Is Self Lender still the best installment loan rebuild option?

[Anonymous]

Hey guys,

I'm about to hit my one-year anniverary of rebuilding my credit.

I have 3 cards, 1 secured and 2 unsecured as well as 3 AUTH cards. I've went from a 601 score to a 761 FICO8 and I've been sitting at 756-761 for about 6 months now.

I'm thinking an installment loan would be my next option... I remember there was a good thread on this that I can't find anymore. I remember there was an awesome resource to get an installment loan, pay it almost all off and then have a payment of like ~$1 for 4 years. I think the company quit allowing it though.

The next best bet seemed to be Self Lender where you send them $25 per month for 24 months, and then get back $525 (so $75 in fees + $9 signup fee). No hard inuqiry required.

Is this still the best option and if not, can you direct me to what the best option would be?

Thanks!

[cbneale09]

I'm curious in this as well. Following

[simplegirl]

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@Anonymous wrote:

Hey guys,

I'm about to hit my one-year anniverary of rebuilding my credit.

I have 3 cards, 1 secured and 2 unsecured as well as 3 AUTH cards. I've went from a 601 score to a 761 FICO8 and I've been sitting at 756-761 for about 6 months now.

I'm thinking an installment loan would be my next option... I remember there was a good thread on this that I can't find anymore. I remember there was an awesome resource to get an installment loan, pay it almost all off and then have a payment of like ~$1 for 4 years. I think the company quit allowing it though.

The next best bet seemed to be Self Lender where you send them $25 per month for 24 months, and then get back $525 (so $75 in fees + $9 signup fee). No hard inuqiry required.

Is this still the best option and if not, can you direct me to what the best option would be?

Thanks!

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Yes I see a lot of people advising a loan from self lender.

[800FICOGoal]

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@Anonymous wrote:

 I remember there was a good thread on this that I can't find anymore. I remember there was an awesome resource to get an installment loan, pay it almost all off and then have a payment of like ~$1 for 4 years. I think the company quit allowing it though.

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Yes, that was the Alliant SSL trick where you pay the loan off up to 8.9% and it pushed the payments out for a few years.

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@Anonymous wrote:

The next best bet seemed to be Self Lender where you send them $25 per month for 24 months, and then get back $525 (so $75 in fees + $9 signup fee). No hard inuqiry required.

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That's the part I like best. I avoid HP's whenever possible. Going forward I plan to never have more than 2 HPs per year, so the fact that I can get a SL loan without adding hard pulls is very attractive to me. 

I can't say its the best option, but it has been a good option for me. 

[Anonymous]

I recently got SelfLender but it's not been long enough yet for it to help, it still shows the opening balance for me. But even a few points will help in the end.

Just so you know, overpaying your SelfLender account shortens the loan, it doesn't push back the due date. For example, I opened the $25 account, and then paid in $150, which shortened the length of the loan by 6 months. I'm okay with that because I'm just using it as a "savings" account, but it will lower my average age of accounts.

So just a warning to anyone who might have been thinking of paying it down and having a smaller monthly bill.