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Self Lender Review: A Unique Way To Build Your Credit History - YouTube
Channel: The College Investor
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- [Robert] Hey guys!
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Robert here from the College Investor.
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I am super excited to
show you a new product
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that I'm really excited about
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and I am an affiliate for because I think
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it is a great tool to help you
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monitor your credit and build your credit.
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The product is called Self Lender,
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and Self Lender is a
tool that is all about
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knowing what your credit score is
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and improving and building
your credit history.
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It's a free tool for,
if you just want to know
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what your credit score is,
they offer it to you for free,
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and they give you some
vary basic monitoring
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that shows you exactly
what your credit score is
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and why your credit score is that way.
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What I really love about
this product though
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is their credit builder account
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that you can see right here.
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So their credit builder account allows you
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to build credit, build the credit history,
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and save money at the same time.
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And you can kind of see that picture
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of the arrows right here.
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They do it, and the name comes from,
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is you're basically lending yourself money
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and this company is reporting that loan
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to the credit bureaus, which in turn,
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if you make all your payments on time,
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you'll get good credit history
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and that should help
you out in the future.
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Now, I will caution you it's still a loan.
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So if you screw up a loan to yourself
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and make late payments and all that stuff,
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that gets reported as well.
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So you could still screw yourself.
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But don't do that, make payments on time,
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build the credit history, save money,
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and you really get this
win-win-win situation.
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Now, some people will say
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well you could just build credit for free.
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You could get a credit card.
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You could get a co-signer.
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You could do all this other stuff.
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And you're right, you can.
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But I've found that if
people wait too long
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in their lives to get a credit card,
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lenders won't even let
them open a credit card.
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So, you really are limited in your options
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to build credit, and I
shared a story last week
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of my brother-in-law who had his hard time
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getting a mortgage because
he went his whole life
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just using his debit card.
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He didn't take a car loan.
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He didn't get student loans.
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He basically never borrowed
money his whole life
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and then in his thirties he was like,
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"I want to get a house."
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He had enough money saved
up for the down payment
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but he struggled to get qualified
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for a mortgage because
he had no credit history.
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Like literally if you
pulled his credit report
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there was nothing on it,
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and that was a big red
flag for mortgage lenders.
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And so he had to go
out, get a credit card,
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use it for about six months,
get some credit history,
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and then go re-apply for the mortgage,
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and that really delayed the process
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of him getting a house.
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Now, there are ways to speed it up
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and Self Lender is one of those ways.
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Because you loan money to yourself
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and they report that money,
or they report that loan
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to the credit bureaus, and so you will get
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credit for those payments to yourself.
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So it's an awesome tool.
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You get started here.
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It's free to get started.
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The credit builder account does have
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some fees to it, but they're minor.
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It's probably the cheapest way
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to get started building credit
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if you've never built credit before.
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Because your other option is really
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a secured credit card
and you'll probably have
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to put about $200 or $500 down
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as a security deposit to get started,
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so this is a lot cheaper way to do it.
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But let me just log in and I'll show you
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exactly how it works here,
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what you see when you get in there.
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I already made an account.
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It only takes about five
minutes to make an account.
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So once you log in, it's
called "Hello, Robert".
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There's my credit score, guys.
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You can see I have 769.
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That's actually the lowest my credit score
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has been in the last, like, two months.
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I've charged up some credit cards
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'cause we just had a baby.
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I paid those off in full every month
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so I bet you if I checked back on this
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in a month, I'd be over 800,
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which is usually where I'm trending.
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But you can kind of see
the national average
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for credit score is 714, in California,
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where I live, it's 701.
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And so, it gives you some factors
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why is your credit score like this.
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The average balance of all
your accounts is too high.
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Yeah, I know.
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I've been spending some money.
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Installment account balance is too high.
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Aha, spending some money.
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And then, I don't know what this means:
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too few satisfactory accounts.
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I've never been late on a payment
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so really don't know what that means.
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You know, I wish this was better,
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if we're gonna do an honest review,
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I wish they gave us some more facts
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about your credit score,
and these credit factors,
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this is kind of vague,
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don't really know what to make of it.
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I like the score there.
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I mean that's a nice score,
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but like how do I make it better, right?
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And this is kind of lacking.
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They have a great Q&A section right here.
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They have a little blog going on here.
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But this is what's really cool,
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is this credit builder account.
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So this credit builder account
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is what allows you to build your credit.
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So you can build your
credit in two ways, right?
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You could do this credit builder account,
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or you could get a personal loan
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or a secured credit card.
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And they make money with
this whole site here.
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So they make money by you opening
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the credit builder account
and they make money
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by recommending a credit card
or a secured card for you.
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But really I want to share with you
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this credit builder account.
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It is the coolest thing that there is.
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So, I want to open that
credit builder account,
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I want to build credit and savings,
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and here are your options.
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Let's go with the cheapest verse
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'cause we don't wanna scare anyone away.
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So, if you wanna start building credit,
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you could start with $12
today to open your account
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and this $12 goes right to Self Lender.
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That is their fee for this.
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You will then take a loan out
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for $550 plus interest for 12 months,
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and you're gonna pay $48.50 per month
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for those 12 months, which
adds up to $550, okay?
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But you're paying yourself.
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So they are lending you the money
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but you're really gonna be depositing
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this 48.50 into an account for you.
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So imagine here's your account.
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They give you the $550
into this account for you
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and then you're paying 48.50 each month
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to pay off the loan to yourself,
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and every month they'll
report your credit history
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to the three credit bureaus.
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Which in turn is going to, hopefully,
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boost your credit score
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if you make all your payments on time.
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Now, there's no guarantee, right?
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If you screw yourself
up, it's gonna report
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the screw-up too and you
can also hurt your credit.
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But basically it's gonna
build your credit history.
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Whether it's good or bad,
it's gonna build that history.
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So they have three options here.
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They have a $550 loan,
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they have an $1100 loan,
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which is $97 per month, and they have
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a $2200 loan, which is $194 per month.
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The $12 fee is the same to get started
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and there is an interest
on the loan as well.
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But then you can see, like, $97 a month,
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you'll get $1100 in your
savings account after 12 months.
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You pay $97 a month to do it
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and it builds your credit history,
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it shows every month
on your credit report,
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will show you made a loan payment of $97.
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So it's a great way to get
started building credit.
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I think that's an awesome tool.
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Go back to the homepage here.
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That should, hopefully,
improve your score there,
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if you're making all
your payments on time.
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Like I said, I haven't found a cheaper,
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easier alternative to Self Lender
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other than a secured credit card.
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But you're gonna pay more
for that secured credit card
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'cause you're gonna have to put that $200
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or $500 deposit down
where with Self Lender
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you get started with $12 to get started.
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So if you are looking
to build your credit,
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I highly recommend you
check out Self Lender.
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I have a link to our full review
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right below this video
in the description there.
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Click on it, go check it out,
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see what you think.
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I encourage you to sign up.
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It's free to sign up.
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You can at least know your credit score
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and know where you stand
just for signing up.
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So that's awesome.
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And if you want to, consider building
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that credit builder account.
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I think it's a great tool.
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Hopefully, this made some sense for you,
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you got a better picture of
what Self Lender looks like.
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If you like our videos, please subscribe
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to our YouTube channel,
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and look forward to more
from us on the blog.
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