Self Credit-Building Review: Build Credit with Rent Payments for Free (2024)

Who is Self best for?

Self and its credit-building services are best for renters who want to build their credit history or those who want to improve their credit score with a credit-building loan. Self’s rent-reporting service is completely free, and it reports your rent payments to all three major credit bureaus. The credit-builder loans, called Credit Builder accounts, can improve your credit rating with timely payments and give you a nice little nest egg at the end of the term.

Self plans and cost

Self offers two main credit-building services: Rent reporting and credit-building loans.

Rent reporting plans

Get your rent payments reported to all three credit bureaus for free, or pay a monthly fee for additional perks.

Rent reporting planCostDetails
Free$0
  • Get rent payments reported to all three major credit bureaus
  • Track your Experian VantageScore credit score
Paid$6.95 per monthEverything with the free plan, plus:
  • Report utilities such as cell phone, water, electricity and gas to TransUnion
  • Credit monitoring and notifications of changes
  • Identity theft insurance up to $1 million

Credit building loans

The Self Credit Builder Account offers four different credit-building loan plans. The credit-builder loan payments are held in a certificate of deposit (CD) account. Once you’ve completed the term, the funds are released to you, minus interest and fees. But watch out if you’re going to be paying with a debit card.

Credit-builder loan planMonthly paymentTermAmount released to you at the end of termDebit card convenience payment fee
Small Builder$2524 months$520$1.20
Medium Builder$3524 months$724$1.85
Large Builder$4824 months$992$2.50
X-Large Builder$15024 months$3,076$4.75

What we like about Self

Formally LevelCredit and a recent merger with Renttrack, Self has established itself as a top credit-building service to help you improve your credit score. Its offerings are clear, transparent and, for the most part, rather affordable.

Free rent reporting

You can’t get much better than free: Self reports your rent payments to all three credit bureaus at no cost. Most rent-reporting services charge a monthly fee, so Self is a much more affordable service than most competitors. Self also partners with the credit-scoring model VantageScore to offer your Experian-generated VantageScore to track your credit-building progress.

With the paid rent-reporting plan for $6.95 per month, you’ll get credit-monitoring notifications and identity theft protection for up to $1 million. You can also add utility payments to your TransUnion credit file.

There’s also Lookback, which is a paid service that sends up to two years of previous rent payments to the credit bureaus. You’ll pay a one-time fee of $49.95, but if you’ve been renting for a while and you’ve got a history of timely payments, that additional payment history could be well worth the cost.

Credit Builder accounts

Self’s Credit Builder Account is a credit-builder loan. Credit-building loans offer a way to build payment history to improve your credit score, and you get the majority of the funds at the end of the term. There’s no hard credit pull, and payments are reported to all three major credit bureaus.

Here’s how it works: You pick a plan and pay monthly installments to Self. Those payments are reported to the three major credit bureaus. The funds are held in a CD, which acquires interest that’s paid to Self as a fee for the service. At the end of the 24-month term, the CD matures and the funds you’ve accumulated in the CD are released to you, minus the interest and fees paid to Self.

Self’s Credit Builder accounts have a 15.97% APR that’s paid to Self. There’s also a finance charge of $125, a one-time $9 non-refundable admin fee and debit card payment fees between $1.20 and $4.75, depending on the loan you choose.

Self secured credit card

The Self credit card is among some of the best low-deposit secured credit cards in the market, called the Self Visa Credit card. But you’ll need a Self Credit Builder account to be eligible for the account. You also need to deposit at least $100 in the account and have at least three on-time payments on the account.

The secured card doesn’t require a deposit upfront, because it’s secured by your credit-builder account that holds at least $100. You also get to choose your own credit limit, and you may be eligible for a credit line increase after six months. Most secured credit cards require a minimum opening deposit of at least $200, which also sets your credit limit.

The Self credit card charges a variable APR, which ranges from 26.99% to 28.24%. While that seems high at a glance, it’s a rather typical range for secured cards. And the card does charge a $25 annual fee.

Where it falls short

Self’s utility reporting is only sent to one credit bureau: TransUnion. Rent payments could be sent to all three — with both the paid and free plan — so there may not be a ton of incentive to upgrade to the $6.95 monthly plan for limited utility reporting.

Also, like most fintechs, Self doesn’t have any physical locations for customer service, but it does offer live chat and a customer phone line.

If you’re going for the Credit Builder accounts, we recommend you avoid paying the credit-builder loan with a debit card. There’s a convenience fee each time you use a debit card, so you’ll end up paying anywhere between $28.80 to $114 over 24 months just to make your payments.

Compare Self to other credit-building products

Narrow down top credit-building services by fees and benefits. For a better look, tick the Compare box on multiple options for a quick side-by-side comparison.

Customer experience

Self offers decent products, but its track record isn’t the cleanest. On its Better Business Bureau (BBB) profile, there are multiple complaints about its credit reporting — which isn’t ideal considering it’s largely a credit-reporting service. The majority of complaints are from customers claiming they never opened an account with Self and that Self isn’t removing the account from their credit reports.

