OK, I opened a Credit Builder Account. Can you set my expectations for the first few months?
First, welcome to the Self family, we’re thrilled to have you! We look forward to helping you reach your credit building goals.
Here’s what to expect with your new account:
Your first monthly payment is due 1 month after you open your Credit Builder Account. Please note - you can check and adjust your AutoPay settings or make one-time, manual payments at any time. Please visit our FAQ on how to make payments for more information.
Don’t worry if it takes a few months for your Credit Builder Account to appear on your credit report! Your Credit Builder Account should appear on your credit report 30-60 days after you make your first monthly payment. Basically, your data is compiled at the end of each month and then sent out to the credit bureaus early the following month. Each credit bureau decides when to process this information and publish it to your credit report.
Your Credit Builder Account won’t always show up as Self on your credit report. Instead, your Credit Builder Account will appear on your credit report as a “secured installment loan” from one of our bank partners (Sunrise Banks, N.A., Lead Bank or Atlantic Capital Bank, N.A.). Please check your loan documents to confirm which bank you should look for.
For many Self members it takes an average of three months to see a credit score change. Remember, your credit history is almost as unique as your fingerprint! There are many factors that go into your credit score, which is why some people see a change in their credit score faster than others. The best thing to do is be patient and make your payments on time and in full each month.
Payment history = 35% of your FICO credit score! Showing that you can consistently make successful, on-time monthly payments is critical to helping you build credit.