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Fingerhut Fresh Start and a Few Other Questions

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lachrymosa
Established Member

Fingerhut Fresh Start and a Few Other Questions

Hello all, I've been lurking around this forum for a little while and have learned a lot about how to tackle the cleanup/rebuilding of my and my husband's credit reports. Thank so much to everyone for sharing your experiences and knowledge!

So I was just approved for the Fingerhut Fresh Start account and am so excited...my scores are in the low to upper 500s so getting something, anything, approved is awesome for me! I want it to convert to the revolving account as quickly as possible and have seen conflicting information on how quickly this can be done. I've seen that you can pay in full after receiving the first statement, and others who say you need to make at least one, two or three monthly payments to avoid being disqualified. When can I really pay the balance in full to convert to the revolving account? Of course I can always call Fingerhut but I thought I'd try here first.

Also, once I do have the revolving account, do I need to keep a small balance on the account or can I pay in full and keep a zero balance and hey the same benefit on my credit reports and scores? Do I have to use the card every month or can I let it sit unused for awhile?

I also was approved for the Capital One secured card today but I won't have the $200 security deposit until July. Once I've got some history on my credit reports with these two accounts, is it likely I might be approved for a real, unsecured credit card? I have 5 open collections on my report (4 of them medical that I'll be doing the HIPAA process on) that I'm going to begin tackling after July...right now we are throwing all our extra money each month at my car so we can pay it off early in July do we don't have the funds to PIF on any collections at the moment. Will having that many collections on my report prevent me from getting a real credit card regardless of any new, positive payment history?

Thanks for any help or advice...
You can't take the sky from me...

Starting scores 8/18/15
Experian 590 Transunion 609 Equifax 620
Message 1 of 6
5 REPLIES 5
starry1
Valued Contributor

Re: Fingerhut Fresh Start and a Few Other Questions

IMO, you need to make at least three payments because if I remember correctly, they don't even review your account to convert to revolving for 3 or 4 months.


Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Message 2 of 6
Whitneyy
Valued Contributor

Re: Fingerhut Fresh Start and a Few Other Questions

I was paying way more than the $7 due monthly and the lady told me to slow down because doing it that way doesn't show that you need the credit from them, so this month I'm only going to pay $9 even though my balance is a small $23. I hope this helps!


Good luck!

GOAL - 700 FICO across the board!
Message 3 of 6
lachrymosa
Established Member

Re: Fingerhut Fresh Start and a Few Other Questions

Thanks very much Starry and Whitneyy! I'll just pay the minimum for 3 months then before I pay off the balance.

Anyone else out there have any insight regarding my other questions...?
You can't take the sky from me...

Starting scores 8/18/15
Experian 590 Transunion 609 Equifax 620
Message 4 of 6
Shogun
Moderator Emeritus

Re: Fingerhut Fresh Start and a Few Other Questions

You can keep a $0 balance, it doesn't hurt anything.  Playing the util game to get a boost is relatively easy, since FICO does not have a memory of it.  I keep mine at $0 and just let a small amount post when I want an extra bump in score.

 

The addition of new healthy TLs will help your CR, however those old baddies are still going to drag it down.  Keep working on them, slow and steady, you'll get there.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 5 of 6
lachrymosa
Established Member

Re: Fingerhut Fresh Start and a Few Other Questions

Thanks so much for the advice Shogun, will do. I think I've gotten s really good start to cleaning up my credit and am looking forward to tackling the baddies...I love a challenge! :-) I know it won't happen overnight but eventually I'll get there...
You can't take the sky from me...

Starting scores 8/18/15
Experian 590 Transunion 609 Equifax 620
Message 6 of 6
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