How I Built My Credit with Self: A Black Woman’s Journey to Financial Freedom (2020-2022)
If you’re struggling with a low credit score, know this: you’re not alone, and there’s a way forward. In 2020, I found myself stuck with a credit score in the low-600s, unable to access the opportunities I needed to achieve my goals. That’s when I discovered the Self Credit Builder Account, and over the next two years, I transformed my financial future.
In this blog, I’ll share my personal story of how Self helped me rebuild my credit from 2020 to 2022, why it’s a game-changer for anyone looking to improve their credit score, and how you can start your own credit-building journey today.
Why Building Credit Is Essential for Black Women
Building credit is about more than just numbers. It’s about creating opportunities, gaining financial independence, and breaking cycles of financial stress. Here are three reasons why building credit is especially important for Black women:
- Access to Financial Freedom
A strong credit score can help you secure lower interest rates, qualify for loans, and achieve major financial milestones like buying a home or starting a business. - Wealth Building
Good credit is a stepping stone to building generational wealth. It opens doors to investment opportunities that can change your financial future. - Breaking Barriers
As Black women, we often face unique financial challenges. Building credit empowers us to overcome those barriers and take control of our financial destinies.
My Credit Journey with Self: 2020-2022
When I started my journey to rebuild my credit in 2020, I was skeptical about whether I could really make a difference in my credit score. I was laid off in 2017 and once I regained correct employment the journey to rebuild my credit began. Self’s user-friendly approach and affordable payment plans made it possible for me to take the first step.
Step 1: Signing Up with Self
I chose the $25/month plan because it fit my budget. Self opened a certificate of deposit (CD) in my name, where my payments were stored while I built credit. Since Self doesn’t perform hard credit checks, signing up didn’t hurt my already struggling credit score.
Step 2: Staying Consistent with Payments
Every month, I made my $25 payment on time. These payments were reported to the three major credit bureaus—Experian, Equifax, and TransUnion—which helped me build a positive payment history.
Step 3: Unlocking the Self Visa® Credit Card
After four months of on-time payments and saving $100 in my account, I qualified for the Self Visa® Credit Card. This secured credit card will help to diversify your credit mix, further boosting your score. I didn’t open this secure card as I had other credit cards in place.
Step 4: Reaping the Rewards
By the end of 2022, my credit score had climbed by nearly 90 points! I had also built up a small savings from my CD, which I received at the end of the term minus fees. With my improved credit, I was able to secure a low-interest car loan and qualify for a Chase Sapphire® credit card.
The Benefits of Using Self to Build Credit
If you’re considering using Self to improve your credit, here’s what makes it such a powerful tool:
- No Hard Credit Checks
Self doesn’t require a hard inquiry to approve your application, so you can start building credit without worrying about damaging your score. - Affordable Plans
With payment plans starting as low as $25/month, Self is accessible to almost anyone. - Dual Benefits
Not only do you build credit, but you also save money through the CD, giving you a financial boost at the end of the term. - Credit Card Option
The Self Visa® Credit Card offers an additional way to strengthen your credit profile once you’ve built a foundation. - Reports to All Major Bureaus
Self ensures that your hard work is recognized by all three major credit bureaus, helping you establish a solid credit history.
My Top Tips for Credit Success
Building credit takes time, but with the right strategy, you can see real results. Here’s what I learned along the way:
- Be Consistent
On-time payments are the key to improving your credit score. Set reminders or automate payments to avoid missing a due date. - Stay Patient
Credit building is a marathon, not a sprint. Celebrate small milestones and keep your eyes on the bigger goal. - Use Credit Wisely
If you qualify for a credit card, use it responsibly. Keep your balance low and pay it off in full each month to avoid high-interest charges. I used mine for bills I paid in full each month. - Monitor Your Progress
Regularly check your credit score and report to see how your efforts are paying off. Many tools, including Self, offer credit monitoring to help you stay on track.
How to Start Your Credit-Building Journey with Self
Are you ready to take control of your credit and start building a brighter financial future? Here’s how to get started with Self:
- Choose Your Plan: Select a monthly payment plan that fits your budget ($25, $35, $48, or $150).
- Make Regular Payments: Stay consistent to build your credit history.
- Qualify for the Self Visa® Credit Card: After three on-time payments, you can unlock this secured card for an extra credit boost.
- Celebrate Your Progress: Watch your credit score climb and enjoy the financial freedom that comes with it.
Final Thoughts
From 2020 to 2022, I went from feeling stuck and frustrated about my credit to achieving financial milestones I once thought were out of reach. With the help of the Self Credit Builder Account, I transformed my financial future—and you can too.
Building credit isn’t just about improving your score; it’s about opening doors, creating opportunities, and taking control of your life. So why wait?
Click here to sign up for Self today and start your journey toward financial freedom. Your future self will thank you.
Ready to rewrite your financial story? Let’s build credit, confidence, and a better tomorrow—together.