Self Is For Building Credit

The Self credit app is a tool that helps individuals build their credit score. It is available to anyone, regardless of their current credit score or lack thereof. The app offers various features to help users increase their credit score, such as reporting rent payments to all three credit bureaus at no cost and tracking their credit score with VantageScore 3.0.

One of the main features of the Self credit app is the Credit Builder Account, which allows users to grow their credit score and savings. This account has a starting cost of $25 per month and can potentially increase a user's credit score by an average of 49 points. At the end of the program, users can unlock their savings, minus any interest and fees. This account does not require a credit check and has no hard credit inquiry.

The app also offers a secured Self Visa® Credit Card for credit builders. This card can be obtained by working towards it through the Credit Builder Account. It does not require a credit check and allows users to control their credit limit. This card can be used anywhere Visa is accepted in the US and helps users build credit with all three credit bureaus.

In addition to reporting rent payments, the Self credit app also allows users to report other payments, such as cell phone, water, electricity, and gas payments, for a monthly fee of $6.95. This can help users build credit even further and comes with credit monitoring by TransUnion and identity theft insurance up to $1 million.

It is important to note that the Self Visa® Credit Card and Credit Builder Account have certain eligibility criteria, including income and expense requirements, and are subject to credit approval. The app also offers other loan products with a minimum repayment period of 24 months and a maximum APR of 15.92%. Individual results may vary and are not guaranteed. Failure to make monthly minimum payments may negatively impact a user's credit score.

In summary, the Self credit app is a comprehensive tool for individuals looking to build their credit score. It offers various features, such as reporting rent payments and other bills, a Credit Builder Account, and a secured credit card, to help users increase their credit score. However, it is important to carefully consider the eligibility criteria and potential fees before signing up for any of the app's services.