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Self Lender Status

CreditBob
Established Contributor

Self Lender Status

For those members that have used the self lender product I am asking for feedback. Does it report the status as a regular installment loan? Does it show the original loan start date? Even though they state that they will not report to the credit bureaus the first two months, will any of those payments be reflected? And is there anything else that would helpful.

 

Please share your personal experience on this. 

Message 1 of 5
4 REPLIES 4
rbentley
Established Contributor

Re: Self Lender Status


@CreditBob wrote:

For those members that have used the self lender product I am asking for feedback. Does it report the status as a regular installment loan? Does it show the original loan start date? Even though they state that they will not report to the credit bureaus the first two months, will any of those payments be reflected? And is there anything else that would helpful.

 

Please share your personal experience on this. 


It does show the original loan start date.  Although their reporting is delayed two months, when it does report it will show those back months.  Do not expect an immediate increase in your score.  They "No recent installment loan" language will be replaced with "balance on installment loan is too high."  Although you dont take a HP with SelfLender you do take an immediate hit for a new account to your AAoA and the resetting of your AoYA.  You will not see signficant points gain until your loan is paid down to 8.9% or less.

Message 2 of 5
Civil
Regular Contributor

Re: Self Lender Status

If you don't have any installment loan on your report I would recommend it. If you have an installment loan you don't need it







Message 3 of 5
SlayKallday
Established Member

Re: Self Lender Status

i got it reporting to experian after one month first payment and my score went up a little about 15-20 points right away.

Message 4 of 5
800FICOGoal
Established Contributor

Re: Self Lender Status


@rbentley wrote:


It does show the original loan start date.  Although their reporting is delayed two months, when it does report it will show those back months.  Do not expect an immediate increase in your score.  They "No recent installment loan" language will be replaced with "balance on installment loan is too high."  Although you dont take a HP with SelfLender you do take an immediate hit for a new account to your AAoA and the resetting of your AoYA.  You will not see signficant points gain until your loan is paid down to 8.9% or less.


 

 

rbentley describes my experience as well. I did see some rapid point gains, however, I can't specifically credit the Self Lender loan. 











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