Self responded to these BBB complaints, stating that many of these fraudulent accounts were, in fact, opened by the consumer and aren’t fraudulent. Self told the BBB that the “claiming of ID theft continues to be a tactic promoted in social media circles as a method to remove delinquent tradelines.” After some back and forth between the BBB and Self, the BBB stated that Self Financial’s responses don’t reflect a summary of actions to resolve these numerous complaints. As far as we’re concerned, the many complaints from customers and Self’s response aren’t ideal — even if the complaints are “false.”

Self also doesn’t do too well on Trustpilot, with a poor rating resulting from a handful of reviews. Some customers complain of the hard credit pull when they apply for a Self Plus Credit Card, and numerous complaints about customer service and how it’s not based in the US.

Frequently asked questions

Is Self legit?

Self is a legitimate business and isn’t a bank itself. Its banking products are FDIC insured up to $250,000 through its bank partners: Sunrise Banks, Lead Bank, SouthState Bank, or First Century Bank.

How does Self credit builder work?

Self’s Credit Builder Account is a credit-building loan. They’re called “loans,” so many people think they’re getting funds upfront, but it’s actually the opposite.

Credit-building loans are more like savings accounts that require a contribution each month, and each contribution is a payment that’s reported to the credit bureaus. Typically, once the term is over, you’ll receive the funds you deposited minus the interest charged by the provider and any fees.

Self Credit-Building Review: Build Credit with Rent Payments for Free (2024)

FAQs

Can you build credit with rent payments? ›

Rent payments can be factored into your VantageScore and recent FICO scoring models, such as FICO 9 and 10. These are not commonly used scoring models. Still, adding rental history to your credit reports could help if you're seeking credit from a financial institution that relies on one of them.

How does self work with rent? ›

Monthly rent reporting — Self Rent Reporting verifies and reports rent payments to the three credit bureaus (Equifax, TransUnion, and Experian) on a monthly basis. The company doesn't report missed or late payments. So you don't have to worry about it hurting your credit score.

Is self-rent reporting free? ›

Self offers this exact service with their Rent + Bills Subscription which costs $6.95 a month. However, on December 5, 2023, Julie Szudarek, CEO of Self Financial, announced that Rent Reporting is now a free service. So yes, Self Rent Reporting really is free.

How to build credit fast with self credit builder? ›

How it works
  1. Apply for a Credit Builder Account. Your money is safe and secure. ...
  2. Pay off your Credit Builder Account in the specified amount of time. ...
  3. Each on-time monthly payment builds credit history and adds to your savings. ...
  4. Unlock your savings.

What is Experian RentBureau? ›

Experian RentBureau is the largest and most widely used database of rental payment information and currently includes information on more than 26 million residents nationwide.

Does unpaid rent affect credit score? ›

Missing a rent payment by a few days won't hurt your credit. But if you leave your rent unpaid by 30 days or more, it could damage your credit if your landlord reports the delinquency to one or more credit reporting agencies.

Does the IRS know if you rent? ›

Ways the IRS can find out about rental income include routing tax audits, real estate paperwork and public records, and information from a whistleblower. Investors who don't report rental income may be subject to accuracy-related penalties, civil fraud penalties, and possible criminal charges.

How much can rent reporters boost your credit score? ›

RentReporters has helped over 40,000 renters achieve their goals and comes with a money back guarantee. They claim customers who add their rent to their credit file will see an average increase of 40 points in 10 days, and signing up only takes a few minutes. Cost and fees: $94.95 setup fee.

What is self rent rent track? ›

RentTrack. The first rent reporter to build relationships with all three major credit bureaus, RentTrack allows tenants to build credit by paying their rent as normal, collecting payment information from the property manager. RentTrack may also be able to report up to 24 months of historical payment data.

What are the downsides of self credit builder? ›

Self credit builder cons

Non-refundable fees: The Self Visa® Credit Card also has a $25 annual fee. Bad customer service: Self has a high number of negative reviews, flagging poor customer service, and trouble getting money back after the 24 months are up.

How many times can you use self credit builder? ›

Right now, you can only have one Self Credit Builder Account open at a time. After you complete one Credit Builder Account though, you can apply for another, with a few exceptions. You can also access the Self Visa ® Credit Card a few months after opening a Credit Builder Account if you're eligible.

What happens when you finish self credit builder? ›

After all payments are made, you get access to the money minus the finance charges (the administrative fee and the interest you are charged). If you decide to close your account before it's paid off, you can access the money in the CD, minus fees and interest, and the amount you still owe.

Does rentspree affect credit score? ›

Powered by TransUnion, our secure screening process uses a soft credit check that won't impact your score.

Does paying utility bills build credit? ›

Paying cell phone, rent and utility bills can help you build credit if your on-time payments are reported to the credit bureaus. But even if they're not directly impacting your credit, it's a good idea to pay all your bills on time if you can.

Do you build credit by leasing? ›

If you're approved for your lease, you can use it as an opportunity to boost your credit score, which could give you more leverage when it comes time to upgrade. Just make sure to stay on top of your payments. Lease payments are reported to the major credit bureaus the same way finance payments are.

How much does reporting rent affect credit? ›

Reporting your rent to credit bureaus can help your credit by logging more on-time payments. Payment history makes up 35% of your FICO Score, so adding your rental data to this category can help increase your score.

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