Self Visa Review

Whether you're just starting your financial journey or working to rebuild your score, the Self Visa offers a welcoming hand and a clear path forward. 

The Self Visa works in a unique way, hand-in-hand with a Credit Builder Account, to help you establish positive habits and see real progress. 

It’s about more than just transactions; it’s about empowerment, proving to yourself and the financial world that you’re ready to shine. Let’s explore how this card can be your partner in achieving your credit goals.

CREDIT CARD

Self Visa

No Credit Check Payment History Reported

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Ways the Self Visa Helps You Shine:

The Self Visa Credit Card, in conjunction with the Self credit-building ecosystem, offers a unique set of advantages designed to empower your financial journey.

1. Build Credit with Every On-Time Payment: This is the heart of Self! As you make payments on your linked Credit Builder Account (which then secures your Visa card), Self reports these responsible actions to all three major U.S. credit bureaus – TransUnion, Experian, and Equifax. 
2. Two Types of Credit History in One: You’re getting a double-win here! Your journey with Self typically starts with a Credit Builder Account (an installment loan), and then you can become eligible for the Self Visa (revolving credit). 
3. No Hard Credit Check to Get the Card (Once You Have a CBA): Worried about another inquiry on your credit report? Once you have an active Self Credit Builder Account in good standing and meet eligibility, getting the Self Visa card itself doesn’t typically require an additional hard credit pull.
4. You Control Your Credit Limit (via Your Savings Progress): Your credit limit on the Self Visa is secured by the money you’ve paid into your Credit Builder Account (minus fees). As you make payments and your savings portion grows, so can your available credit on the card, giving you a tangible sense of progress and control.
5. Your Security Deposit Becomes Savings: The money securing your card isn’t just locked away; it’s part of your Credit Builder Account. Once you’ve paid off your Credit Builder Account, the funds (minus fees and interest) are yours to keep. 
6. No Minimum Credit Score Often Required for the Platform: Self is designed to be accessible. Often, you don’t need a prior credit history or a specific minimum credit score to get started with a Credit Builder Account, making it a fantastic entry point for many.
7. Learn Healthy Financial Habits: The entire Self system is geared towards helping you develop positive financial habits. The structure of making regular payments into your Credit Builder Account, which then secures your card and facilitates on-time payments, reinforces discipline and responsibility.
8. Clear Path to a Better Credit Score: Self provides tools and reports your progress, so you can see how your responsible actions are impacting your creditworthiness over time. This transparency is incredibly motivating.
9. A Stepping Stone to Mainstream Credit: Think of the Self Visa as a launchpad. By building a solid credit history with Self, you significantly improve your chances of qualifying for unsecured credit cards with rewards, better loan terms, and other financial products in the future.

Who Can Apply

The Self platform, including the Credit Builder Account and the Self Visa Credit Card, is designed for individuals in the U.S. looking to build credit.

• Age: You must be at least 18 years old.
• U.S. Residency: You must reside in the United States and have a valid U.S. physical address.
• Social Security Number (SSN) or ITIN: You need a valid SSN or Individual Taxpayer Identification Number (ITIN) to apply. Self is known for being ITIN-friendly, making it a valuable option for new immigrants.
• Bank Account or Debit Card: You’ll need a bank account or debit card to make payments on your Credit Builder Account.
• Meet Self’s Underwriting Criteria: While designed to be accessible, you’ll still need to meet Self’s identity verification and other basic underwriting requirements.
• For the Self Visa Card Specifically: You must first have an active Self Credit Builder Account in good standing and meet certain savings progress and payment history requirements on that account (e.g., three on-time payments and at least $100 in savings progress, minus fees).

How to Apply: Your Path to Building Credit with Self

The process involves a couple of steps, starting with the Credit Builder Account:

1. Visit the Self Website or App: Go to Self.inc (formerly Self.Financial or Self Lender).
2. Apply for a Credit Builder Account: Choose a Credit Builder Account plan (loan amount and term) that suits your budget and financial goals. You’ll provide your personal information, including your SSN or ITIN.
3. Get Approved & Start Making Payments: Once approved for the Credit Builder Account, start making your monthly payments on time.
4. Track Your Progress: Monitor your savings progress and payment history within your Self account.
5. Become Eligible for the Self Visa® Card: After meeting the eligibility criteria (typically a few on-time payments and a minimum savings progress in your Credit Builder Account, like $100), you’ll see the option to apply for the Self Visa Credit Card within your Self dashboard.
6. Choose Your Credit Limit: Decide how much of your Credit Builder Account savings progress you want to use to secure your Visa card. This amount will become your credit limit.
7. Receive and Activate Your Card: Your Self Visa Credit Card will be mailed to you. Follow the instructions to activate it and begin using it responsibly.

Frequently Asked Questions (FAQ)

1. Is the Self Visa a regular credit card?
   It’s a real Visa credit card that reports to all three major credit bureaus. However, it’s “secured” by money from your Self Credit Builder Account, which means your credit limit is tied to those funds.
2. Can I use this card for cash advances?
   The Self Visa Credit Card typically does not allow for cash advances. Its focus is on building credit through regular purchase activity.
3. What happens to my security deposit (the money from my CBA)?
   The portion of your Credit Builder Account savings that secures your card remains in your account. When you pay off your Credit Builder Account loan, the full amount saved (minus fees and interest on the loan) is paid out to you. If you close your Self Visa card, any funds securing it are also returned (assuming your card balance is $0).
4. How quickly will my credit score improve with Self?
   This varies for everyone. Building credit takes time and consistent positive behavior. Many Self members see improvements within several months of on-time payments being reported, but individual results differ based on your overall credit profile and habits.

CREDIT CARD

Self Visa

No Credit Check Payment History Reported

APPLY NOW You will be redirected