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Selflender Credit card (no credit check)

SweetCreditObsession
Valued Contributor

Re: Selflender Credit card (no credit check)

Never heard of it, thanks for the information. 



(+76) | (+92) | (+124) | TU Fico 9: 704 | Exp Fico 9: 737

Goal: Min. 740 w/all CRAs - Met
Next Goal: Amex BCE
Subsequent Goal(s): Min. 780 w/all CRAs
Gardening Until: ??/??/202?| Last App: 7/21/2021
Message 31 of 43
Rebuild2022
Super Contributor

Re: Selflender Credit card (no credit check)


@Extra_Credit 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 ?

Gardening since 08/2020
Message 32 of 43
BmoreBull
Established Contributor

Re: Selflender Credit card (no credit check)

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.



Starting Fico Scores:November 2019

Current Fico Scores: January 6, 2021
Goal Scores: 700 across all three
Message 33 of 43
Rebuild2022
Super Contributor

Re: Selflender Credit card (no credit check)


@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.

Gardening since 08/2020
Message 34 of 43
BmoreBull
Established Contributor

Re: Selflender Credit card (no credit check)

@Rebuild2022 Sorry, I misunderstood your question.



Starting Fico Scores:November 2019

Current Fico Scores: January 6, 2021
Goal Scores: 700 across all three
Message 35 of 43
James_at_Self_Financial
Valued Member

Re: Selflender Credit card (no credit check)

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. ...

CEO and co-founder @ Self Financial
Message 36 of 43
Rebuild2022
Super Contributor

Re: Selflender Credit card (no credit check)


@James_at_Self_Financial 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 @James_at_Self_Financial 
Gardening since 08/2020
Message 37 of 43
jjwilder
New Visitor

Re: Selflender Credit card (no credit check)

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. 

Message 38 of 43
James_at_Self_Financial
Valued Member

Re: Selflender Credit card (no credit check)

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/

  1. The amount you choose will equal the initial credit limit on your card. You would choose what portion of your Credit Builder Account savings progress (minimum $100) is used to secure your card. As you continue to make your monthly payments towards your Credit Builder Account, you will be notified when you become eligible to increase your credit limit. 
  2.  If you have an open credit card with us when you complete your Credit Builder Account, the funds used to secure your card’s credit limit will continue to be held by Self in a secured CD. Your credit card will not close just because your Credit Builder Account is completed.
  3. Once you’ve completed a Credit Builder Account, you can start a new one as soon as the next day! You will still be able to increase your credit limit on your secured credit card with a new Credit Builder Account.
CEO and co-founder @ Self Financial
Message 39 of 43
Rebuild2022
Super Contributor

Re: Selflender Credit card (no credit check)


@James_at_Self_Financial 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 ?

Gardening since 08/2020
Message 40 of 43
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