Self Visa® Secured Credit Card: A Strategic Tool for Building Credit

For individuals looking to build or rebuild their credit, the Self Visa® Secured Credit Card offers a unique approach that combines a secured credit card with a credit-building loan. This innovative product from Self Financial, Inc. is designed to help those with limited or poor credit histories take control of their financial future. In this detailed guide, we’ll explore the key features, benefits, and potential drawbacks of the Self Visa® Secured Credit Card, providing you with all the information you need to decide if it’s the right choice for you.

What is the Self Visa® Secured Credit Card?

The Self Visa® Secured Credit Card is a secured credit card that requires a refundable security deposit, which typically serves as your credit limit. However, what sets the Self Visa® Secured Credit Card apart from other secured cards is its integration with Self’s Credit Builder Account, a type of installment loan designed to help you build credit. To qualify for the Self Visa® Secured Credit Card, you must first open and make payments on a Self Credit Builder Account. Once you’ve met specific criteria, such as making three monthly payments and accumulating at least $100 in your account, you can use those funds as your security deposit to open the secured credit card.

This combination of a credit-building loan and a secured credit card provides a dual approach to building credit. The Self Credit Builder Account helps establish a history of installment payments, while the Self Visa® Secured Credit Card adds a revolving credit line to your credit profile. Together, these two types of credit can positively impact your credit score, making it easier to qualify for loans, mortgages, and other financial products in the future.

Key Features of the Self Visa® Secured Credit Card

The Self Visa® Secured Credit Card offers several features designed to help you build or improve your credit:

• No Hard Credit Inquiry: One of the main barriers to obtaining a credit card, especially for those with poor credit, is the hard credit inquiry that typically accompanies the application process. With the Self Visa® Secured Credit Card, no hard inquiry is required, making it more accessible to individuals with lower credit scores.
• Automatic Reporting to Credit Bureaus: Self Financial reports your payment history to all three major credit bureaus—Experian, TransUnion, and Equifax. This consistent reporting is crucial for building a positive credit history, which is necessary for improving your credit score over time.
• Credit Builder Account Requirement: To qualify for the Self Visa® Secured Credit Card, you must first open a Self Credit Builder Account. This account requires you to make regular monthly payments, which are reported to the credit bureaus, helping to establish a positive credit history.
• Use Your Savings as a Security Deposit: The money you save in your Self Credit Builder Account can be used as your security deposit for the Self Visa® Secured Credit Card. Once you’ve saved at least $100 and met other eligibility criteria, you can unlock your card without needing to come up with additional funds.
• No Annual Fee: Unlike many other secured credit cards, the Self Visa® Secured Credit Card does not charge an annual fee. This makes it a cost-effective option for individuals focused on building their credit without incurring unnecessary expenses.
• Credit Limit Based on Your Savings: Your credit limit on the Self Visa® Secured Credit Card is determined by the amount you’ve saved in your Self Credit Builder Account. This means that the more you save, the higher your credit limit can be, giving you greater spending power.