Learn how to build your credit score.
Credit can be complicated, but it’s possible to learn how it works. Let Self show you.
- Payment History - 35%
How many of your payments are on time. The top factor for your credit.
How your credit score gets calculated.
How to build credit.
Your credit score has 5 major factors, according to FICO.* Each is important, but some are weighted more heavily than others. Payment history, for example, makes up 35% of your FICO score.
Whether you’re starting from scratch or rebuilding, there’s a lot you can do to help your credit.
1. Set up autopay
Automatic payments can help you hit due dates and improve your payment history.
2. Stay on time
Make your payments on time to build payment history — FICO’s top factor for your credit.
3. Control your utilization
Keeping balances under 30% of your credit limit is good. Under 10% is even better.
4. Get credit for paying rent
If you’re paying rent, why not get credit for it? With Self, you can do it for free.
5. Get a credit card
A small line of credit can help you build. The Self Card could be a good place to start.
6. Check your credit often
Use a credit monitoring tool to check your credit score.
Download your credit building toolkit.
Whether you’re starting from scratch or rebuilding, there’s a lot you can do to help your credit.
Let’s bust some common credit myths!
There’s a lot of information and misinformation out there about credit. Self is here to set the record straight.
Myth
I only have one credit score.
Truth
According to the CFPB, there are many credit scores available to you — and any potential lenders.† Still, most models take into account similar factors, like payment history.
Myth
I can pay companies to quickly fix my credit.
Truth
Only the passage of time, and good credit management, will make accurate negative information disappear from your credit reports. Any person or company that advertises a quick fix for a price may be scamming you.
Self offers tools you can use to build credit yourself over time, like the Credit Builder Account, Free Rent Reporting, or even a secured Self Visa® Credit Card.
Truth
There are ways to see your credit score, like using the Self app, that do not impact your credit score at all.
The Consumer Financial Protection Bureau (CFPB) says you can — and should! — request your free credit reports from AnnualCreditReport.com every 12 months.† This won’t hurt your credit either.
Myth
Checking my credit score will hurt my credit score.
Myth
I need to take on additional debt to build credit.
Truth
There are services that can positively impact your credit by reporting payments you might already make (like rent) to the credit bureaus. Self offers Free Rent Reporting.
- Credit Utilization - 30%
Your balances compared to your total credit limit, or the percentage of credit you’re currently using.
- Length of Credit History - 15%
The age of your oldest and newest accounts, and the average age of all your accounts.
- New Credit - 10%
Credit accounts recently opened. This is where hard credit checks show up.
- Credit Mix - 10%
The variety of your accounts. Different types — like installment loans and credit cards — can help.
© Self Financial, Inc.
Privacy | Terms | Compliance
Self Financial Inc. 901 E 6th St. STE 400, Austin, TX 78702.
Customer Service: 1-877-883-0999. 7am-6pm CT, Monday-Friday, or via chat 8am-5pm CT, Saturday
*FICO is a registered trademark of Fair Issac Corporation in the United States and other countries. Read more: www.ficoscore.com/education#WhatYour
† According to the Consumer Financial Protection Bureau (CFPB): https://www.consumerfinance.gov/about-us/blog/credit-score-myths-might-be-holding-you-back-improving-your-credit/
1 Rent payments reported to Experian, Equifax & TransUnion. Utility & cell phone payments reported to TransUnion. Reporting rent payments is free, reporting utilities and other bills is available for $6.95 per month.
Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., or First Century Bank, N.A., each Member FDIC. Subject to credit approval.
The secured Self Visa® Credit Card is issued by Lead Bank or First Century Bank, N.A., each Member FDIC.
Results vary. You may not receive an improved credit score. Not all lenders use scores impacted by rent/utility payments.
Google Play, Google Play logo–trademarks of Google LLC. App Store, Apple logo–trademarks of Apple Inc.
Other factors, including activity with other creditors, may impact results. Failure to make monthly minimum payments by due date may result in delinquent payment reporting to credit bureaus which may negatively impact your credit score. Self is not a Credit Repair Organization. Self does not remove negative credit history from credit reports. Self products are not intended to provide advice or assistance related to a consumer’s credit record or history
Let’s start building today.
Take your pick from three ways to build credit.
Build credit and savings
Apply and pick a payment plan
Make on-time monthly payments to build credit and savings
Get your savings back at the end — minus interest and fees
Credit Builder Account
I want to build my credit and add to my savings.
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Apply and fund your security deposit
Use your card anywhere Visa® is accepted
Build credit by making on-time payments and keeping a low credit utilization ratio
I want to build my credit with everyday purchases.
Secured Credit Card
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Build with
a card
Build with a card
Choose to add rent, cell phone
and/or utilities1 to your credit profile
Securely link your bank account so we can verify and report your payments to the credit bureaus
Make on-time payments like usual to build positive payment history
I want to build credit with rent, cell phone, and/or utility bills I already pay.
Rent+Bills
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Get credit for bills
Customer support:
1 (877) 883-0999