Page 46 - Credit Builidng Toolkit By Adrean Yancy jr 3

Credit Building Toolkit

Self Lender -- Build Credit; Build Savings
Self is a credit builder installment loan designed to help you improve your credit
score. If you have had trouble in the past with paying off debts, or if lenders are

hesitant about giving you a small business loan because of your low credit score,
then Self might be suitable for you.

If you're a responsible consumer in the market for credit, it is necessary to have the
three major bureaus on your side. This is why Self reports to the major bureaus:
Experian, TransUnion, and Equifax. Failing to keep them updated will limit what
options are available and defeat the purpose of building your credit rating. With

Self, your repayment history and responsible use should generate a score after about
six months if not already present, but VantageScore can do so much sooner.

And yes, Self will charge you for a late penalty. For example, if you are 15 days late
on your account, they charge a 5% fee on your monthly payment. However, if it
becomes 30 days or more overdue, then be sure that your account will be reported

to the credit bureaus, which can damage (or even ruin) your score. In turn, you must
make payments within 15 days of their original scheduled monthly dates to avoid
these fees and keep up with the status quo.

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