How to Cancel Your Self Account | Follow these Simple Steps

Have you decided it’s time to cancel your Self Account? Whether you’ve met your credit-building goals or are exploring new financial options, this guide is here to help. We’ll walk you through everything you need to know about canceling your Self Credit Builder account, from understanding the impact to following the right steps for a smooth process. Let’s get started and make your cancellation as easy as possible.

Understanding Self Accounts

Before we jump into the cancellation process, let’s take a moment to refresh our understanding of Self accounts and why they’ve become a popular tool for many looking to boost their credit score.

Self Financial, Inc., formerly known as Self Lender, offers a unique product called the Credit Builder Loan. This financial tool is designed to help individuals establish or improve their credit history. Here’s how it works:

1. You apply for a Credit Builder Loan.
2. Upon approval, the loan amount is held in a Certificate of Deposit (CD) account.
3. You make monthly payments towards the loan.
4. These payments are reported to the major credit bureaus.
5. Once the loan term ends, you receive the CD funds minus interest and fees.

“Self’s Credit Builder Account is like a savings account with training wheels, helping you build credit while you save.” – Financial expert

This system allows users to build a positive payment history without the risks associated with traditional credit cards or loans. The CD is FDIC insured, adding an extra layer of security to your funds.

Before You Cancel: Things to Consider

Canceling your Self account isn’t a decision to be taken lightly. Here are some crucial factors to ponder before you proceed:

Impact on Your Credit Score

Your Self Credit Builder account has likely been reporting your payment history to the credit bureaus. Canceling this account could potentially affect your credit score, especially if:

• It’s one of your oldest credit accounts
• It’s your only installment loan
• You have a limited credit history

Outstanding Balances and Payments

Before initiating the cancellation process, ensure you’re clear on:

• Your current account balance
• Any pending payments
• The remaining loan term

Alternatives to Cancellation

Consider these options before canceling:

• Pausing your account: Some users may be eligible to pause their account temporarily.
• Modifying your plan: You might be able to adjust your payment amount or frequency.
• Completing the term: If you’re close to the end of your loan term, it might be beneficial to complete it.

Step-by-Step Guide to Canceling Your Self Account

Now that you’ve weighed your options and decided to proceed with cancellation, let’s walk through the process step by step.

Online Cancellation Process

1. Log into your account: Visit the Self website and sign in to your account dashboard.
2. Navigate to account settings: Look for an option like “Account Management” or “Settings”.
3. Initiate the cancellation request: There should be an option to close or cancel your account. Click on this.
4. Follow the prompts: You may be asked to confirm your decision or provide a reason for cancellation.
5. Verify your identity: For security purposes, you might need to re-enter your password or provide other verification.

Phone Cancellation Process

If you prefer a more personal touch, you can cancel via phone:

1. Dial the customer service number: Call 877-883-0999.
2. Navigate the automated system: You may need to select options related to account management or cancellation.
3. Speak with a representative: Explain that you wish to cancel your account.
4. Provide necessary information: Be prepared to verify your identity with details like your Social Security Number and account information.
5. Confirm cancellation: Ensure you receive a confirmation number or email for your records.

Email Cancellation Option

While less common, some users report success with email cancellation:

1. Compose an email: Address it to help@self.inc.
2. Include necessary details: Your full name, account number, and a clear statement of your intent to cancel.
3. Wait for confirmation: Don’t consider your account canceled until you receive official confirmation.

Handling Scheduled Payments

One of the trickiest parts of canceling your Self account can be managing your scheduled payments. Here’s what you need to know:

Canceling Pending Payments

• Log into your account and navigate to the payments section.
• Look for any pending or scheduled payments.
• There should be an option to cancel these payments.

Pro Tip: Cancel any automatic payments from your bank as well to avoid any unexpected withdrawals.

Timeframes for Cancellation Requests

Be aware that cancellation requests for payments may have specific timeframes:

Action	Timeframe
Cancel next payment	At least 3 business days before due date
Cancel account	May take up to 5 business days to process
Receive final statement	Up to 30 days after cancellation

What Happens to Your Money After Cancellation

After cancellation, any funds in your CD will be returned to you, minus any outstanding balances or fees. This process typically takes 10-14 business days.

Fees and Refunds

Understanding the financial implications of canceling your Self account is crucial. Let’s break it down:

Early Termination Fees Explained

Self Financial, Inc. doesn’t typically charge an early termination fee. However, it’s always wise to double-check the current terms of service, as policies can change.

