If you're opening a self credit builder account, there are a few requirements you need to fulfill. These include being 18 years of age and a permanent resident of the U.S.
You'll also need a valid Social Security number & a bank account or debit/prepaid card. If you don't have these, you could be pay as debit/prepaid cards require administrative fee
In addition, you will pay a one-time, non-refundable administrative fee. You'll then receive a small loan, which is held in a FDIC-insured certificate of deposit.
The term of the loan is typically 12 to 24 months. Self-reports your payment activity to the major credit bureaus, so you'll have a positive payment history.
The purpose of the Self-Credit Builder Account is to build your credit while saving money for emergencies. It is a great way to start building credit,
By making on-time payments, you'll gradually increase your credit score. In some cases, you might even qualify for a credit card with this account.
A Self-Credit Builder account requires you to make your monthly payments on time. Your goal is to make at least $100 per month in payments.
This will allow you to open a Self-Visa credit card. Using the self-created credit account as a deposit will help you establish your good credit.