The Self Visa Secured Credit Card is not a tool for short-term rewards. It is a strategic program for the forward-thinking individual who understands that the work they do today will pay dividends for years to come. The Self platform provides a unique, two-in-one approach to methodically build the credit profile you will need to achieve your most important life goals.
Building for the Future: How Self Aligns with Your Goals
The Self system is engineered to help you build a credit file that will be viewed favorably by future lenders.
- Creating a Diverse Credit History: Your long-term goal is to show lenders you can handle different types of financial responsibility. The Self platform is exceptionally effective at this because it helps you build a history with two crucial types of credit at once:
- Installment Credit (via the Credit Builder Account): This shows future mortgage and auto lenders that you can make steady, predictable payments on a loan over a long period.
- Revolving Credit (via the Secured Visa® Card): This shows future credit card issuers and lenders that you can manage a flexible line of credit responsibly.
- Establishing a Positive Payment History: The most important factor for any future loan application is your payment history. By using the Self platform for 12 to 24 months, you are creating a long track record of on-time payments that will form the bedrock of your credit score.
- A Controlled Environment for Long-Term Growth: The platform is designed for steady, consistent progress. It avoids the volatility of high-limit credit cards and instead focuses on the methodical, month-by-month process of building a trustworthy financial reputation.
- No Hard Inquiry for a Clean Start: The application process does not require a hard credit pull, ensuring that your long-term plan starts with a clean slate, without an initial dip in your score.
- A Clear Timeline: The Credit Builder Account has a fixed term (e.g., 24 months), giving you a clear timeline for the foundational phase of your credit-building plan.
- Reporting to All Major Bureaus: Your progress is reported to Equifax, Experian, and TransUnion, ensuring your strong history is visible to any lender you approach in the future.
- A Pathway to a Traditional Credit Card: The Self Secured Visa® Card serves as a perfect transition tool. After using it responsibly, your improved credit score will allow you to “graduate” and apply for traditional, unsecured credit cards with better terms and rewards.
- Forced Savings for a Future Goal: At the end of your Credit Builder Account term, the money in your Certificate of Deposit is returned to you. This can serve as a down payment for a car, an emergency fund, or the security deposit for your first apartment—all goals that your new, higher credit score will help you achieve.
Who is Eligible for Self Visa?
The Self Visa Credit Card is designed for people who are ready to take control of their credit journey—no perfect credit score needed. Here’s what you need to qualify:
- You must be 18 years or older and a U.S. resident
- You need a valid SSN or ITIN
- You must open and actively use a Self Credit Builder Account
- You must make a minimum number of on-time monthly payments to your Credit Builder Account
- You need to have saved at least $100 in your Credit Builder Account to serve as your refundable security deposit
- You must have a bank account, debit card, or prepaid card for payment processing
How to Start Your Long-Term Plan
- Enroll in a Credit Builder Account: Go to the Self.inc website and choose a plan. A longer term, like 24 months, can be beneficial for building a more extensive payment history.
- Automate Your Payments: Set up automatic payments to ensure you never miss a step in your plan.
- Unlock the Secured Visa® Card: When you become eligible (after 3 months), get the card to begin building your revolving credit history.
- Use the Card Strategically: Use the Visa card for one or two small, recurring purchases and pay it in full each month.
- Stay Patient and Monitor Your Progress: Building a great credit score takes time. Use the 12-24 month term to build a flawless record. After you complete the program, your credit score will be in a much stronger position to help you achieve your larger life goals.
Self Visa Frequently Asked Questions for Planners
- How long should I plan to use the Self platform?
A plan of 12 to 24 months is ideal. This gives you enough time to establish a significant, positive payment history on both the loan and the card, which is what future lenders want to see. - What is the goal after I finish the Self program?
The goal is to use your newly built, higher credit score to qualify for prime financial products. This means applying for a no-annual-fee, unsecured rewards credit card from a major bank and, eventually, using your score to get a favorable interest rate on a car loan or mortgage. - Does closing the Credit Builder Account at the end of the term hurt my score?
When any loan is paid off and closed, it can cause a small, temporary dip in your score because the account is no longer active. However, the long history of on-time payments will remain on your report for up to 10 years, which is a huge long-term benefit. - Is it better to start with a large or small credit limit on the Visa card?
For a long-term plan, it’s often best to start with a smaller, manageable limit (e.g., $200-$300). This helps you build the habit of keeping your credit utilization low. You can always choose to increase the limit later if needed.
