You can enhance your credit and savings at the same time with Self’s unique financial tool. It provides four customizable plans that suit your budget and goals, starting from as low as $25 a month. By making regular, timely payments, you will enhance your payment history, which is crucial for your credit score. Additionally, your contributions are securely held in a bank-issued Certificate of Deposit. There is no hard credit check required, making it accessible even if you have no credit history. Curious about how quickly you can see improvements in your credit score? There is much more to discover!
Key Takeaways
- Self offers customizable credit builder plans starting at $25 per month, helping you save while building credit.
- Regular, on-time payments are reported to all three major credit bureaus, improving your credit score effectively.
- Funds are secured in a bank-held Certificate of Deposit (CD), ensuring your savings are safe while building credit.
- The application process is straightforward, requiring no hard credit checks, making it accessible for everyone.
Overview of Self
Self is a unique financial tool that helps you build credit and savings at the same time, making it easier for anyone to achieve their financial goals.
With four customizable plans, you can choose one that fits your budget and savings objectives. Importantly, there are no hard credit checks or inquiries that could negatively impact your credit score.
Your funds are secured in a bank-held Certificate of Deposit (CD), ensuring safety while you work on your credit. The focus is primarily on your payment history, which is the key factor in credit scoring.
Mechanism of Credit Building
How does the mechanism of credit building work through consistent payments and strategic planning? It revolves around your payment history, which constitutes 35% of your credit score.
When you make regular, on-time payments through a credit builder account, you establish a positive credit history. This is essential, as timely payments signal to lenders that you're responsible with debt.
Self allows you to build credit by securing your payments in a Certificate of Deposit (CD) while you save. By avoiding delinquency and maintaining flexibility in your payment options, you can improve your credit score gradually.
Available Credit Builder Plans
When considering ways to build your credit, it's important to explore the various credit builder plans available that can align with your financial goals.
Self offers four customizable plans starting as low as $25 per month, making it easy to find one that fits your budget. You'll pay a one-time administrative fee of $9 upon approval, and your contributions will be reported to all three major credit bureaus.
For example, you can choose a $25/month plan for 24 months, resulting in a payout of $520, or go for $150/month for a payout of $3,076.
These flexible options empower you to build credit while saving money, setting you on a path toward financial stability.
Impact on Credit Score
Building your credit score can greatly improve your financial opportunities and lower your borrowing costs. With Self, you focus on consistent payments, which make up 35% of your credit score. By reporting your payment history to all three major credit bureaus, you can see significant changes in your score over time.
Here's a quick overview of potential credit score impacts:
| Starting Score | Average Increase | Months to See Change | Key Factor |
|---|---|---|---|
| Under 600 | +49 points | 1-3 months | On-time payments |
| 600-700 | +30 points | 2-4 months | Payment history |
| 700+ | +10 points | 3-6 months | Credit utilization |
| N/A | N/A | N/A | Consistency |
Make your payments on time to maximize your benefits!
Application Process for Self
Applying for Self is straightforward and designed to accommodate even those without a credit history. To get started, you'll need to meet a few basic requirements: be at least 18 years old, a permanent U.S. resident or citizen, and have a bank account or debit/prepaid card.
The application process doesn't involve hard credit checks, making it accessible for everyone. Once you've gathered your information, you can fill out the online application.
After approval, you'll pay a one-time $9 administrative fee, and you can choose from various plans tailored to your budget. Your monthly payments will help build your credit while also saving money, giving you a solid financial foundation.
The entire process is quick and user-friendly.
Conclusion
Ready to reveal the secret to financial greatness?
With Self, you're not just building your credit score—you're launching yourself into a world where savings and financial freedom collide!
Imagine strutting into a bank with a credit score so stellar it practically sparkles!
The application process is a breeze, and before you know it, you'll be watching your savings grow while your credit score soars higher than a rocket.
Don't wait—your financial dreams are just a click away!
