BrightWay Mastercard from OneMain

[vinblastine]

Received a pre-approval for up to $500 with a $65 AF. If you hit 4 milestone's they offer the plus card with no AF. There is no info on this card and I have not applied. Maybe they will send a better offer later when my credit improves.

I'm thinking those milestones are unattainable.

[FinStar]

I'm assuming this product is targeted toward builders or rebuilders? 

Based on the info posted on their website "We’re offering access to a limited number of cards right now, but will be expanding soon."

https://www.onemainfinancial.com/legal/brightway-rewards-terms-and-conditions

[vinblastine]

Yes, I'm a rebuilder.

[SUPERSQUID]

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@vinblastine wrote:

Yes, I'm a rebuilder.

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I got a similar mail offer from Best Egg recently, I guess the loan companies are branching out to credit cards.

[FireMedic1]

Without knowing all your FICO stats. $65 AF is almost half of what you could put towards a secured Discover that will graduate or the 2 new secured cards from US Bank which also graduate. Put a couple hundred on those cards if approved. Try to aviod if you can those high AF cards first.

[vinblastine]

I agree that the AF is too high. I have Ollo, Mission and Cap1 with no AF. Highest limit Cap1 at $4000. I suspect that I got on OneMain's list because I did a prequal for one of their loans. My scores are high 500's.

[FireMedic1]

Well you got the 3 cards needed for the FICO bonus to help build for better cards. No need for that thing. Any loans?

[vinblastine]

A $2000 personal loan from DCU. $225K home loan and $40k equity loan. Value about $525k. $15k car loan. About $8500 take home mo.

[FireMedic1]

Cool. Let what you have grow some and build more history and age. Its a good start. You can try the prequal with Discover. For me once I hit the 700 mark. Thats when it was much easier getting the better cards out there. Least the ones that would approve me with a BK.

[vinblastine]

I decided that I would take that ride with Brightway and applied. $500 SL and a $65 AF. I will try and hit those milestones and get the no AF card later. This text from their disclosures. "Your Purchase APR can be reduced to no lower than 19.99% and your Credit Limit can be increased to no greater than $15,000". I think more potential than my Capital one cards.