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How does Self Lender Work, Got it Today!

mynewcredit
Frequent Contributor

How does Self Lender Work, Got it Today!

Hello Guys, 

 

I got my Self Lender Loan today for 500$/24 months assist my thin credit file and help increase my credit score along the way. Now I should have a good credit mix. My question is, my dashboard says that my first payment is due on 8/3; a month away and zero is due now- If I pay the 25$ now will it post before 8/31 for those that have experience with this loan, do you suggest inwait until the due date or can make first payment today and when will it post? I only paid the admin fee today. 


July 2019 464-540
July/2019 Equifax-490 to 521 TransUnion-521 to 528 Experian-521 to 540
Current/2019 Equifax-555 (ck) TransUnion-556(ck) Experian-558
Mortgage Scores: Sept/2019 Equifax-Fico5 xxx TransUnion-Fico4 xxx Experian-FIco2 xxx
First Goal 580 by Oct/19 Second Goal 600 by Nov/19 Third Goal 620 by Dec/19 Goal Score:across the board 690+


6 REPLIES 6
Morpho
Valued Contributor

Re: How does Self Lender Work, Got it Today!

It will post to your account whenever you pay it, but it will not report to the credit bureaus before the due date. It will report to the bureus the same time every month regardless of when you pay, just like any loan or credit card.

 

Set up autopay.

 

Message 2 of 7
mynewcredit
Frequent Contributor

Re: How does Self Lender Work, Got it Today!

Thanks Morpho, that is what i wanted to confirm. Was hoping it would post before due date if I paid far in advance. I need to have patience. It will report in September then. I though some people would say that it did not take 60 days to report was just looking to confirm what was the real deal.


July 2019 464-540
July/2019 Equifax-490 to 521 TransUnion-521 to 528 Experian-521 to 540
Current/2019 Equifax-555 (ck) TransUnion-556(ck) Experian-558
Mortgage Scores: Sept/2019 Equifax-Fico5 xxx TransUnion-Fico4 xxx Experian-FIco2 xxx
First Goal 580 by Oct/19 Second Goal 600 by Nov/19 Third Goal 620 by Dec/19 Goal Score:across the board 690+


Message 3 of 7
Badcreditguy1
Member

Re: How does Self Lender Work, Got it Today!

I love self lender. My CD matures this month actually, and they have raised my score 80 points
Message 4 of 7
mynewcredit
Frequent Contributor

Re: How does Self Lender Work, Got it Today!

That is a nice increase. How much of an increase did you get once it posted vs. every month until it matured? Excited about my possible upcoming changes.


July 2019 464-540
July/2019 Equifax-490 to 521 TransUnion-521 to 528 Experian-521 to 540
Current/2019 Equifax-555 (ck) TransUnion-556(ck) Experian-558
Mortgage Scores: Sept/2019 Equifax-Fico5 xxx TransUnion-Fico4 xxx Experian-FIco2 xxx
First Goal 580 by Oct/19 Second Goal 600 by Nov/19 Third Goal 620 by Dec/19 Goal Score:across the board 690+


Message 5 of 7
Badcreditguy1
Member

Re: How does Self Lender Work, Got it Today!

It was a slow score climb in my experience. Slow but steady. If I remember correctly my first payment to self lender didnt actually do a thing for my score. I just paid on the due date every month and let it do its thing.
Message 6 of 7
Badcreditguy1
Member

Re: How does Self Lender Work, Got it Today!

I even paid it late a couple times. They dont report it as a late payment unless its VERY late
Message 7 of 7
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