No, this is a secured credit card with no hard credit check.
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.
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.
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.
The minimum credit limit is $100.
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.
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.
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.
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.
The minimum security deposit is $100.
Yes, the Self Visa Credit Card reports to the three major credit bureaus in the U.S.