04-23-2013 09:23 PM
04-24-2013 02:45 AM
Just received a pre approval from Fingerhut (my first preapproval by mail...lol). Im not too familiar with them, put Ive noticed that alot of myfico subscribers have accounts with their company. Im wondering is it worth the HP? Will it be a score booster? Thanks in advance fof any and all replies!
If you already have 2-3 cards I wouldn't personally bother. It's generally considered a starter card, and while it works for some folks in that situation, it's nothing to really go out and grab unless you need the tradeline for whatever reason.
04-24-2013 12:39 PM
04-24-2013 05:39 PM
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.