BrightWay Mastercard from OneMain

[numlock]

Does anyone have any experience with BrightWay Mastercard from OneMain I've recently received a pre-approval letter from them and I was just wondering if it was a good idea I am trying to rebuild credit I already have. Capital One Platinum, Discover it recently became unsecured and I'm about to get a another secure card from Capital One

[Linnaea]

Following 

[JoeRockhead]

Really depends on which card you're talking about. The regular Brightway has generally had low credit lines with high APR and a high AF compared to the SL. The + version can go up to a $3k SL with no AF... 

You seem to be doing just fine having had a Discover go unsecured and a Cap One.... What are your FICO scores and profile look like?

[numlock]

I was talking about the non-plus version but I know after 2 years you automatically go to that version of the card if you meet certain criteria. My credit score is around 630-600 and I have 4 open collections from like 5 years ago total debt is around 4K and I recently just got financed for a car so that should help me with credit score I know ultimately I need to pay down those debts 

[JoeRockhead]

Just my opinion, I wouldn't recommend adding another credit card right now as it isn't going to help your credit. It's likely to hurt your scores and hold you back. You're doing well to focus on getting your debt paid down. Keep your reported usage down on the cards you have, pay your bills on time and see where your scores are in the next 4 to 6 months. 

[Kforce]

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@JoeRockhead wrote:

Just my opinion, I wouldn't recommend adding another credit card right now as it isn't going to help your credit. It's likely to hurt your scores and hold you back. You're doing well to focus on getting your debt paid down. Keep your reported usage down on the cards you have, pay your bills on time and see where your scores are in the next 4 to 6 months. 

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^^^^ This

[Blender]

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@numlock wrote:

I was talking about the non-plus version but I know after 2 years you automatically go to that version of the card if you meet certain criteria. My credit score is around 630-600 and I have 4 open collections from like 5 years ago total debt is around 4K and I recently just got financed for a car so that should help me with credit score I know ultimately I need to pay down those debts 

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I believe your scores will hover within a small range of where you're at now for 2 more years until those collections are gone. No matter what you do or add. Its discouraging to hear, but thats how it goes. My COs were removed this year and for 3 years I followed my credit it didn't move outside of 10 points and adding new cards hurt my score, just as JoeRockHead stated.