Info on Self-Lending

[Anonymous]

Hello everyone! Looking to see what people's experiences have been with the self-lending program. We just had our 341 last week and are just awating discharge. 

Is it worth the effort and money? Are there any drawbacks to that kind of program? We are just starting to gather info on rebuilding and want to make healthy and productive money decisions! 

[FireMedic1]

If you have no installment loans. Yes it will help. In time at least after 60 days for all your reports to update after DC. Then go for Cap1. Try to stay away from vulture cards if possible. Without knowing who got burned and your scores will update after the DC its hard to lead you in the right direction. For now. Its ok to get self lender after DC. Unless you have a CU account. And welcome to MyFICO!

[Anonymous]

Thank you for the reply! 

I burned Cap1 in the chapter 7. I was thinking about either the Discover secured card or the one at Bank of America since I bank with them. But BofA has an annual fee and no perks, where Discover has no fee and cash back perks. 

[FireMedic1]

Well Cap1 after 1 year or close to a year will get you back in. I'm not too rehearshed on BoA secured. Disco will tell you with the prequal. If it comes down to secured and no Disco. OpenSky doesnt do a HP. And doesnt list as a secured card. Everyone is approved.