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Self Lender will not help your score since you already have a car loan. You only need one active loan to help your score mix. Any time you get a new account your average age takes a hit. In your case since you are already getting a boost to your “mix” portion of your score from the car loan, ay additional loans like self lender would dip your score slightly before going back up.
The best thing you can do for your score is have no more then 8% utilization reporting.
There is also AZEO. It stands for All Zero Except One. It means only let one card report a small balance and let the others report zero. imho it’s a lot of work and only necessary if you have immediate plans to apply for credit. (Others will disagree). It involves keeping track of what dates your cards report to the credit bureaus. Again me, personally I’m too busy for that. I find it much simpler keep my utilization at 8%. Anything below 8.9% gives you a score boost.
if you can’t do 8% the next threshold is 30%. Keeping utilization under 30% will be a small boost. Not as much as 8%, or AZEO.
Does Self Lender report as a credit card?
@Anonymous wrote:Does Self Lender report as a credit card?
Self lender is an installment loan for reporting purposes. It won't help you if you already have any sort of installment loan other than it can be a method to force you to save.