There are a few minimum requirements you must meet in order to become eligible for the Self Visa® Credit Card. They have nothing to do with your credit score. Rather, they are internal processes you must go through in order to qualify. First, you must have an active Credit Builder Account which is at least 3 months old. You must have made at least 3 monthly payments in full and on time. Another requirement is that you reach at least $100 in savings in this account (after interest and fees). One of the Credit Builder Account options only requires you to deposit $25 a month, so this might take 4 months instead of 3. Once you meet these requirements and have your Credit Builder Account in good standing, you are eligible for the card.

The Credit Builder Account works as a credit builder loan. In this account you make small installment deposits which it holds in a Certificate of Deposit (CD) at one of Self’s partners. When you join Self and open your Credit Builder Account you will pay a one-time, non-refundable $9 administrative fee. Once you have the account, Self’s banking partners will lend you a small loan which they hold onto until you have paid it in full. Then, in the next month, you will start repaying the loan by making equal payments over a set term, both of which you select upon opening the account. Your payment history is reported monthly to the three major credit bureaus, which contributes to your FICO score. Once you have paid off the loan, you will be able to withdraw your funds (minus fees and interest).