Austin, TX, Oct. 23, 2019 (GLOBE NEWSWIRE) -- Increasing its investment in helping people build their credit, Self today announces the release of its credit utilization tracker for holders of the Self Visa® Credit Card.
Credit utilization, also known as amounts owed, is so important that it counts for 30 percent of a person’s FICO credit score. Using too much of their available credit, which experts identify as anything above 30 percent of a user’s total credit limit, may indicate someone is overextended. Being overextended could make someone a higher credit risk in the eyes of a lender.
“With thousands of Self Credit Builder Account holders now taking advantage of another way to build credit through Self’s recently-released secured credit card, we wanted to help them manage their new card responsibly,” Self CEO and Co-founder James Garvey says. “Being able to track how much credit they use, and when they should consider paying their balance down, is a pivotal part of that responsible use.”
While most credit card apps show current balance and available credit, they leave the mental math to the consumer. Updated daily, the visualization in the Self Credit Builder app and online uses a simple traffic-light approach to let customers know – at a glance – where they stand on this important metric.
This new feature continues Self’s dedication to transforming existing financial ideas and products into practical tools for the everyday person. It started with the Credit Builder Account, which made credit builder loans available online and via mobile app for the first time ever in all 50 states. In September 2019, the trend continued with the release of the Self Visa® Credit Card, which removes typical credit-card barriers of a hard inquiry and an extra security deposit in favor of more transparent eligibility requirements.
“The credit utilization tracker marks the next phase in how we’re making the path towards building credit a little clearer to follow. We have the opportunity to empower people with tools so they can take back control of their own financial health, and we ultimately want to help people help themselves,” according to Garvey.
About Self
Self is a leading fintech startup with a mission to help people build credit – particularly those who are new to credit or who might not have access to traditional financial products. For more information, visit www.self.inc.
*https://www.myfico.com/credit-education/whats-in-your-credit-score
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