topic Re: Selflender Credit card (no credit check) in Rebuilding Your Credit

Selflender Credit card (no credit check)

Anonymous — Thu, 10 Oct 2019 20:35:04 GMT

I don't know if it's new or if I just never heard about it before, but Selflender offers a credit card that is secured by your installment loan payments to them. There is no credit check for the credit card. Even when your installment loan is paid off, the card stays active. It's an excellent way for someone with bad or no credit to get a credit card (without a hard inquiry).

Re: Selflender Credit card (no credit check)

Anonymous — Fri, 11 Oct 2019 02:09:55 GMT

I have an installment loan with them but I can’t find the credit card you mentioned. I must be overlooking it somewhere throughout the website.

Re: Selflender Credit card (no credit check)

Anonymous — Fri, 11 Oct 2019 04:30:23 GMT

Looks like it’s a secured card called Self Visa. https://www.nerdwallet.com/blog/credit-cards/self-visa-secured-credit-card-details/

Re: Selflender Credit card (no credit check)

Brian_Earl_Spilner — Fri, 11 Oct 2019 04:42:00 GMT

It's not just the card, I had it happen with my pre-qualifiied credit line. For example, I was pre-qualified for $1000. I wanted to buy something that had a 0% offer. I was approved for the 0% offer, but didn't use my entire pre-qualified line of $1000. There was no hard inquiry and the unused portion was still available for use. As I paid the loan, the available credit was increased by each payment amount. My account with them is basically acting like PayPal credit at this point. It could be a fluke, but I'm not planning to take any new loans to test it.

Re: Selflender Credit card (no credit check)

Anonymous — Fri, 11 Oct 2019 05:02:34 GMT

I've had an account with them for 6 or 7 months now (with a small $25 per month payment). Maybe after so many payments, they send the invite for the card. I hadn't heard that they had one prior, but all the sudden, they provided a link, and in seconds, they said the card was on the way. It'll lower my ave age of accounts, but also build my payment history up quicker, over time. Just my take on it. They also said the min credit limit was $100, so you have to have at least that much paid into it (my limit's a tiny $150). Still seems like a good rebuiding tool, as far as payments.

Re: Selflender Credit card (no credit check)

Anonymous — Fri, 11 Oct 2019 05:06:25 GMT

Re: Selflender Credit card (no credit check)

financialfreedom777 — Thu, 26 Dec 2019 03:01:10 GMT

Yup, its true! I just ordered my card yesterday. Its a no brainer for secured card. Wish there were more like these!

Good luck on your rebuilding journey, I’m looking at a very strict 2020. Intend on doing a 360 with my credit 💪🏽

Re: Selflender Credit card (no credit check)

Anonymous — Sat, 28 Dec 2019 05:27:55 GMT

You have to be in good standing and have at least 100.00 in your account.

Re: Selflender Credit card (no credit check)

d170 — Sat, 28 Dec 2019 05:41:21 GMT

My only thought is, what happens when you've outgrown this card and want to close it? Does anyone think this card would graduate to an unsecured option at some point? I see Self Lender/Card spoken highly of and in a facebook group someone said they had 1,500 loan with them. That seems like a like on a secured card that might now grow into something better.

Re: Selflender Credit card (no credit check)

financialfreedom777 — Sun, 29 Dec 2019 01:52:18 GMT

.@d170 unfortunately it doesn’t graduate. But for those (like me) who have no other option for a cc, its a great rebuild or starter card

Re: Selflender Credit card (no credit check)

Anonymous — Mon, 30 Dec 2019 18:09:31 GMT

We don't yet have a graduation option, but we are considering it and invite input.

Re: Selflender Credit card (no credit check)

GApeachy — Mon, 30 Dec 2019 18:35:21 GMT

@Anonymous wrote:
We don't yet have a graduation option, but we are considering it and invite input.

What is self lender loan? (Neat that you're on here)

eta: nevermind, I found posts to read.

Re: Selflender Credit card (no credit check)

Anonymous — Mon, 30 Dec 2019 18:58:53 GMT

Our credit builder loan is a secured installment loan with the purpose of creating an opportunity for people to establish or rebuild credit by creating positive payment history. Your monthly payments are reported to all three credit bureaus while the principal gets saved in a bank deposit account. Instead of receiving the loan proceeds up front, you get them at the end of the term (minus interest and fees). The impact will vary depending on a person's unique situation and how they manage their payments, but typically people are choosing it when they're new to credit or are rebuilding and don't have an installment loan in their credit mix.

Re: Selflender Credit card (no credit check)

GApeachy — Wed, 01 Jan 2020 22:39:33 GMT

@Anonymous wrote:
and don't have an installment loan in their credit mix.

eta: Did a chat and this is something I will look into for dil.

Re: Selflender Credit card (no credit check)

financialfreedom777 — Wed, 01 Jan 2020 22:29:29 GMT

@Anonymous wrote:
We don't yet have a graduation option, but we are considering it and invite input.

OMG really? That would be super cool! This is now my 2nd secured loan with you guys and I just ordered my secured card. Graduation would be WONDERFUL! Please keep me posted!

Re: Selflender Credit card (no credit check)

texasguppie — Sun, 05 Jan 2020 01:36:04 GMT

The ability to increase my credit line against my savings would be nice...

Re: Selflender Credit card (no credit check)

Anonymous — Sun, 05 Jan 2020 04:14:27 GMT

James,
A path to graduation would really boost interest in Selflender and would provide you with free marketers for your services, as you could see on this forum if you search for "graduation". It would probably give you a chunk of Discover's market share (also, I don't see them on here talking to customers). There are hundreds, if not thousands, of threads on this forum (read daily by many) that have people suggesting that rebuilders should look for cards that graduate.

Have you rolled out CLI requests yet for existing card holders as their total savings build in their CD? A colleague of yours mentioned you guys had it in the works a month or two back.

Re: Selflender Credit card (no credit check)

Anonymous — Mon, 06 Jan 2020 17:18:37 GMT

Thank you for the feedback on graduation! On CLI requests, we are working on it. Unfortunately I can't publicly share an exact availability date, but I will update this thread when it's available.

Re: Selflender Credit card (no credit check)

Anonymous — Thu, 23 Jan 2020 16:09:20 GMT

Updating this thread that we are now taking CLI requests via our customer success channels: help@self.inc, chat on the website or by calling 877-883-0999. I'll caveat that right now your fastest approach is chat. Our team does need to be able to identify that you are the account holder. Increases are still secured by your savings progress on the credit builder account.

Re: Selflender Credit card (no credit check)

Anonymous — Mon, 27 Jan 2020 20:46:02 GMT

Hello @james_at_selflender!

I think it's awesome and unique that you are vested in the company to be on this thread.

I currently have an invite for the Self secured credit card. I haven't made the decision to move forward with the card, as I currently have one secured card and am unsure if I want another secured card. However, if there was an option for the card to graduate, there'd be no second guessing, and I'd have the card sent pronto!

Best,