Self Financial: Clearing the Confusion on Their Credit Builder Account and Secured Card
If you’re looking to build credit with a very low score, you have likely come across Self Financial. They offer a unique approach that has helped thousands of people, but their product structure can be confusing. Is it a loan? Is it a credit card? Do you pay upfront?
We’re going to answer the exact questions we had and clear up the confusion surrounding the Self - Credit Builder Account + Secured Self Visa® Credit Card.
1. What is the Self Credit Builder Account? (The Installment Loan)
The core Self product is not a credit card; it is a credit builder account, which is classified as an installment loan on your credit report.How It Works (A Reverse Loan)
You do not receive a lump sum of money upfront. Instead, you choose a plan (the most common is paying $25 a month for 24 months). The total amount of the "loan" ($600) is placed into a secure Certificate of Deposit (CD) account in your name.Do I Get the CD Interest?
No. The money is in a CD that earns a very minimal amount of interest (less than 1%), but that interest typically goes to the issuing banks (Lead Bank, Sunrise Banks, N.A., or First Century Bank, N.A.) to cover the cost of the service.What Do I Get Back?
At the end of the 24-month term, after all your payments are made, you get the majority of your money back (minus the fees and interest you paid over the term). On a $600 loan, you'd get back around $520.The primary value here is the 24 months of positive payment history on your credit report, not making money on an investment.
2. What is The Secured Self Visa® Credit Card? (The Revolving Card)
This is a separate, but related, product. The Secured Self Visa® Credit Card is a traditional secured credit card, which is classified as a revolving account on your credit report.How It Works (Using Your Savings as a Deposit)
You don't apply for this card with upfront cash. Instead, you use the money you've saved up in your Credit Builder Account as the security deposit.There is no hard credit check required to get this card once you are eligible.
How to Become Eligible for the Card
You must meet specific criteria before the Self app will let you apply for the secured card:Once eligible, you use $100 from your savings progress as the deposit for the card. Your initial credit limit is usually $100.
3. Summary of Differences and Why It Matters
Using both products allows you to build two different types of credit history simultaneously: an installment loan (the builder account) and a revolving credit card (the secured card). This mix accounts for about 15% of your FICO® score.Here is how the two products differ:
- Credit Builder Account: An installment loan with fixed payments.
- Secured Credit Card: A revolving credit card with flexible payments.
- Credit Builder Account: No lump sum cash needed to start the account.
- Secured Credit Card: A deposit is required (but it comes from your builder account savings).
- Credit Builder Account: One-time admin fee + interest on the loan.
- Secured Credit Card: $0 the first year, $25 thereafter.
- Credit Builder Account: A soft inquiry to open the account.
- Secured Credit Card: No credit check required to order the card (once eligible).
- Both products report to all three major credit bureaus.
The Self products are designed for people who cannot afford an upfront deposit for a secured card or who have very few options due to a very low credit score. You are paying for the service of having positive activity reported to the credit bureaus to help you rebuild your score effectively.
Self - Credit Builder Account + Secured Self Visa® Credit Card
- Apply Now: Intro No Annual Fee with the secured Self Visa® Credit Card^
- If you have an active Credit Builder Account, $100 or more in savings progress and satisfying income requirements you may be eligible to receive the secured Self Visa® Credit Card®, without a hard credit check. Criteria subject to change.
- Build credit and savings at the same time.
- Start with a Credit Builder Account* that reports monthly payments to all 3 major credit bureaus.
- At the end of your plan, unlock the savings you built - minus interest and fees.
- The secured Self Visa® Credit Card is accepted at millions of locations in the U.S.
*Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., First Century Bank, N.A., each Member FDIC. Subject to credit approval. The secured Self Visa® Credit Card is issued by Lead Bank or First Century Bank, N.A., each Member FDIC. See Self.inc for details. Subject to ID Verification. Individual borrowers must be a U.S. citizen or permanent resident and at least 18 years old. Valid bank account and Social Security Number are required. All loans are subject to consumer report review and approval. The Secured Self Visa® Credit Card requires an active Self Credit Builder Account and qualification based on other eligibility criteria including income & expense requirements. Criteria subject to change.
^$0 annual fee for the first year only, $25 annual fee thereafter. Variable APR of 27.99%. Offer valid for new customers only. - CLICK HERE TO APPLY ONLINE
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Experian Boost: A Comprehensive Guide to Boosting Your Free Credit Score
FICO Credit Scores
A credit score is a number generally between 300-850, based on a statistical analysis of a person's credit files. This score represents the credit worthiness of a person. A credit score is assigned to each individual, to rate how risky a borrower he or she is--the higher the score, the less risk the individual poses to creditors. In most cases, your credit score will determine whether you will be approved for a credit card.
What is a Credit Score?
A credit score is a number generally between 300-850, based on a statistical analysis of a person's credit files. This score represents the credit worthiness of a person. A credit score is assigned to each individual, to rate how risky a borrower he or she is--the higher the score, the less risk the individual poses to creditors. In most cases, your credit score will determine whether you will be approved for a credit card.
Credit Score Facts
- Credit Scores range from 300-850, the higher the better.
- Most lenders base approval on your credit score.
- Higher Scores mean lower payments and better deals.
- Higher Scores mean Lower interest rates.
- Scores are determined by 5 main categories:
- Payment History
- Amounts Owed
- Length of Credit History
- Type of Credit Used
- New Credit
Note: Credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card product.
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*See the online credit card applications for details about terms and conditions of credit card offers. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the " Apply Now " button you can review the credit card terms and conditions on the credit card issuer's web site.
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