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OneMain estimates that there is a $430 billion market for credit card customers with “near prime” (aka subprime, but not too “sub”) credit


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I concur on this issue. So many people, including myself, who are rebuilding, are automatically denied by a lot of issuers simply because of the presence of even one default, no matter how old it is or if it’s paid. I feel like there’s a huge gap between prime cards like Chase and AmEx, versus Credit One and secured cards. I think financial institutions like Ollo Card are smart to seek out customers who may have past credit mistakes, but who are managing credit well now, after some recovery time. Mission Lane and Merrick Bank also serve this kind of customer. There are many middle class folks who may have suffered a job loss or something else who may have just had some temporary issues. They aren’t offering amazing cards, but they also are not predatory scams. The challenge for OneMain will be making the case for why people should get their card versus one of the institutions already offering such a product. Ollo seems to be focused on rewards, whereas others focus on giving credit line increases after a certain time.

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10 hours ago, RehabbingANDBlabbing said:

There are many middle class folks who may have suffered a job loss or something else who may have just had some temporary issues. 

 

What you are describing is someone with too little savings compared to expenses, which is poor financial management.

 

If you issued a credit card and were fronting your own money for other people's purchases with the hope of being paid back later, you wouldn't be dying to recruit this group as customers either.

 

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