Self Credit Card: Get the Credit You Deserve
Updated: Feb 2, 2022
Self Credit Card offers instant approval (no deposit), no annual fee, bad credit friendly (as well as good credit!), and an easy online application process with secure sign-in capability. All rates are fixed, and there's no credit check required to apply! As a client of Self Lender, proceeds are held in a certificate of deposit (CD) that is FDIC insured up to $250,000 per customer.
Would you like to have a credit card but are either not eligible? Self Lender is your answer. We offer self-secured credit cards that fit any need and budget with instant approval, no annual fee, zero liability protection, and 24/7 customer service! You can get started in minutes by applying here!
Starting to Build Credit with Self Lender Establish Trust
The world is evolving quickly, and the way we think about credit has changed too. The Self Card gives you the power to get a credit card for your design. With this card, you are in control of what kind of card and benefits you want! You can build a self-credit builder account that will help you establish your credit with a high limit for maximum benefits.
Credit card debt is a massive problem in the United States. It's not uncommon to see people struggling with credit cards from multiple issuers, making it difficult for them to pay back their debts and get out of the cycle. The self-credit card was created as an alternative way for consumers who don't have access to traditional bank loans or financial assistance programs such as payday advances.
A unique element of this type of credit card is guaranteed by your assets rather than collateral like a house. So you don't have to worry about if you can't pay off your debt, the lender has no recourse but to take what they're owed out of any money in your bank account or by seizing property from a trust.
Are They Any Downsides to the Self Card?
There are some drawbacks associated with this type of credit card too. Because it's a hybrid loan, there is no set limit for how much you can charge and borrow for every month. This means that over time, the balance on your self-credit card could snowball without warning due to fees and interest rates that may have arisen since you first got the card. When considering whether to use this option, make sure to read all details thoroughly before agreeing to anything because these cards don't come with many consumer protections against unexpected charges.
As a Self Lender cardholder, it's important not to go over 30% of your credit utilization (the amount of your balance that you owe). If you do go over this, it can damage your credit score and affect how you can borrow in the future.
- Keep track of how much is owed from month to month by signing up for our email reminders or downloading Self Lender's mobile app.
- Understanding what you owe each month will help keep a balance on how much money you have available for other expenses, such as groceries, gas, bills, etc.
- Remember that if there isn't enough income coming in every month (e.g., through an employer), then it may be difficult managing these purchases while also paying off debts with high-interest rates."
I Never Heard of the Self Credit Card Before
If you're looking for a way to improve your credit, this type of card is a great solution. They can be used as a small bandaid, but it will take more than just the Self credit-builder account to build good credit with lenders. So think about how else you might fix things before jumping right into another unsecured debt option like this one! The best thing you could do if you need help now and want to work towards rebuilding your credit later on would be through establishing an installment plan or other form of the loan agreement that offers some degree of flexibility like Self Lender.
Is the Self Credit Card like Other Secure Credit Cards?
Unlike how traditional banks operate, Self credit-builder account does not make money when you spend on their cards, and they offer no in-store discounts or benefits for using them outside of building credit. If this sounds like something you want to try out, here's how it works.
The Self card provides you with the ability to build your own credit while still having a secured line of credit. You can use this for any purchase, and it will report how well you manage your spending habits. If you pay your balance in full each month, this will help build a positive credit history.
Why Should I Get a Self-Lender Credit Card Instead of a Secure Card?
The Self Card is one of the best ways for building or rebuilding your good name and reputation. It's not hard to do if it's done on time with no missed payments. Getting approved for a mortgage, car lease, or buying insurance becomes less complicated when you have established yourself as a reliable borrower over an extended period of time following responsible borrowing practices as soon as creditors see that someone has been managing debt responsibly for two years plus they are at least capable enough to take on more debt.
Many People Have Signed Up With Self Lender Credit Card Builder Lately
The Self card is an alternative to bank loans if you have bad or no credit. This type of lending opportunity empowers self-employed people going through a divorce or separation or even those with medical expenses. Self-lender secured credit cards offer all the convenience and benefits of traditional Visa®* cards but require applicants to put down collateral for approval. The applicant must maintain this level of security throughout their use of the account (i.e., they cannot spend more than what they've already deposited).
Self Lender offers customers an easy way to build their own personal credit score through online banking transactions so they may successfully apply for loans without a cosigner.
3 Simple Steps to Understand Self Card
Step One: Apply for any supported Visa® credit card with Self Lender secured approval (which means there are no deposit requirements) by entering some basic information about yourself into our easy-to-use online application form. You should be approved within minutes and receive your confirmation email shortly after signing up.
Step Two: Use the card as needed and pay it off monthly from any checking or savings account of your choice!
