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Self Lender

New Visitor

Self Lender

Hello everyone, I’m new to this forum! I have read stuff that has been posted in the past though. You guys are very helpful and insightful. I was hoping you guys would give me some advice.
Long story short, I trashed my credit when I was in my teens and I mean trashed. After a few years, I’ve paid some collections off and I’ve been able to finally get some credit cards.
My goal is to hopefully get a Chase Sapphire Preffered or a Venture/Venture one by the end of the year (wishful thinking). At this moment I have 4 credit cards. They all have balances, but I plan paying all my balances off by the end of month. I know paying them off will bump my score to hopefully around 670.
My question is, should I use Self Lender to try and help increase my score? Or in my situation would self lender hurt my credit score instead? I also have a car loan with Honda, it’s been two years. I should be able to pay the car off in a year and half.
Any help would be greatly appreciated, I look forward to hearing from you guys!

My credit cards are:
Discover it: $1,600
QS1: $2,500
QS1: $300
Nordstrom: $300

My credit scores are as follow:
Fico: 636
TransUnion: 633
Equifax: 627
Message 1 of 5
Valued Contributor

Re: Self Lender

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.

Message 2 of 5
New Visitor

Re: Self Lender

Ok, I will do that! Thank you for advice Morpho!!
Message 3 of 5
New Contributor

Re: Self Lender

Does Self Lender report as a credit card?

Starting FICO 8 Score: 2/12/19 EQ579, TU 588, EX 624
Current Score: 10/27/19 EQ682, TU 708, EX 692
Goal Score: 750+ by March 2020

Take the myFICO Fitness Challenge
Message 4 of 5
Valued Contributor

Re: Self Lender

@Credit_Mama 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.

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 5/28/20:

First Goal Score: 750+ Reached 3/2019

Next Goal all over 800
Message 5 of 5
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