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Never heard of it, thanks for the information.
@Anonymous wrote: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).
It is been a while since I read this post. Does any know if this card is reporting to all 3 CRAs as a new Credit Card besides the installment loan? Is it reporting as Secured or Unsecured Credit Card ?
I don't know if it reports to all three bureaus as I don't have a self loan. But from my understanding, the CRA's can't tell a secured card from an unsecured card. My Discover and Capital One are both secured. But they just show up as accounts that I have with those banks.
@BmoreBull wrote:I don't know if it reports to all three bureaus as I don't have a self loan. But from my understanding, the CRA's can't tell a secured card from an unsecured card. My Discover and Capital One are both secured. But they just show up as accounts that I have with those banks.
Thanks. I am curious if it is reporting to CRAs as a Credit Card in addition to the Installment Loan that is already reporting.
@Red1Blue Sorry, I misunderstood your question.
We do report the Self credit card as a revolving credit line to all three credit bureaus. So as a customer has both the Credit Builder Account and the card, there are two lines being reported: one installment and one revolving. ...
@Anonymous wrote:We do report the Self credit card as a revolving credit line to all three credit bureaus. So as a customer has both the Credit Builder Account and the card, there are two lines being reported: one installment and one revolving. ...
Good to Know. Thanks @Anonymous
I have a couple questions that I am curious about.
1. So my credit limit is locked to what I choose when I first accept the card.
2. What happens when my loan is totally paid off.
3. Can i roll over the paid off loan into a new loan amd take the secured card with it.
Here is what I am protecting against. I dont want a card with a $150 CL. I dont want a card that closes when my loan is paid off. If I am going to use the product, I almost rather take a larger loan.
In the future I would love to see a 50/50 product. Like offer a $1000 loan, pay $500 up front and pay $500 over next two years and have a $500 CL out the gate with a chance to get CLI at end of year 1 attached to the loan.
Hi, I’m happy to answer any questions you have. To be eligible for a Self Visa Credit Card, you must first meet a few requirements. You can find these eligibility requirements are further information about our credit card here: https://learn.self.inc/lpg/click-through/self-card-education-1/
@Anonymous wrote:Hi, I’m happy to answer any questions you have.
I am not sure if this information is avialble or not. May I ask what is the annual fees on the credit card and what is the interest rate charged on the credit card purchases ? Is there any grace period for the purchases made on the card ?