Learn How to Apply for a Self Credit Builder Secured Visa Credit Card - Credit Wise Hub (2024)

What do You Need to Know Before Applying for the Self Credit Builder Secured Visa Credit Card?

The self-credit builder secured Visa is a credit card designed for those starting their journey in the market and wanting a comprehensive option for everyday use.

Learn How to Apply for a Self Credit Builder Secured Visa Credit Card - Credit Wise Hub (1)

CREDIT CARD

Self Credit Builder

Self Account No extra deposit VISA Card No credit check

Need credit? See how to apply.

WATCH AD AND START APPLICATION

* You will be directed to an external website

Self is a company that works precisely with credit and financial services for the no-score public.

In this sense, the Self Credit Builder Secured Visa is an interesting option for both those seeking their first card and for the public who can’t be accepted by other credit companies.

The process to apply for a card is somewhat different. First, you need to open a Credit Builder account, a process that can be done directly on the Self Inc. online platform.

To be eligible for the card, you need to meet the following requirements:

  • Accumulate at least $100 in savings
  • Add and keep updated on the income and expense relationship
  • Keep the account 100% regularized
  • Make at least 3 monthly payments on time

The card works with a savings format, committing at least $25 monthly. The account maintenance values are usually $89 monthly. In turn, the card has an annual cost of $25.

To pay the monthly fee for the Credit Builder account, you can use another debit card with a convenience fee or by depositing into the account.

The important thing is to meet the requirements to be eligible to receive the card, with a minimum limit starting at $100. So, if you need a service like Self, keep reading.

Who can Apply?

Learn How to Apply for a Self Credit Builder Secured Visa Credit Card - Credit Wise Hub (2)

First and foremost, the basic requirement to have the Self Credit Builder Visa is to have a valid account for at least 3 months and meet all the conditions to be eligible.

To open a Credit Builder account with Self, you’ll also need to meet some basic prerequisites.

The individual must be at least 18 years old, have valid documents, and have a Social Security number. Thus, those born in the US need to have updated documents.

For foreigners, it’s necessary to have a valid passport and a work and residence visa in the country.

Additionally, you’ll need to provide a certain monthly income, which is important even to establish credit limits.

Self doesn’t require a credit score or credit history, as the focus is precisely on reaching the public with no history.

How do I Apply for the Self Credit Builder Secured Visa Credit Card?

To apply for the card, first, you’ll need to open a Credit Builder account. And the process can be done directly through the Self website.

When you select the option, you’ll be redirected to a form where you’ll fill in basic information such as your full name and email and create a login with a password.

Additionally, you’ll need to provide information such as your Social Security number and phone number, as well as your complete address and income details.

Throughout the process, one may request proofs and copies of documents. After meeting the requirements of three on-time payments and at least $100 in transactions, Self allows the account holder to request a card.

To do so, you’ll need to apply and make the security deposit, also $100, to qualify. It’s worth noting that Self reserves the right to refuse, and even if all requirements are met, you may not be eligible for the card.

Learn How to Apply for a Self Credit Builder Secured Visa Credit Card - Credit Wise Hub (3)

CREDIT CARD

Self Credit Builder

Initial limit of $100 Accepted nationwide Build credit Managed through the app

Like the conditions? Apply now.

WATCH AD AND START APPLICATION

* You will be directed to an external website

More Details

First and foremost, you’ll have a Visa credit card, widely accepted not only in the US but worldwide.

The security deposit for the card is made with funds from the savings account itself, without requiring any extra money from the account holder.

Despite being a card without a credit score or history verification, Self offers the opportunity to increase the limit over time. And the main benefit is precisely to help build credit, as the card is responsible for a significant portion of the individual’s FICO score.

Want to learn about another option?

The FIT Mastercard is another credit card option for those without a credit history, offering the option to double the limit in a short time.

So, if you want to learn more about FIT Mastercard’s services and conditions, see how to apply.

SEE HOW TO APPLY

Learn How to Apply for a Self Credit Builder Secured Visa Credit Card - Credit Wise Hub (4)

Written by

Gabriel Gonçalves

Learn How to Apply for a Self Credit Builder Secured Visa Credit Card - Credit Wise Hub (2024)

FAQs

How do you qualify for a self credit card? ›

To be eligible for the secured credit card through Self, you must have:
  • Have an active Credit Builder Account for at least 3 months and have made at least 3 monthly payments on time.
  • Have reached at least $100 savings progress in your Credit Builder Account (after interest and fees)
Jun 8, 2023

What are the downsides of self credit builder? ›

Self credit builder cons

Non-refundable fees: The Self Visa® Credit Card also has a $25 annual fee. Bad customer service: Self has a high number of negative reviews, flagging poor customer service, and trouble getting money back after the 24 months are up.

