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knightlynews
Posts: 81
Registered: ‎01-29-2013
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Fingerhut Preapproval????

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!

Starting Score: 548
Current Score: EX686EQ682,TU???
Goal Score: 760


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Revelate
Posts: 9,176
Registered: ‎12-30-2011
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Re: Fingerhut Preapproval????


knightlynews wrote:
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.  

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Shyone44
Posts: 79
Registered: ‎03-23-2013
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Re: Fingerhut Preapproval????

Yes it will be a HP even with the pre-approval


Last app 3/21/13
EQ 658 (5/28/13)
TU 608 (5/1/13)
Frequent Contributor
wallyworld123
Posts: 455
Registered: ‎01-04-2012
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Re: Fingerhut Preapproval????

happy for you on the preapproval from fingerhut but imo i would decline fingerhut has overpriced items and im sure you will have better preapproved offers ahead.

New Contributor
knightlynews
Posts: 81
Registered: ‎01-29-2013
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Re: Fingerhut Preapproval????

Had a funny feeling about that HP. Looking forward to better offers, they were my first preapproval on my journey to the 700s. I know its only Fingerhut, but I guess hopefully Im moving in the right direction, havent seen my name on ANY preapproval in about 10 years! Gonna keep moving my scores up and hold out for better offers.....

Starting Score: 548
Current Score: EX686EQ682,TU???
Goal Score: 760


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09Lexie
Posts: 25,555
Registered: ‎09-13-2012
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Re: Fingerhut Preapproval????

Established Member
Larryhay
Posts: 11
Registered: ‎11-14-2012
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Re: Fingerhut Preapproval????

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.


Starting Score: 589
12/1/2012 Fico EQ 651 Fico TU 637 CK TU 608 0

07/15/2013 Fico EQ 674 Fico TU 652 CK TU 651 0
Goal Score: 705+

Current Score:
9.21.14 FICO EQ 686

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7/13/2013 Fico EQ 674 TU Fico 652

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