Self Visa Credit Card

[Anonymous]

Enabling credit limit increases is a high priority for us. Unfortunately I don't have a timeline I can share yet or the exact parameters, but we are working on it. Once it's done, we'll announce it to cardholders and update the website.

Holding funds in the CD or a savings account once the credit builder loan is complete is something we've been asked from customers in the past. We are looking at options on that side, too. 

Thanks for your patience and feedback!

[Proudlybasic]

I have the self visa and to be honest I’m not impressed, it’s only reported to on bureau so far (experian) payments take forever to post, I’ve tried to use it on multiple sites and places and it seems to be hit and miss with it working. Today I went to pay for dinner on the card and I had an available balance of over $50 but it only approved $11 worth of my transaction.

I’m going to call on Monday about cancelling the card. It’s my only active cc at the moment but the headache isn’t worth it. If I can’t cancel it I’m just going to sock drawer it and wait till my loan is up.

[Anonymous]

It takes overnight for most stuff to post from what I have seen. One point in time we used to have to keep our check books balanced, I just do what I did back then just keep a rounded up ledger in my head. 

It is not self that is not reporting it, transunion is slow in general. Everything from disputes to reporting seems to take longer on TU.

Why not pay it off, keep it live and throw it in the sock drawer? Or put it in a block of Ice in the freezer?

[Proudlybasic]

I’m used to overnight posting or even 2-3 days for posting but my last payment took 6 days to post and another 2 days for available credit to update.

I’m aware TU takes foreveeer to update but still not posted to Equifax?

It’s just my experience and $0.02 and it’s my first cc in the subprime world after having had a wallet full of Citi, AmEx, and Discovers so maybe my expectations are off but I haven’t been too thrilled with it

[Anonymous]

Oh yea subprime cards are basic as hell. My advise is use it for netflix or spotify subscriptions only and have it Autodraw out of you account leave the card in you drawer. It auto builds for you

[Proudlybasic]

Yeah I’m learning that the hard way about these subprime cards, I used to pay absolutely everything on credit cards and then pay my cc off just before the statement and the rewards were amazing, I’ll get back to that point someday but in the meantime I’m just gonna pay the card off and most likely cancel it, have the money returned to my CD and forget it. I’ve had more luck with my money lion loan and they’re supposed to open a credit card (unsecured) up soon.

[Anonymous]

Thanks for your feedback about the card. We know there are areas we need to improve to meet our customers' expectations. We report to all three credit bureaus in the first few days of each month. The Self card is still relatively new (launched in September) and each bureau has its own way of handling new credit lines, which may be part of the reason you see variability in which bureaus are showing the card. We are also working on improving the timeliness of transaction and balance history.

[d170]

Wondering it that is something Self Lender would be considering in the furture?  Otherwise, what happens when a person outgrows the secured card?  Closed tradeline to receive their deposit back?  If it was just a couple hundred dollars, some could eat that.  But, in another forum, people have said they have 1,500 loan option.  

[Anonymous]

You raise good questions. We recognize that most people don't want to have their security deposit allocated indefinitely, so we are considering graduation options (and invite suggestions from this forum). On your point about the larger loan sizes, since customers have the choice about how much of their credit builder account savings progress to use as the security deposit for the credit card, no one has to commit the full amount of their credit builder account to secure the card.

[mrmagic9799]

Actually there is a $25AF