Refund Policy for Different Account Types

The refund policy can vary depending on your specific account type and the stage of your loan term. Generally:

• If you’re early in your term, you may receive most of your payments back, minus interest and fees.
• If you’re near the end of your term, you might only receive the CD amount.

How to Request a Refund (If Applicable)

If you believe you’re eligible for a refund:

1. Contact Self Customer Service
2. Explain your situation and request a refund
3. Provide any necessary documentation
4. Follow up if you don’t hear back within 5-7 business days

After Cancellation: What Happens Next

Once you’ve successfully canceled your Self account, there are a few more things to keep in mind:

Account Closure Timeline

• Your account will typically be closed within 5 business days of your request.
• You should receive an email confirmation once the closure is complete.

Final Statement and Balance Settlement

• Expect to receive a final statement within 30 days of account closure.
• This statement will detail any remaining balance or refund due.

Impact on Your Credit Report and Score

• The account will be reported as “closed” to the credit bureaus.
• This closure may cause a temporary dip in your credit score, especially if it was one of your oldest or only credit accounts.

Data Retention and Privacy Policies

Self Financial, Inc. is required to retain certain information about your account for regulatory purposes. However, they should:

• Securely store your personal information
• Not use your data for marketing purposes after account closure
• Provide you with information about their data retention policies upon request

Alternatives to Cancellation

If you’re on the fence about canceling, consider these alternatives:

Pausing Your Account

Some users may be eligible to pause their account temporarily. This could be useful if you’re experiencing short-term financial difficulties.

Modifying Your Plan

You might be able to:

• Adjust your payment amount
• Change your payment due date
• Extend your loan term

Other Credit-Building Options

If you’re looking for alternatives to build credit, consider:

• Secured credit cards
• Becoming an authorized user on someone else’s credit card
• Credit-builder loans from other institutions

Troubleshooting Common Issues

Even with the best-laid plans, you might encounter some hiccups. Here’s how to handle common issues:

What to Do If Cancellation Doesn’t Process

1. Wait at least 5 business days for processing.
2. Check your email for any communications from Self.
3. Log into your account to check its status.
4. If still active, contact customer service.

Handling Disputes or Discrepancies

If you notice any discrepancies in your final statement or refund:

1. Gather all relevant documentation (statements, emails, etc.).
2. Contact Self Customer Service with your concerns.
3. Be prepared to provide detailed information about the discrepancy.
4. If unresolved, consider filing a complaint with the Consumer Financial Protection Bureau.

Contacting Self for Support

For any issues or questions, don’t hesitate to reach out:

• Phone: 877-883-0999
• Email: help@self.inc
• Social Media: @self on Twitter or Facebook

Lessons Learned: Making the Most of Credit-Building Tools

As you close this chapter of your financial health journey, take a moment to reflect on your experience with Self:

• What did you learn about credit building?
• How did your credit score change over time?
• What habits did you develop that you can carry forward?

Remember, building good credit is a marathon, not a sprint. The skills and knowledge you’ve gained from using a Credit Builder Loan can serve you well in future financial endeavors.

Conclusion

Canceling your Self account doesn’t have to be a daunting process. By following this guide, you can navigate the cancellation process with confidence, understanding each step and its implications. Remember to consider all your options, manage your payments carefully, and keep an eye on your credit report in the months following cancellation.

Your journey with Self may be ending, but your path to excellent credit and robust financial health continues. Take the lessons learned here and apply them to your future financial decisions. Here’s to your continued financial success!

Frequently Asked Questions

Some queries often asked by people are discussed below.

Can I reopen my Self account after canceling?

Generally, once an account is closed, it cannot be reopened. You would need to apply for a new account if you wish to use Self’s services again in the future.

How long does the cancellation process usually take?

The cancellation process typically takes 3-5 business days to complete. However, it may take up to 30 days to receive your final statement and any applicable refunds.

Will canceling affect my ability to open accounts with Self in the future?

Canceling your account in good standing should not affect your ability to open future accounts with Self. However, if you had any issues with payments or account management, this could impact future applications.

What happens to my linked bank account information after cancellation?

Self should remove your bank account information from their active systems after cancellation. However, they may retain some information for a period due to regulatory requirements.

Can I cancel if I have a negative balance?

It’s best to settle any negative balances before canceling. If you’re having trouble making payments, contact Self’s customer service to discuss your options before proceeding with cancellation.