Self dropped my credit score – why?

While we do not do a hard credit pull at Self, there are a few reasons your credit score may drop when you first open your Self Credit Builder Account. 

First, it could be that the Credit Builder Account with the full balance due has reported to the credit bureaus, but your first payment (which reduces the total balance) has not reported yet.

Unrelated to your Self account, there could be an issue with one of your other credit accounts. If you miss payments on a credit account outside of Self, for example, that could hurt your credit score. 1

Note: Since payment history is a major credit score factor, with regular on-time payments, this could change over time.   

Why did my credit score drop after my Credit Builder Account closed?

  1. If you closed or paid off your Credit Builder Account early, this may shorten the average age of your credit accounts, which is a major factor in your credit score.1 If you can, pay the account for the full length of the loan instead.  
  2. You don’t keep building your credit. Credit isn’t a one-and-done thing, so if you finish your Self account and don’t keep building your credit after, your credit score may take a hit. 

How to keep building credit after your Credit Builder Account 

Self has a multi-step process that could help you build credit beyond just the Credit Builder Account. If you prove positive credit habits over time, you could gain access to the Self Visa® Credit Card with a credit limit secured by your Credit Builder Account savings progress, minus interest and fees. Using this card responsibly could lead to future credit limit increases on the same card, and maybe even some unsecured credit limit with Self.

That means you have multiple chances to build your credit with Self – no hard inquiry required. 

Login to or download the Self app now to track your progress towards the Self Visa® Credit Card.  

  1. https://www.myfico.com/credit-education/whats-in-your-credit-score

All Credit Builder Accounts made by Lead Bank, Member FDIC, Equal Housing Lender, Sunrise Banks, N.A. Member FDIC, Equal Housing Lender or Atlantic Capital Bank, N.A. Member FDIC, Equal Housing Lender. Subject to ID Verification. Individual borrowers must be a U.S. Citizen or permanent resident and at least 18 years old. Valid bank account and Social Security Number are required. All loans are subject to ID verification and consumer report review and approval. Results are not guaranteed. Improvement in your credit score is dependent on your specific situation and financial behavior. Failure to make monthly minimum payments by the payment due date each month may result in delinquent payment reporting to credit bureaus which may negatively impact your credit score. This product will not remove negative credit history from your credit report. All loans subject to approval. All Certificates of Deposit (CD) are deposited in Lead Bank, Member FDIC, Sunrise Banks, N.A., Member FDIC or Atlantic Capital Bank, N.A., Member FDIC. 

Did this answer your question? Thanks for the feedback There was a problem submitting your feedback. Please try again later.

Still need help? Contact Us Contact Us