10-27-2009 05:41 PM
I just received a preapproval for Fingerhut/ CIT Bank.
Does anyone know if they are BK7 friendly and if they report to the CRA's. My CH7 was discharge July 08, I only have one secured CC with a $500 CL.
10-27-2009 09:07 PM
Congrats on getting a pre-approval - that can be pretty invigorating!
CB shows Fingerhut approving some w/BK's and denying some w'BK's. Hopefully there will be some experienced posters who can give you better info than I can. It does appear that their CL's are very small (often $150), and you're limited to their products at their prices.
To me, the real question is, do YOU pre-approve them? Do they fill a need in your credit profile? You're doing great with a secured CC - that will help you tremendously in your rebuilding efforts.
I would consider waiting until you find a potentially more useful card. Even though it's pretty excited to be pre-approved. Kind of like being asked out on your first date after a long hiatus.
Check out the BK friendly credit cards to start you thinking on what other options you might have. (Look at the top of this Credit Cards board - click on helpful threads, then click on BK Friendly Credit Cards Listed. Or just click here:
Good luck to you on whatever you decide to do!
10-27-2009 09:56 PM
10-27-2009 10:03 PM
There's my friend CWCID!
Yup, I have a Dell account issued by CIT with an outrageous APR. It was over 20% but I got them to knock it down to around 18%. Still way too high for me. I paid it off. It remains tucked away.
10-28-2009 06:13 AM
10-28-2009 06:34 AM
If your credit profile is already established, stay away from it.
You only need one card (preferably a bank or national credit card company) to keep FICO happy. After that, especially, choose cards that serve you well - you have already met the FICO need with your secured card. If that secured card is not a bank/national credit card company, then make sure your next card fits that category.
It's just hard not to get caught up in the excitement of a pre-approval! There will be more coming your way, but be pro-active and search out what works best for you rather than taking whatever comes your way. Good luck again to OP!
04-21-2010 01:57 PM
I currently have a Fingerhut card that I have had since 2007 and it reports to all three credit bureaus. Unfortunately the fingerhut accounts have been sold to Metabank I believe it is. This change has caused my score to drop approximately 10-12 points and is showing up as transferred hopefully when the get straightened out I won't lose my length of credit time from 2007 to a more recent 2010 which could hurt my scores further. Good luck to you in your endeavors!