How to Close Your Self Account and Get Your Money Back

To close your Self credit builder account, open the Self mobile app, go to your Credit Builder Account, and follow the in-app prompts to cancel. You’ll confirm your payout method — direct deposit to a linked bank account or a check by mail — and Self will return the money held in your CD, minus the interest and fees charged over the life of the loan. Once you submit the request, it can’t be reversed.¹

Closing the Account in the Self App

The closure lives entirely inside the app. Navigate to your Credit Builder Account and select the option to close or cancel. The app walks you through confirmation screens that show your remaining balance and how the final payout is calculated, then asks how you want the money delivered.

Before you tap the final confirmation, check that your linked bank account details or mailing address are current. A wrong routing number or an old address is the most common reason payouts get delayed. After you confirm, the account moves into pending closure status and the app generates a confirmation for your records. Save it. Self cannot reopen a closed account, though you can apply for a new credit builder account later if you still qualify — it will show up as a separate tradeline.¹

What You Get Back and What Self Keeps

A Self credit builder account is an installment loan whose payments accumulate in a CD held by the bank. When the account closes, Self returns the CD balance minus what it has charged you.² Interest rates on Self’s plans run roughly 15.5% to 15.9% APR, so your payout will always come in lower than the total you paid in.

Early closure fee: less than $1, depending on the size of your account, if you close before the loan is paid off.³
Administrative fee: some plans charge a one-time, nonrefundable $9 fee at signup that is not returned at closure.²
Interest paid: every dollar of interest you paid during the loan stays with Self.²

Whether you close on schedule at maturity or end the loan early, the same basic math applies: total paid in, minus interest, minus any applicable fees, equals your payout.

When the Money Arrives

Delivery speed depends on the method you chose in the app. Direct deposit to a linked bank account is the faster route. A mailed check can take about three weeks to arrive.⁴

If nothing has arrived by the end of that window, first confirm the bank details or address on file were correct when you submitted the closure. If they were, contact Self’s customer service to trace the payout.

How Closing Affects Your Credit

Closing removes an active installment account from your credit profile. If it’s the only installment loan on your report, your credit mix will change, and your average account age can shift depending on what else you have open. These effects are usually small, but if you opened the account specifically to build credit, it’s worth confirming you’ve reached the point you were aiming for before you close.

Self reports to the three major credit bureaus on its regular monthly cycle, so expect the closed status to appear on your reports within roughly 30 to 60 days, along with your full payment history from the loan. Positive payment history on a closed account typically stays visible for up to 10 years. The Fair Credit Reporting Act sets time limits for negative information — generally seven years for most adverse items and 10 years for bankruptcy — but does not require positive history to be removed on any particular schedule.⁵ Every on-time payment you made keeps working for your score after the account is gone.

Your Self Visa Credit Card Is a Separate Account

Closing the credit builder loan does not close a linked Self Visa Credit Card. The card stays open, and the portion of your credit builder savings that secures its credit limit sits in a separate security deposit account.⁶

If you also want to close the card, you can’t do it in the app. Call Self at 877-883-0999.⁷ Bring the card balance to zero first and move any subscriptions or automatic payments to another card. Once the representative processes the cancellation, the card is deactivated immediately and cannot be reopened. The card carries a $25 annual fee ($35 on the Self Plus Credit Card); if you were recently billed, ask whether any portion can be credited back.⁸

If the credit builder account is already closed when you cancel the card, the remaining security deposit is returned by check or direct deposit within about 10 to 14 business days.⁹ If the credit builder is still active when you close the card, the security deposit rolls into your eventual credit builder payout.

Tax Forms to Watch For

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 is required to send you a Form 1099-INT and report the same figure to the IRS.¹⁰ Below $10, no form is issued, but the interest is still reportable on your return.

If you closed early, any interest or principal you forfeited from the CD can be deducted from gross income as an early withdrawal penalty. That amount, if any, appears in Box 2 of the 1099-INT.¹⁰ Keep your app closure confirmation and any tax forms Self sends you together with your other tax records for the year.

1
Self Financial. Can I Reopen My Card Account That Closed
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Self Financial. Credit Builder Account – Build Credit and Savings with Self
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Self Financial. Is There a Fee for Closing My Account Early
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Self Financial. When Will I Get My Payout for My Credit Builder Account
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Office of the Law Revision Counsel. 15 USC 1681c – Requirements Relating to Information Contained in Consumer Reports
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Self Financial. Can I Keep the Self Visa Credit Card Open if I Close My Credit Builder Account
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Self Financial. How Do I Cancel My Self Visa Credit Card Account
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Self Financial. What Is the Self Credit Card Annual Fee
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Self Financial. How Do I Get My Security Deposit Back From the Self Visa Credit Card
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Internal Revenue Service. Instructions for Forms 1099-INT and 1099-OID