Step Three: Check your credit score monthly using the Self Credit Score, which is calculated by how much you have spent and how often you pay off your card.
This is a question many people are asking. The answer to this is straightforward. Self Lender will check your CIBIL score, and if you can answer the security questions, you'll have completed the verification process. Once either Self or their third-party vendor has validated these, they'll give you access to see your credit report on their app within 15 minutes. Keep in mind that if the Self Lender third-party vendor cannot validate your identity, you will not see your credit score in the Self app.
Who is eligible for SCRA protections under Self?
For those eligible for relief under the Servicemember Civil Relief Act SCRA, Self Lender offers a maximum interest rate of 6%.
Eligible Servicemembers include:
Current active duty military members
Members of the Army, Navy, Air Force, Marines Corps, and Coast Guards
Qualifying active duty military and National Guard
Active duty officers of the Public Health Service and National Oceanic and Atmospheric Administration
How did I receive a credit limit increase?
If you're managing your credit well on this card, then congratulations -- you may be receiving an automatic credit limit increase!
Don't worry; no hard inquiries are made to increase your credit limit.
How does the credit limit increase affect your credit history?
One of the significant factors in your credit score is how much you use of your available credit. Keeping this low will help improve your score.
To keep your credit usage low, you can either:
Gradually pay down your card balance rather than paying the entire balance in one payment.
Look into increasing your credit limit and keep spending to a minimum.
For example, if you have averagely low credit utilization and your card limit is $100, spending $30 would mean that you're at 30% utilization. However, if your card limit is higher ($300), you'd need to spend $90 before getting to the same ratio.
How to Check Your Self Credit Builder Account Limit?
First, log into the app Self and go to your dashboard.
You can see what portion of your card's credit limit is secured by money from your Credit Builder Account and what portion is unsecured in your dashboard.
The unsecured portion of your credit limit is the part you can use without needing to put down a security deposit or other collateral.
There are two different types of credit cards, secured and unsecured.
Secure cards and unsecured cards are very similar, with one key difference being that a secured card requires an upfront security deposit.
Like a deposit that would be made for your electric bill, this security deposit is held until you have paid at least the minimum amount due on your card. You must deposit the same amount as your credit limit.
For instance, if you have a $200 limit on an unsecured card that's paid off in six months, your deposit might be $200. But at Self, the credit deposit comes directly from the money saved in your Credit Builder Account.
The Self Lender Card is unsecured, and does it require a security deposit?
The card can be billed to your checking account, making it easy to pay what you owe by the due date each month. If your creditworthiness continues to improve over time (as with any other type of card), there will be opportunities for you to increase the privileges available on the card.
What is the cost of Self Lender?
Let's say you chose to pay an average of $150/mo for 12-months straight. Here is a breakdown of what that looks like:
You can activate your account by making a one-time, non-refundable payment of $9.
Next month, pay $150 for a year ($1,200 total) to build credit history with all three major credit bureaus.
After a year, you have an established credit history and get $1,663 reported to the major credit bureaus from building your credit.
Is Self Lender a legitimate company?
Yes, Self is a legitimate company.
Self Financial, Inc. is a venture-backed financial technology company based in Austin, Texas. The BBB and ICBA accredit them, including Forbes, New York Times, Wall Street Journal, Los Angeles Times, Fox News, and other major publications worldwide.
Self bank partners are Sunrise Banks, Lead Bank, and Atlantic Capital Bank.
Credit builder loans have long been available only in select places until now. Self offers the first nationwide online credit-builder account.
What is a "Credit Builder Account?
Community banks and credit unions have offered credit builder loans for decades. These financial products, technically known as Savings-Secured Loans or Certificate of Deposit (CD)-Secured Loans, have helped thousands of people safely establish a good credit history.
Self is the first company to offer a credit builder loan, what we call a Credit Builder Account, in all 50 states.
How should I pay to Self?
With Self (formerly, "Self Lender Credit Card"), there are two ways you can make your monthly payments:
Make a single payment
Enable AutoPay on the Self app
Automatic payment removes the need to worry about late fees or missed due dates.
If you choose automatic payments, funds will be withdrawn from your bank account or debit card on a predefined date each month. We recommend this if possible since it can help you avoid problems with late payments and mismanaged expenses.
Setting up AutoPay:
Log into your Self client portal
In the top navigation, select "accounts."
Visit the AutoPay settings page under Accounts.
Choose the account from which you would like to make monthly payments
If you plan to use your credit card for recurring charges, set the date of those payments before your due date.
Enabling AutoPay to help prevent unidentified costs from showing up on your bill.
Make manual payments:
Log into your Self credit-builder account
In the top navigation, select "accounts."
