You can make a OneMain Financial BrightWay Card payment by phone, through the BrightWay mobile app, by mail or at a branch. To pay a OneMain Financial BrightWay Card bill on the BrightWay app, log in to your account on the app and tap the payment button. Then, choose how much to pay, when to pay it, and where the payment is coming from. BrightWay does allow cardholders to set up automatic payments, too.
Ways to Make a OneMain Financial BrightWay Card Payment
By phone: Call 1 (866) 207-9130 and enter your card information when prompted, then follow the prompts to make a credit card payment.
Through the mobile app: Log in to your account and select your card, then tap “Make Payment.”
By mail: Send a check or money order (but not cash) to the mailing address on your billing statement. Make sure to send it early enough that it will arrive by the due date. Write your credit card number on the check, too.
At a branch: You can make a payment at any BrightWay branch during normal business hours.
Yes, OneMain Financial does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
OneMain Financial's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the … read full answercredit score simulator on WalletHub.
It's worth noting that some people may be uncertain about whether OneMain Financial does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.
If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include Opploans, Integra Credit and NetCredit.
Unpaid credit card debt will drop off an individual’s credit report after 7 years, meaning late payments associated with the unpaid debt will no longer affect the person’s credit score. Unpaid credit card debt is not forgiven after 7 years, however. You could still be sued for unpaid credit card debt after 7 years, and you may or may not be able to use the age of the debt as a winning defense, depending on the … read full answerstate’s statute of limitations. In most states, it’s between 3 and 10 years. After that, a creditor can still sue, but the case will be thrown out if you indicate that the debt is time-barred.
Here’s what happens to unpaid credit card debt after 7 years.
Possible lawsuit: As long as the statute of limitations period is open, a company has the right to sue you for unpaid debt, and you won’t be able to use the age of the debt as a valid defense. If the debt collector wins the lawsuit, that judgment will stay on your credit report for 7 years after it’s filed. After the lawsuit, debt can be collected through wage garnishment and through the (mandated) sale of your assets. And depending on the state, interest will continue to accrue until the debt is paid. It is also technically possible to receive jailtime as a punishment for failure to pay your debt. While you cannot be sent to jail for not paying civil debt (including credit card debt), you can receive jailtime for failure to pay a civil fine assessed when your creditor takes you to court.
Negative reflection on credit report: If you are 30+ days late on a credit card payment, the late payment will be reported to the credit bureaus and stay on your credit report for 7 years. Similarly, if you are 120+ days late making payments, the lender will write the debt off its books. This is called a “charge-off” and the credit card account will then be reported as “Not Paid as Agreed.” Charge-offs will stay on your credit report for 7 years as well.
Credit score damage lessens with time: When late payments and charge-offs appear on your credit report, they have a negative impact on your credit score. Just how badly they affect your credit score depends on your overall credit health. It’s possible for one late payment to cause your score to drop by as much as 80 – 100 points. Once a charge-off is reflected on your credit report, you can expect your score to drop by as much as 110 points; the majority of this drop comes from the late payments.
You aren’t off the hook for unpaid credit card debt after 7 years. If you are still within your state’s statute of limitations, you may want to work with debt collectors to settle the debt rather than risk being sued. You do run the risk of resetting the clock on statute of limitations if you do so, so you should consider your options carefully. If you choose to contact your creditor, you may be able to pay less than what you owe or work out a payment plan. However, if the debt collector wins a lawsuit against you, it could result in wage garnishment or the forced sale of your assets. You can read some tips in our guide on How to Pay Off Credit Card Debt.
The best time to pay a credit card bill is a few days before the due date, which is listed on the monthly statement. Paying at least the minimum amount required by the due date keeps the account in good standing and is the key to building a good or excellent credit score. That’s true for everyone, but some people might want to take things a step further, particularly cardholders carrying balances from month to month and people with high credit utilization.… read full answer
If you have a credit card balance that you carry from month to month, it’s best to pay that credit card’s bill as soon as the monthly account statement becomes available. This will save you money on interest. Paying the card’s monthly bill in full for two consecutive months will also reduce your interest charges by reinstituting your account’s grace period. Instead of purchases beginning to accrue daily interest charges right after you make them, you will have a window between when your monthly statement becomes available and when your bill is due to pay with no interest.
If the balance listed on your monthly credit card statements consistently equals more than 30% of the card’s credit limit, consider paying your bill multiple times per month. Paying once in the middle of the month and again before the due date will reduce the balance listed on your statement. That, in turn, will lower your credit utilization, which should help your credit score.
Here’s a quick example: You have a credit card with a limit of $1,000. You charge $500 to it, using up 50% of your credit. Then, you make a payment of $300 before the billing period closes and your statement is generated. That brings your statement balance to $200 and your utilization to 20%. Paying off the final $200 before the due date then keeps your account in good standing.
Here’s when to pay a credit card:
If your credit utilization is 30% or less and you pay in full every month, pay your credit card bill by the due date listed on your monthly account statement.
If your balance is more than 30% of your credit limit, pay your credit card bill before the billing period closes to reduce your credit utilization, then pay the remaining balance by the due date.
If you’re carrying a balance from month to month, pay off your full credit card balance as soon as possible to save on interest.
It’s a good idea to set up automatic payments with your credit card issuer so you don’t have to worry about when to pay your credit card bill. Doing so will automatically make a payment from a linked bank account every month on the due date, or a day of your choice before that. You can’t be marked late unless your account has insufficient funds. And even with automatic payments set up, you can still make additional payments any time you want.
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