This company is Self. I love that they offer secured credit cards after several months of on time payments with the credit builder loan. The app makes paying monthly installments easy and has lots of extra helpful information for credit scores, reports and articles.
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Transunion is usually about 3 months behind in reporting my actual real account balances which means it is three months behind when it comes to ulitlizizing or seeing credit improvements. They mostly suck.
Self has helped me boost my credit score 100 points in 5 months!!! I’m glad I decided to use them. I opened an installment loan and pay on it every month and that money will be mine when I’m done and now I’m eligible for the SELF credit card which will continue to grow my credit . Thank you SELF!!!!
If I would have known they were treating my own money as a loan and using it against me I would Not have signed up.I'll never use self again and I won't tell other to sign up either
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What's the starting credit limit for the Self Visa Credit Card?
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.
Keep in mind that Self may allow you to increase your security deposit for a higher credit limit, up to $3,000. The Self Visa® Credit Card credit limit can be increased in multiples of $25 at a time. The credit limit increase will be secured by money from your Credit Builder Account. Self also regularly reviews your account to see if you are eligible to receive an unsecured credit limit increase.
How do I get a Self Visa Credit Card limit increase?
You can get a Self Visa® Credit Card limit increase by either adding more money to your Credit Builder Account or adding an unsecured portion to your credit limit.
How to get a Self Visa® Credit Card limit increase:
- Through your Credit Builder Account
You can increase your Self Visa® Credit Card's credit limit by adding money to your Credit Builder Account. More specifically, once you've made enough savings progress in your Credit Builder Account you will see an alert in your account dashboard that you are eligible to increase your credit limit.
Your Credit Builder Account and credit card accounts must be in good standing to increase your credit limit. The credit limit can be increased in multiples of $25 at a time. The credit limit increase will be secured by money from your Credit Builder Account, the same as when you opened the credit card. Note that it may take up to 24 hours for the new credit limit to go into effect.
- Make the Self Visa® Credit Card partially secured
Self regularly reviews and evaluates your account to see if you are eligible to receive an unsecured credit limit increase. The new limit will be added to your existing credit limit. To qualify, you must keep your account in good standing, among other things. You must also have the Self Visa® Credit Card account open for more than 6 months to be eligible.
For new purchases, Self Visa® Credit Card will use the secured portion of your available credit limit first. Once the secured limit is used up, new purchases will leverage the unsecured portion of your credit.
How do you get a Self Credit Card deposit return?
You can get a Self Visa® Credit Card return by closing your account with no unpaid balance. If your Credit Builder Account is still active when you close your credit card, the security deposit will be returned to your Credit Builder Account. If your Credit Builder Account is already closed, your security deposit will be returned to you via check or ACH within 10-14 business days.
The only cases where you will not get your full deposit back from a Self Visa® Credit Card are if there is a balance remaining when you close the account or if you default on your payments. In those cases, Self will use the deposit to recoup what you owe them.
Key Facts About Self Visa® Credit Card Deposit Returns
- If you close the account with no unpaid balance, you get 100% of your deposit back.
- If your Credit Builder Account is still active, the security deposit will be returned to your Credit Builder Account.
- If your Credit Builder Account is closed, your security deposit will be returned to you via check or ACH.
- If you close the account with a balance, the balance is subtracted from your deposit refund.
- If you don't pay your credit card balance at all, Self can recoup their money using the deposit.
- It normally takes Self 10-14 business days to refund your deposit after you close the account.
So, don't worry about putting up a deposit when you get a Self Visa® Credit Card. You're not parting with any of the money for good, as long as you pay off your balance. The deposit just gives the issuer a guaranteed way to recoup their money if you don't pay.
How can I get a replacement for my Self Visa Credit Card?
You can get a replacement for your Self Visa® Credit Card by making a request through your online account or by calling customer service at (877) 883-0999. There is no fee to get a Self Visa® Credit Card replacement, which should arrive in 10-14 business days.
You can request a Self Visa® Credit Card replacement if your current card is stolen, lost or damaged. You don't have to request a replacement card if your current card is about to expire, though. Self should automatically send a new card before the current card expires. Contact customer service if you have not received a replacement card by the expiration date.
Can I rent a car with my Self Visa Credit Card?
Yes, you can rent a car with your Self Visa® Credit Card. The card is issued on the Visa network, so it is accepted almost everywhere credit cards can be used as a payment method, including car rental agencies. Please note that the card does not offer a rental car insurance benefit at the time.
However, it would not be a good idea to rent a car with your Self Visa® Credit Card. Car rental companies usually put a hold on your credit line in the amount of the rental, plus the security deposit, until you return the car. Seeing as how the Self Visa® Credit Card is a secured card meant for people with bad credit, chances are that the credit limit won't be high enough to support such an expense.
Also, keep in mind that using a large part or all of your credit to pay for a rental could raise your credit utilization ratio, which will hurt your credit score. So, while it is technically possible to rent a car with the Self Visa® Credit Card, it would be best to just find another payment method.