Having installment and revolving credit can help you build credit faster as long as you continue to make timely payments on all loans.
Keep in mind that a Self Lender credit building loan is not free. There is no money due up front, but you will end up paying an interest fee. Self Lender then puts your money into an account. You won’t be able to access this money until the loan is fully paid. It’s a bit like a forced savings account, but you could think of it as a controlled way to save money and build credit at the same time. Your alternative is to take out a secured loan and that can take up to $200 to get started.
Also remember that your credit building loan won’t help improve your credit if you are failing to meet your additional payments. For example, if you have a credit card with another company and you fail to make timely payments, this can negatively affect your credit and Self Lender won’t be able to do much to help you. It’s even worse if you default on these lines of credit. So it’s up to you to handle all you payments to ensure you get the best possible results Self Lender has to offer.