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Regular Contributor
Posts: 194
Registered: ‎01-26-2013
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OneMain Financial

I have been getting pre-approvals from OMF for a personal loan off and on for the past several months. Knowing off hand and from checking on their website, they are part of Citigroup.

 

I'm not looking for any loans any time soon, but I may look into getting a credit card from Citi sometime in the future. Does anyone know whether or not this pre-approval increases my chance of getting approved for a Citi CC? I know they are two different products, but seeing how they can pre-approve me for a $7,000 loan, why not for a CC? Are they connected somehow or am I wrong in assuming this?

 

I'm not looking into applying now or anytime soon, but just curious if there is a link between the two.

 

Thanks in advance.

Discover IT: $17k | Chase Freedom Visa Sig: $5k | CSP Visa Sig: $7k | AMEX BCE: $20k | BankAmericard Cash Rewards Visa Sig: $5,4k | Citi Double Cash: $3,6k | Cap1 QS Visa Sig: $6k | Chevron: $3,5k | Macy's Store: $4,2k; Macy's AMEX: $6k | Kohl's: $2k | Best Buy: $500
TU FICO: 745 EQ FICO: 733 EX FICO: 733 (As of 10/30/14)

Established Contributor
Posts: 662
Registered: ‎02-20-2013
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Re: OneMain Financial

OneMain is no longer part of Citi and will not in anyway increase your chances of getting a card with them. OMF also charges astronomical APR's for thier loans. Do not bother with them.


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Regular Contributor
Posts: 194
Registered: ‎01-26-2013
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Re: OneMain Financial

Ah, ok. Thanks for the info. I wasn't aware they weren't part of Citi anymore. I wonder why their website still indicates that they are?

 

But yes, I will never get a loan from them. I like to do my research before I jump and apply for anything. TONS of bad reviews and someone even got charged a 35.99% APR for a $2,000 loan :smileysurprised: They also charge you the interest of your loan upfront, so there's no use trying to pay it off early if you wanted to.

Discover IT: $17k | Chase Freedom Visa Sig: $5k | CSP Visa Sig: $7k | AMEX BCE: $20k | BankAmericard Cash Rewards Visa Sig: $5,4k | Citi Double Cash: $3,6k | Cap1 QS Visa Sig: $6k | Chevron: $3,5k | Macy's Store: $4,2k; Macy's AMEX: $6k | Kohl's: $2k | Best Buy: $500
TU FICO: 745 EQ FICO: 733 EX FICO: 733 (As of 10/30/14)

Established Contributor
Posts: 662
Registered: ‎02-20-2013
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Re: OneMain Financial

Well legally they are, but CITI has been searching for a buying for a while now. they are not developing that business segment and are just looking for someone to buy it, hence the terrible products they offer.


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Established Contributor
Posts: 955
Registered: ‎02-02-2013
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Re: OneMain Financial

One Main Financial is a nightmare from what I have read about them.

 

Stay away!!  Nothing good will come of it. 


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Senior Contributor
Posts: 6,242
Registered: ‎08-16-2012
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Re: OneMain Financial

Ive read horrible things too!! Avoid!
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Valued Contributor
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Registered: ‎09-20-2011
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Re: OneMain Financial

One top of everything bad already listed they are considered a CFS and will ding your FICO a bit by having a loan through them.

Valued Contributor
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Registered: ‎01-20-2011
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Re: OneMain Financial


boomhower wrote:

One top of everything bad already listed they are considered a CFS and will ding your FICO a bit by having a loan through them.


+1

 

OP: This is critical. CFS will hurt you for many years. Upto 10 years after the loan closing date.

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Regular Contributor
Posts: 194
Registered: ‎01-26-2013
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Re: OneMain Financial


vish1 wrote:

boomhower wrote:

One top of everything bad already listed they are considered a CFS and will ding your FICO a bit by having a loan through them.


+1

 

OP: This is critical. CFS will hurt you for many years. Upto 10 years after the loan closing date.


Don't worry, I am NEVER getting a loan through them :smileywink:

 

I was just interested in seeing if getting pre-approved with them increased my chance of getting approved for Citi's CCs. Looks like no, since they are no longer part of Citigroup.

 

Discover IT: $17k | Chase Freedom Visa Sig: $5k | CSP Visa Sig: $7k | AMEX BCE: $20k | BankAmericard Cash Rewards Visa Sig: $5,4k | Citi Double Cash: $3,6k | Cap1 QS Visa Sig: $6k | Chevron: $3,5k | Macy's Store: $4,2k; Macy's AMEX: $6k | Kohl's: $2k | Best Buy: $500
TU FICO: 745 EQ FICO: 733 EX FICO: 733 (As of 10/30/14)

Established Member
Posts: 13
Registered: ‎05-26-2012
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Re: OneMain Financial

can somebody explain why having a consumer finance company is bad for your credit?


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