How to use self credit builder? ›

Anyone can be a builder. Here's how.
  1. Getting started. Choose a plan, open your Self Credit Builder Account and pay your nonrefundable admin fee.
  2. One month later. Start making your monthly payments. We'll handle reporting to the credit bureaus.
  3. 24 months later. Finish paying off your credit builder loan.

What credit score do you need for a secured credit card? ›

No credit score required to apply. No Annual Fee, earn cash back, and build your credit history. Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.

What is the highest limit on self credit card? ›

As you make payments on your Credit Builder Account each month, you can choose to increase your credit limit up to a maximum limit of $3,000. Plus, Self considers those who have held a Self Secured Visa® Credit Card for six months or longer for an unsecured credit limit increase.

What credit score does self use? ›

So if you see one score on your CreditWise and a different score through Self, for example, that's why. While both of these sites use a VantageScore model, CreditWise pulls from TransUnion, while Self pulls credit score data from Experian.

Can you withdraw money from a self-credit card? ›

Cash advances are not available on the Self Visa ® Credit Card or Self Plus Credit Card. Instead, buy something directly using your Self card anywhere in the U.S. Visa is accepted, then pay your credit card balance by the due date.

Does self credit builder require a deposit? ›

A credit-builder loan is different from a secured credit card in two important ways: You don't need money upfront to get the loan, though you do need income to afford the monthly payments. With a secured card, you typically have to pay a deposit upfront, and that amount is generally your credit limit.

What bank does self credit builder use? ›

Lead Bank is a community bank based in Kansas City that partners with Self Financial to bring you certain Self accounts. Because of this, you may see the entry on your credit report as "sf/lead bank" or "sf lead bank." The "sf" is a placeholder for Self Financial.

Does self credit builder do a hard pull? ›

There is no hard pull on your credit when applying for a Self Credit Builder Account.

How fast does self build credit? ›

How Fast Could Self Build Your Credit Score? It generally takes at least six months to build your credit score from scratch. This is the amount of time FICO needs to calculate your credit score. You could get a VantageScore from the moment your new Credit Builder Account is reported to the credit bureaus.

Who gets denied a secured credit card? ›

Reasons why you might get denied for a secured credit card

Currently being unemployed or having insufficient income history from a new job that has only started in the last few weeks. A series of missed payments or defaults on previous credit cards and a bankruptcy filed in the past few months.

What is the easiest secured credit card to get approved for? ›

The Discover it® Secured Credit Card is our top pick for easiest credit card to get because it's geared toward those with limited/poor credit. It offers great rewards and charges a $0 annual fee.

What is the minimum income to get a secured credit card? ›

Technically there is no minimum income, although credit card companies are legally required to ensure the applicant's income will be sufficient to support the card's monthly payments. They will also look at other factors like your credit score. Can you lie about your income on a credit card application?

How much credit do you start with with self? ›

The starting credit limit for the Self Visa® Credit Card is $100 to $3,000. Since this is a secured card, you will need to fund that amount into a security deposit. Your exact starting credit limit will depend on how much of a security deposit you will put down when you first open your Self Visa® Credit Card.

How do I get approved for a credit card self employed? ›

When applying for credit as someone who is self-employed, here's how you can provide proof of income:
  1. Pay stubs. ...
  2. Tax statements. ...
  3. Bank statements. ...
  4. Profit and loss statements. ...
  5. Social Security benefits statement. ...
  6. Court-ordered agreements.
Feb 10, 2022

Does self credit do a hard pull? ›

We do not perform a hard inquiry (also known as a hard pull or hard credit check) for the Credit Builder Account or Self Visa ® Credit Card. However, you may notice a “soft” credit inquiry from Self, which is to verify your identity and give you access to credit monitoring for no cost.

What is the minimum income for a credit card? ›

While there isn't a specific income requirement for a card, evaluating your access to income allows a bank to determine your credit health and whether or not they want to lend you money based on their confidence in your ability to make your payments.

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