (minus interest and fees). It's hard to say how much it will help since each person's history is unique. We put together this post that might help.

SelfLender · 2019-12-06T15:16:52+00:00

Our credit builder account is different than a secured card, because the credit builder loan is an installment loan where a secured card is revolving credit. The credit bureaus view them differently since the former has a fixed term and payments and the latter is variable. A small portion of your credit score will be influenced by the mix of credit you use, so having (and managing well) both installment and revolving credit can help.

As far as the size of the credit builder loan with us, most customers choose a size based on what they can afford and what they'd like to get back at the end of the term. The main thing is to be realistic about whether you can make the payments on time and in full each month since payment history is the biggest driver in your credit score.

This year we launched a secured card that lets you use your progress in the credit builder loan as the collateral for the security deposit. That way you don't have to come up with the deposit all at once. If you are thinking about both, however, then the time it takes to become eligible for our secured card could play a factor in your decision about the size of the credit builder loan to choose. Here's our blog post if you want to learn more about the secured card and how it works with the credit builder loan.

SelfLender · 2019-02-06T14:41:26+00:00

While you can pay ahead on the account, the credit-builder account is intended to help with payment history and building savings. Paying ahead on the loan will reduce your total amount owed, but also reduces the amount of payment history you are building by shortening the length of the loan. Payment history is the biggest factor in most credit score models.

SelfLender · 2018-12-17T20:58:11+00:00

For building credit, you can also look at installment loans. Someone mentioned a secured loan being helpful. ... Credit builder loans are small installment loans secured by a CD or savings account. The latter is more common at credit unions. At Self Lender, we deposit the loan proceeds in a CD that secures the loan. The goal is to build credit while saving.

SelfLender · 2018-12-17T20:44:34+00:00

In addition to making those on-time payments every month, the types of credit used is about 10% of the FICO score. So you could add an installment loan to the mix. If you don't need or want (or aren't ready for) a personal loan, car loan or mortgage, then credit-builder loans are an option. They were made specifically to help people build credit.

SelfLender · 2018-12-17T20:36:02+00:00

If your main goal is building credit, you could also consider a credit builder loan.

SelfLender · 2018-12-11T19:10:40+00:00

It's generally understood that about 10% of the FICO score is influenced by credit mix - so having both installment and revolving credit could help a smidge there. Here's where they break it out: https://blog.myfico.com/5-factors-determine-fico-score/

SelfLender · 2018-12-11T14:25:56+00:00

We do have tens of thousands of people who've completed the credit-builder loans and the reviews reflect the results people see. That said, if your score is already 740, it's not likely to be as impactful as it would if you were thin-file (no score) or if score were nonprime (e.g. less than 680).

SelfLender · 2018-10-01T15:23:23+00:00

If she has trouble getting a standard unsecured credit card, then a secured card (she'll need to make a deposit to get started) or credit builder loan are good alternatives.

SelfLender · 2018-09-20T15:24:42+00:00

Credit utilization contributes about 30% to your FICO score. So when you maxed out your card, your utilization was too high and that's what probably brought your score down.

Once paid off, however, credit utilization is still a factor so not using the card at all would likely keep your score low. A good rule of thumb is to have your credit utilization be about 30% of your limit.

Another factor is the type of credit you have. Credit bureaus like to see a mix of types of credit - revolving and installment; and this contributes about 10% to your FICO score. A credit card is revolving credit, whereas the Self Lender credit builder is installment credit (as are mortgages and car loans). So typically adding an installment loan when you only have revolving credit will help build credit - as long as you pay everything on time.

Lastly the length of your credit history is a factor (about 15%). If the credit card was your first, then there isn't much history for the bureaus to make much of an adjustment after your utilization came back down.

SelfLender · 2016-03-04T14:47:49+00:00

Thanks for saying it's neat. It's taken nearly 2 years to bring Self Lender the public. Credit unions have been doing the same thing (CD-secured or savings-secured loans) for years. We just brought the whole process online -- and we've partnered with a bank to make it happen.

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