Self Lender

[Rudy1]

I am debating applying for a Self Lender loan.  I can't think of the last time when I had a personal loan. Fico estimator says my scores would all increase since I don't have any installment loans. I think I will apply. However want to know is there anything bad about it? I also do not want the Self Visa so if that makes any difference I only want the loan not another secured card.

[Anonymous]

Your siggy says you're  in NFCU?

An SSL from them would give you many more points instantly, and cost exponentially less in interest/fees

[Rudy1]

@Anonymous They locked my accoubt I have to go to a branch which happens to be 30 miles away and I am not going today.

[Anonymous]

@Rudy1 do you have a car loan? That also counts as an installment and you only need one for optimal Fico scoring. 

I have a self lender loan, my last payment is next month. I'm very pleased with them, the iOS app is great, and the process is very easy, reliable, and straightforward. Until my rehabbed student loans popped on in June, it was my only installment. It did help my scores.  

 Reporting has been a little behind (they debit my checking account on the 6th, they seem to report on the last day of the month, so my CR always is a little off). Also I've seen folks talk about their secured card, but you can only get it once you've got $200 saved, and there is a $25 AF. It wasn't for me, so I never got the card, but others might have positive things to say. 

[FireMedic1]

All the estimators are for entertainment. Yes even FICO's. So ou cant go by any of them. FICO comes close. But its not reliable. You can get a SSL from NFCU. Once the account opens then pay it down to less than 8%. But the loan has to be over $3010 from your savings. That is if you have that much in there.

[Anonymous]

@Anonymous whay was your experience with self lender like? I'm considering opening one but as unsure about it. Did you experience a score decrease when you opened it? I've read some peoples scores go down 30-40 points when they do, and regain it as they pay it down.