Is there a hard inquiry to get the Self Visa Credit Builder Card?
No, this is a secured credit card with no hard credit check.
How much will my credit improve by using Self's secured credit building credit card?
Similar to a credit builder loan, the Self credit builder card could help you elevate your credit, but it depends on how you use it and what else is happening in your unique credit history. We cannot guarantee that you will have good credit right away when using a credit builder credit card. Results vary. In general, though, the Self secured credit card, like any credit card, affects 3 major parts of your credit score: the amounts you owe, the average age of your accounts and your payment history (source: ). These factors can have a great influence on your credit report in the future.
Does Self Financial offer guaranteed approval for its secured credit builder credit card?
We can’t guarantee that you will qualify for the secured credit card. But if you qualify by meeting our eligibility requirements, you will have the opportunity to open the Self Visa secured credit card account. (Note: it is possible to become ineligible if you do not satisfy the income requirements).
To be eligible for the card, you'll need an active Credit Builder Account in good standing, 3 on-time payments, $100 or more in savings progress after interest and fees, and to satisfy income requirements. This criteria is subject to change.
Can I be denied for Self's secured credit building credit card?
There isn’t a traditional application process, which includes a credit check. You must meet eligibility requirements to be offered the Self Visa secured credit card account. Once you meet all the criteria, you have the option to open this secured credit card by moving money from your Credit Builder Account to use as the security deposit for the card. (Note: it is possible to become ineligible if you do not satisfy the income requirements).
To be eligible for the card, you'll need an active Credit Builder Account in good standing, 3 on-time payments, $100 or more in savings progress after interest and fees, and satisfy income requirements. This criteria is subject to change.
How do I apply for the Self Visa Credit Card?
First, you must have an open and active Self Credit Builder Account. Then, you have to meet the eligibility criteria mentioned above for our credit builder cards.
What is the credit limit for the Self secured card?
The minimum credit limit is $100.
Can I increase my credit limit once I have the Self secured credit card?
Yes, you will have the opportunity to increase your credit limit as you make each monthly payment on your Credit Builder Account and keep the account in good standing.
Can I get Self’s secured credit card if I have bad credit or poor credit?
Yes. The whole mission of Self Financial is to help people build credit and build savings. That’s why our credit builder card can be a great way to improve poor credit. This secured credit card was designed for people whose credit is bad or poor (as defined by FICO) and is meant to be another tool for you to use to work on improving your credit.
Can I use the Self secured credit card to establish my credit history if I have no credit?
Yes. It can be difficult to build credit with no credit to start with. In order to get access to the credit card, you need to have an active Credit Builder Account in good standing (among other eligibility requirements) with your lender. It's OK if you have no credit when you open the Credit Builder Account (it's meant to help establish your credit history). By the time you become eligible for the Self Visa Credit Card, you will have already established some credit history simply by opening and making payments on your Self Credit Builder Account. Make sure you make timely payments as a single late payment on your credit card account can jeopardize your overall score. The credit card is meant to be another tool you can use to build your credit history and establish a good credit score.
Is the Self Visa® Credit Card a prepaid card?
No. It might seem like a prepaid card because it has a security deposit to secure your credit line. Prepaid cards are actually very different. See our blog post about whether prepaid cards build credit to learn more.
What is the minimum deposit for the Self secured credit card?
The minimum security deposit is $100.
Does the Self secured credit card report to major credit bureaus?
Yes, the Self Visa Credit Card reports to the three major credit bureaus in the U.S.
