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in this video we're going to review what the self visa credit card is and whether or not you should get it if you have bad credit or are looking to improve your credit or you're just looking for a credit card this video is for you if you haven't seen my video on self lender make sure to check that out as well real quick for those that don't know self or self lender is a fintech company that allows you to open a credit builder account which is another name for a credit builder loan so basically you're taking out a small loan in your name instead of the funds being readily available to you the money is held by itself in the form of a secured loan then you're going to make monthly payments to pay that pay off that loan those monthly payments will be reported to all three credit bureaus which will help you build your credit score after the 12 or 24 months when your loan is finally paid off then you can withdraw those funds essentially it's a way for you to build credit and save a lump sum amount of money all right so what is the self-visa credit card and what makes it different from other credit cards well the cool thing about the sell visa credit card is that anyone who joins self can get it now self understands that people who join the actual platform are in need of help so they approve everyone who needs a secured credit card after you've made three monthly payments and have at least 100 or more in savings here's a quick clip that explains how the credit card works what really sets the self card apart there's no hard credit inquiry no additional upfront deposits and you can use your card anywhere in the us visa is accepted to become eligible for the card first sign up for a credit builder account with self next reach at least one hundred dollars in your savings progress and by making your last three monthly payments on time and have no outstanding fees from there choose how much of your savings you want to use for your security deposits how much you choose will also set your credit limit with self you can use your money and keep building that credit for more visit self.inc okay so quick recap you're gonna choose your credit limit then you're gonna order your card then activate your card and then you've got yourself a credit card okay so you may be wondering what are the benefits and why should i get the card well most importantly to you it's going to help you build your credit score further it's going to increase your credit limit and increase the amount of on-time payments which accounts for 35 of your credit score it's also no additional money up front you're securing your credit card from your monthly payments on your credit builder account this does mean that you'll have to open a self credit builder account before you can receive the credit card lastly you're automatically approved after three monthly payments meaning there's no hard inquiries put on your credit report you won't get denied like other companies may have if you have a secured card for having below average credit okay so another point of confusion for people is that they wonder what's the difference between a self visa credit card and other secured credit cards with the self credit card you're automatically approved so there's no credit check or hard inquiry you don't really apply for the card you just become eligible with other secured cards you will receive a hard inquiry and there's a good chance you'll get rejected even if you have a secured card if you end up having poor credit the one reason some other secured cards are better than the self card is that they may offer like a one percent or two percent cash back on spending now that's not a huge deal considering you aren't getting the secured credit card uh for huge spending but rather you're looking to build your credit history and your on-time payments lastly with the self-card you won't have to make a deposit because you'll already be making those monthly payments into your self-builder account with other secured cards um you're likely going to have to deposit 200 to a thousand dollars before you can actually use the card now there's no right or wrong when it comes down to which one you should choose but if your credit score is under let's say it's about a 650 self may be the better option for you until you raise your score a little bit higher because you won't get rejected okay so let's run through some frequently asked questions and clear up any confusion there may be do i have to get a self-visa credit card no you do not you can just open a self builder account and work on building your credit history and your credit score without getting the credit card another question is does my credit card close after i'm done making monthly payments on my credit builder loan and the answer to that is no you can keep the credit card open just like any other credit card however the amount that you withdraw will depend on what your credit card limit is for example if you've opened a credit builder loan account and it's totaled seven hundred dollars and your credit card limit is four hundred dollars you can withdraw three hundred dollars because you have to keep that four hundred dollars with self for your secured card i suggest that you contact self and raise your credit card limit to 700 instead of withdrawing any money at all if you want to do this make sure that you contact self immediately after your last payment because i believe that you have five days after your last payment before they actually send back your money to you now it's gonna look better on your credit report having a higher credit limit and you'll be able to spend a little bit more without running up your utilization because you won't be maxing out your credit limit meaning if you have a 400 credit limit on the card you should never try to spend over a hundred dollars having a higher credit limit will allow you to spend a little bit more lenders do not like to see you maxing out your credit score every month all right is there a hard inquiry to get the self visa credit card the answer that is no there is no hard inquiry to get the self card how much will my credit improve by using self's credit card the self credit card could help you improve your credit but it depends on how you use it and what else is happening in your unique credit history results vary and in general though the self-credit card like any other credit card affects three major parts of your credit score the amounts you owe the average age of your accounts and the payment history does self-financial offer guaranteed approval for its secured credit card well no they say they can't guarantee you'll become eligible for the card but once you meet eligibility requirements the choice is yours whether you want to open the sell visa credit card account so basically they're saying that you don't really have to apply for an account but once you become eligible after you've made three monthly payments you become eligible so you automatically get it at that point if you want it can i be denied for self-secured credit card the answer is no like we just said you cannot be rejected or turned down because there isn't an application process like other credit cards instead you just meet eligibility criteria and once you meet that criteria you choose if you want to open the card or not how do i apply for the sell visa credit card well first you must have an open and active self credit builder account then you have to meet the eligibility criteria mentioned above okay so what is the credit limit for the self-secured card the minimum credit limit you can do is a hundred dollars but i suggest increasing that limit a little bit higher if you're able to can i increase my credit limit once i have the self-secured credit card absolutely you'll have the opportunity to do this as soon as you start making those payments to your credit builder account and you keep your account in good standing it's really not that tough just make your monthly payment on time can i get self's secured credit card if i have bad credit or poor credit yes this is the awesome thing about self the whole mission of self financial is to help people build credit and save money this secured credit card was designed for people whose credit is bad or poor as defined by fico so we're looking at maybe even like in 500 credit score and it's meant to help to be another tool for you to help use um to work on improving your credit so can i use self-secured credit card to establish my credit history if i have no credit history yes in order to get the access to the credit card you need to have an active credit builder account in good standing like we've already talked about which takes three months it's okay if you have no credit when you open the credit builder account it's meant to actually help you establish your credit history so by the time that you become eligible for the visa credit card you'll already have established credit history three months of payments by simply making those sell credit builder account payments on time the credit card is meant to be another tool to use to build your credit history in addition to that self builder account is the self visa credit card a prepaid card no it may seem like a prepaid card but it's not because there's no security deposit and prepay cards are actually very different you can see uh the blog post on self and i will post a link in the description below if you'd like to read this what is the minimum deposit for a self-secured credit card the minimum security deposit is a hunter like we've discussed earlier does the self-secured credit report our card report to all three credit bureaus yes the sell fees to credit card does report to all three major credit bureaus in the us all right so that pretty much sums up the sell visa credit card i hope you found this video helpful and if you have any other questions let me know these videos take a lot of time to make so please make sure to leave a like and hit that subscribe button for more videos on credit cards and increasing your credit score i'll also leave a link in the description below to join self for free if you have any interest in joining self credit builder account or the credit card thank you so much for watching and we'll see you in the next video you