Silicon Valley Fintech startup SelfScore has unveiled the first dedicated MasterCard credit card designed for international students in the U.S.
By utilizing unique analytics and robust data sets including a borrower’s education, source of funding, and career prospects, SelfScore identifies creditworthy international students who are otherwise labeled as “thin-file” or “no-file” credit seekers.
This credit card is the first in a series of products introduced by SelfScore to meet the financial needs of students overlooked by the traditional FICO scoring model.
SelfScore is the latest in a string of fintech startups like Simple and SoFi creating financial alternatives catering to the millennial population.
Over one million international students in the U.S. have no credit history and are considered high-risk customers by existing scoring models. Citing their $31 billion investment into the U.S. economy as well as international student success stories like Google CEO Sundar Pichai and Microsoft CEO Satya Nadella, SelfScore’s confidence in this population is its calling card.
The SelfScore MasterCard is a credit card with no annual fee, no security deposit, and no U.S. credit history required. This is similar to introductory credit cards that American citizens can easily obtain. Customers can manage payments and view their account balance via an online dashboard. Credit limits for new users are available up to $1,500.
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