To close your Self account, open the Self app and submit a closure request for your Credit Builder Account; Self then pays out the money held in your CD, minus the interest and fees charged over the loan term, by direct deposit or mailed check. If you also have a Self Visa Credit Card, that is a separate product and has to be canceled by phone at 877-883-0999.1Self Financial. How Do I Cancel My Self Visa Credit Card Account Closing either account is permanent. Self cannot reopen a closed account, though you may qualify to open a new one later.2Self Financial. Can I Reopen My Card Account That Closed
Before You Close
A Self Credit Builder Account is an installment loan. Your monthly payments go into a CD held by the partner bank, and when the loan ends you get that money back minus interest and fees.3Self Financial. Credit Builder Account – Build Credit and Savings with Self APRs run roughly 15.5% to 15.9%, so expect your payout to be noticeably less than the total you paid in.
Closing also removes an active installment account from your credit profile. That can shift your credit mix, especially if you have no other installment loan on your report, and may affect your average account age. If you opened the account specifically to build credit, think about whether you’ve met that goal before you submit the request.
One thing closure does not do: it does not automatically close the Self Visa Credit Card if you have one. The card can stay open after the credit builder loan is gone, and the portion of your savings securing its credit limit sits in a separate security deposit account.4Self Financial. Can I Keep the Self Visa Credit Card Open if I Close My Credit Builder Account Closing both means going through two different processes.
Closing the Credit Builder Account in the App
The credit builder closure happens inside the Self mobile app. Go to your Credit Builder Account and find the option to close or cancel. The app walks you through confirmation screens showing your remaining balance and how the payout will be calculated, and asks how you want to be paid: direct deposit to a linked bank account, or a physical check mailed to your address.
Before you tap the final confirmation, check that your linked bank account details or mailing address are current. Errors there are the most common reason payouts get delayed. Once you confirm, the account moves into pending closure, the app generates a confirmation, and Self begins calculating your final payout. At that point the request cannot be reversed.
Closing the Self Visa Credit Card by Phone
You cannot cancel the Self Visa Credit Card in the app. Call Self customer service at 877-883-0999 to close it.1Self Financial. How Do I Cancel My Self Visa Credit Card Account Bring the balance to zero before you call, since outstanding charges and pending transactions have to clear first. Move any subscriptions or automatic payments off the card beforehand, because the card is deactivated as soon as the representative processes your request.
If your credit builder account is already closed when you cancel the card, any remaining security deposit comes back to you by check or direct deposit within about 10 to 14 business days.5Self Financial. How Do I Get My Security Deposit Back From the Self Visa Credit Card If the credit builder account is still active when you cancel the card, the security deposit is rolled into the credit builder’s eventual payout.
What It Costs to Close
Self’s direct closure fees are small, but money you’ve already paid in interest and setup fees is not refunded.
- Early closure fee: if you close the credit builder account before it’s fully paid off, Self charges less than $1, depending on account size.6Self Financial. Is There a Fee for Closing My Account Early
- Administrative fee: some plans charge a one-time, nonrefundable $9 administrative fee at signup, which is not returned at closure.3Self Financial. Credit Builder Account – Build Credit and Savings with Self
- Interest paid: all interest paid over the life of the loan stays with Self. At roughly 15.5% to 15.9% APR, this is the largest reason your payout is less than what you paid in.3Self Financial. Credit Builder Account – Build Credit and Savings with Self
- Credit card annual fee: the Self Visa card carries a $25 annual fee, and the Self Plus Credit Card is $35. If you’re closing the card, ask customer service whether a recently charged annual fee can be credited back.7Self Financial. What Is the Self Credit Card Annual Fee
When the Money Arrives
Delivery speed depends on the method you chose during closure. Direct deposit to a linked bank account is the faster option. A mailed check can take about three weeks to arrive.8Self Financial. When Will I Get My Payout for My Credit Builder Account
If the payout doesn’t show up in that window, confirm the bank account or mailing address on file was accurate when you submitted the closure, then contact Self customer service if the delay runs past three weeks.
How the Closure Shows Up on Your Credit Report
Self reports account updates to the three major credit bureaus on its regular monthly cycle, so the closed status usually appears on your credit report within about 30 to 60 days. The account shows as closed along with your full payment history from the loan term.
Positive payment history on a closed account typically remains visible for up to 10 years. The Fair Credit Reporting Act limits how long negative information can stay on your report, but does not set a deadline for removing positive history.9Office of the Law Revision Counsel. 15 USC 1681c – Requirements Relating to Information Contained in Consumer Reports The on-time payments you made during the credit builder loan keep working for your credit profile well after the account closes.
Taxes on Interest and Early Withdrawal
The CD backing your credit builder account earns a small amount of interest, and that interest is taxable. If it reaches $10 or more, the institution holding the CD will send you a Form 1099-INT reporting it to you and the IRS.10Internal Revenue Service. Instructions for Forms 1099-INT and 1099-OID Interest below $10 is still technically reportable on your return even if no 1099-INT is issued.
If you closed early, any interest or principal forfeited due to the early withdrawal from the CD can be reported on your return as a deduction from gross income. That amount appears in Box 2 of Form 1099-INT when one is issued.10Internal Revenue Service. Instructions for Forms 1099-INT and 1099-OID Hold on to your closure confirmation and any tax forms Self sends you for filing time.