Select the "make a payment" tab.
You can now enter or assign your bank information to make a payment.
For your benefit, log into your Self dashboard to set up any payment methods of your choice?
Self- Lender accepted payment methods:
Sync bank account
Few Prepaid cards
If you pay by debit card, Self charges a $0.30 + 2.99% expedited fee as it takes longer to process the payment. If you would like to forego this fee and access your account instantly, please link to a bank account instead.
Below is a list of payment methods that THEY DO NOT accept:
Cash or other guaranteed settlement method
These payment methods will be denied and returned.
Due to Self company policy, they are unable to accept payment by credit card.
Can I Use The Self Visa® Credit Card Online Before My Physical Card Shipped To Me?
Unfortunately, you will not be able to use your new Self Lender credit card until you receive it in the mail and activate it online. Please allow ten days or less for shipment!
Can I use the Self Visa® credit card to purchase items online?
As long as the purchases can be made online and are not in a currency besides U.S. dollars, the Self Lender card is used to pay for transactions just like your regular credit card. Note that you must make your purchase only on websites where Visa credit cards are accepted.
I'm not even eligible for the Self Visa® Credit Card yet; what do I need to do?
To be eligible for the secured credit card through Self Bank, you must meet these requirements:
Be an active credit builder cardholder for a minimum of three months
Have $100 saved in your Credit Builder Account
Your Credit Builder Account needs to be in good standing
Please note that meeting these minimum requirements does not guarantee that you will be offered a credit card.
Self Platinum Protection and How it Helps Cardholders?
Self Platinum Protection provides the following benefits:
Protecting your credit card information with $1 million insurance from identity theft
Faster customer service
Save $15 off your following Credit Builder Account with Self
American Bankers Insurance Company of Florida underwrites Identity Theft Insurance. Please refer to the actual policies for terms and conditions. Coverage may not be available in all jurisdictions.
Why is my SSN needed when applying?
Your Social Security Number is needed to:
Sign up and verify your identity to activate your account
Show your monthly credit score
Reporting your paid credit card payments to the credit bureaus
If you need credit, consider the service of a credit builder loan.
To comply with the Patriot Act, America requires that all financial institutions and their third parties identify these customers. When opening an account, we will ask you for your name, address, date of birth, and other identifying information to ensure prudent identification checks.
You may also be asked to provide your driver's license as a form of identification. This helps keep the account secure and is an essential measure in protecting your security.
Why did my credit score decrease after getting the credit builder account?
Late credit card payments - can hurt your score for a very long time.
Not paying off - revolving credit card debt in full every month may create problems for your credit score called "credit utilization."
Negative marks like bankruptcy, collections, or tax liens
Closing old, good-standing accounts
Credit loss – this can lead to an overall reduced credit age. By opening a Credit Builder Account, you may have lowered the average age of your credit history. If this is the case, it is typical for your credit score to bounce back with on-time payment history.
Will my credit score improve if I use a Credit Builder Account?
It is hard to say if and how much your credit score will increase because everyone's credit report and financial history are different.
It is essential to understand that your credit score can fluctuate depending on the activity outside your account. If you happen to have any negative experience, or even worse, just missed a bill or two from another provider, this could impact your results with the Self card.
Does Self Lender credit card make a hard inquiry on my credit report?
It does not.
You may hear of a "hard pull" when people discuss credit checks. Our bank partners never perform that type of check, but your Self lender will want to verify who you are by asking for information from one of the three leading nationwide consumer reporting agencies (also called CRAs). That means they looked at your full credit report. These requests are only informational and generally do not affect your credit score.
How soon can I get started with Self?
If you don't have a credit history, it could take a little longer to set up your Self card because you will first need to verify your identity.
You sign up, select your loan terms, enter payment information and verify your identity with security questions.
After approval, you will need to pay a one-time non-refundable fee to complete the sign-up process.
What do I need to sign up?
To start your credit card journey with Self, you'll need to have these items:
A debit card, checking account, or a prepaid card
They'll also need your email address and phone number.
To apply, you must meet the following criteria:
A current physical U.S. address is required to open an account.
You must be 18 or older.
To ensure you are paying off your credit cards responsibly, they validate your identity and report your payment history.
If you choose to use a debit card, there will be an expedited payment fee of $0.30 + 2.99% added to your total spend. To avoid this fee, please link a bank account instead.
Getting out of debt doesn't have to be as hard as it seems, especially if you know where to look for assistance and guidance with paying back what's owed. The self-credit card is one option that will provide relief instead of traditional loans or other forms of financing, which may not always be available when needed most. Don’t let this opportunity slip away from you now; click here and visit the Self Lender website today for more information on how we can make things easier in the future!