Re: Fingerhut Preapproval????

Larryhay — Thu, 25 Apr 2013 00:39:53 GMT

IF you have no Visa/MC at all, you should get one, even if secured. If you already have a Visa/MC, then the only benefit would be to increase a very low Credit Line.

I got a Orchand Bank (now Cap One secured version?), but the problems with that in early stages of re-build, is that their really aren't any or cetainly not great CLI. So, $300 Credit Line then, still $300 now

That's what I ended up using the Fingerhut card for. Because the ONE plus is that they are conistant w/CLI every 3-4 months with usage of even once during that period.

Shipping is crazy, and products are overpriced, so look for a clearance item for $15-20, something like that. They report to Equifax & TransUnion, but not to Experien.

So, I've made 2 small $30-50 purchases over the last 8-9 months, then have sock drawered it. 2 auto CLI in that time, but have no intention of ever using again. It served it's purpose, no fees. ((Again, if you have any Visa/MC in good standing, I would likely skip this step unless you just filed Ch-7...I needed a positive Tradeline, so was grateful for that, because it was the ONLY thing I could get 15 months ago))

My Credit line at start of rebuild was less than $1,000, and a year later is around $3,800.

With the Secured Visa/MC, I was able to get a Barclays Visa after 6 months. Barclays started me @ $500 CL, and shortly after the 5th statement, increased it to $2,000

Don't know where you are at in the process, but the steps above for me were about as far towards the bottom as you can get, right after Ch-7.

Re: Bk friendly creditors-

Larryhay — Sat, 08 Dec 2012 03:47:51 GMT

ref: Barclays

Ch 7 fIled 11/2011 Discharged 2/2012

After applying and denied twice before, I caught up on the forums, well...as much as one can

I applied and was approved for Barclays Oct 2012, for $500 CL for the NFL card (which is 11 months after filing, only 8 months after discharge

Most of the remarks concerning Barclay is that one of the main factors they are looking for is 6 months of revolving history (like the Cap1 secured,etc)

AND low utilization (as in <30%) There are also numerous notes about not having too many inquiries, or certainly keeping a close eye on any new inquiries that pull Transunion for the next 3-6 months.

I had the Orchard Bank for 6-7 months, and a 5/3 secured MC for $500 for about 5 months, and started it all with the Fingerhut Freshstart, then WebBank Credit for $200 CL

In Oct, was approved for Barclays NFL card for $500, and then also the GECRB/Walmart for $150

Credit Karma TU 624, Sept Fici TU 637 (My Fico EQ is 651, not that Barclays or GE uses that )

Gardening for 6 months after the 1st CC and utilization <20% seem to be more important than waiting till 1 year after D/C

After my discharge in Feb 2012, around April 2012 I was very disorganized and scattered in my credit inquiries, so I was very lucky after reading up and getting the Barclays, I am not even thinking about any card that pulls Transunion

Myself, I have to read up more on hear about the Discover More card, but am focused on Gardening and letting the GE/Walmart and Barclays grow.

Not trying to keep you out of gardening, which is always a good idea, it's just that if or once you have a 6 month revolving track record, with decent Utilization showing, you have a decent shot at getting in the door with Barclays

Hope some of that helps

Larryhay Tracker

Re: Fingerhut Preapproval????

Re: Bk friendly creditors-