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There are many situations that can make credit card approval difficult, and some can even get out of your control. Maybe you’re just starting out on your credit history and have a bad credit profile, or maybe you’ve made a few credit mistakes in the past and your credit history isn’t all that great.
In any of these situations, a Self-Credit Builder account + Visa® secure credit card will help you. By offering access to a secured credit card without having to go through the traditional loan application process, those with no credit history or bad credit history can give themselves the opportunity to build their credit – no matter what their credit score looks like right now.
How the Self Visa credit card works
The Self Visa Credit Card is designed to help you get a loan without the standard loan application process. Instead of being approved based on your credit score, you validate your creditworthiness by opening a Credit Builder account with Self. This account, which reports to all three major credit bureaus, helps you increase your credit while saving money for as little as $25 a month. Your monthly payments go toward unlocking a CD that you will receive (with some interest) after your Credit Builder account is redeemed.
Your Credit Builder account will also help you unlock your Self Visa credit card. Once you have made three consecutive monthly payments in full, with at least $100 in your Credit Builder account and no debt, you will be eligible for a Self Visa card. This is a secured credit card, which means you will need to use some of the money in your Credit Builder account as collateral for a line of credit on your card. Deposit a minimum of $100 and you will receive a line of credit for the amount of your deposit. This means you won’t need to come up with extra cash to cover your deposit – you can use the same money to cover two loan building strategies.
How to use a self-supporting card to increase credit
A self-employed visa offers a convenient way to boost your credit, and that’s true whether you’re new to credit or trying to recover from a bad credit history. In fact, you begin the process of building your credit as soon as you open and start making timely payments with your Credit Builder account (which in turn helps you qualify for a self-supporting card). As noted above, every monthly payment you make on your Credit Builder account is reported to the three major credit bureaus, so you can start building a timely payment history even before you receive your Self credit card.
Once you receive your Self Visa card, start using it for regular purchases. Since your credit limit will be relatively small – only $100 depending on your deposit – you must ensure that your Self credit card transactions do not exceed your available credit. Use the card for day-to-day expenses that fall within your credit limit, and remember to make your payments on time each month so you can continue to build a positive credit history.
Another good way to increase your credit with Self Visa is to pay off your card in full as often as possible. For example, if you have a $75 balance on your card, don’t just make the minimum payment. Instead, pay the entire $75 if you can. Why? Because 30% of your credit score depends on the so-called credit utilization ratio. This is the amount of credit you use compared to the amount of credit you have. The lower your credit utilization ratio, the higher your credit score can rise.
How Self Visa Compares to Other Credit Building Strategies
The Self Visa Credit Card is one of CreditCards.com’s most secure credit cards in 2022, and this is mainly due to its low entry barrier and competitive advantages.
The biggest difference between Self Visa and other secured credit cards is the way you get a credit card. With a standard secure card, you fill out an application and must deposit funds for a high security deposit to qualify. But with Self Visa, you simply open a Credit Builder account with Self and start making recurring payments. Once you have made three consecutive monthly payments in full, with at least $100 in your account and no debt, you will be eligible for a self-supporting card. In addition, the deposit for the card comes directly from the funds in your Credit Builder account.
The Self Visa card will also help you develop good credit habits from the day you open your Credit Builder account. By requiring you to make regular and timely payments to your Credit Builder account at least three months prior to receiving your Self-Sustaining Card, Self helps you practice the responsible credit behavior you’ll want on your new Self card. , as well as any credit scores you may receive in the future.
However, there is one downside to a secure Self Visa card: you won’t receive any rewards. This is a disadvantage when compared to other secured credit cards that offer cash back, such as the Discover it® Secured Credit Card and the Bank of America® Unlimited Cash Reward Secure Credit Card, for example.
However, the Self Visa credit card allows you to deposit as little as $100 as a deposit, while many other secured credit cards require $200 or $300 cash to get started. This makes the self-employment visa much more affordable for those who are short on cash but need to get started on getting a loan right away.
Is the Self Visa credit card right for you? Whether you are at the beginning of your credit journey or looking to correct past credit mistakes, a Self Visa credit card can certainly help you increase your credit. This secured credit card is for anyone who successfully maintains a Self Credit Builder account, making it a smart choice for people who might otherwise be denied other types of credit.
If you have a self-supporting card, make regular, timely payments and pay your balance in full as often as possible. By using your new credit card responsibly, your credit score should start going up in no time.
The editorial content on this page is based solely on the objective judgment of our contributors and is not based on advertising. It was not provided or ordered by credit card issuers. However, we may receive compensation when you click on links to our partners’ products.