Fingerhut, I love you

[Anonymous]

Its a fantastic accomplishment and congratulations...

[Anonymous]

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@Anonymous wrote:
I'm in a credit union now that does secured loans but thry run a credit check and dude said I can't have any unpaid collections

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SDFCU does not have that restriction I can assure you that.

[Anonymous]

Congrats on Fingerhut i received the same offer from them and havent used a single penny of credit that was 4 months ago they keep sending me new catalogs  the most recent one telling me i have up to $700 available in credit for their credit card i havent made any decsion on purchasing anything, Im still wondering why they are not reporting to the 3 credit Beau its credit right ?

[Anonymous]

From what I can see you have to make at least one purchase to get rolling. Buy something small like a charger or something

[MortgageMinded]

From what I remember, your first credit is in the form of a short-term installment loan and NOT a credit card.   So, when they report it in the credit step program it shows up as an installment loan and not a revolving account.  I purchased something for around $75 and made 3 payments on time and then decided to pay the remaining balance in full before the 4th payment was due, then after 30 days they converted my account to a revolving credit account.   I believe you can't pay it off any sooner than 3 payments or they reserve the right to give you the card or not.   I could be mistaken, but I thought that was somewhere in the documentation.

You should read other reviews on here as well that validate what I am talking about.   Many have used Fingerhut as a starting point.   The original credit line was like $250 or $300.   YMMV depending on your credit, so you may fair better than I did when they convert your account.

Good way to get started!  Congrats.

[Anonymous]

I was kind of confused on the first reporting, I'm glad to hear that the first purchase reports as an installment loan b/c I was very concerned that the balance of the purchase would screw with my utilization... Thank you for clearing that up because all the other posts I read no one was giving a straight answer

[Grafton88]

I didn't have a FICO score, thin file, but NFCU gave me a secured CC and then a credit rebuilding loan.

Talk to a Rep from your CU and see what they can do for you.

CU love to establish long term relationships with their customers.

[Anonymous]

Yeah, I did. They don't do secured cards ANYMORE grrrrrr..... and he said my report would have to be clear of collections before i could do a secured loan. I asked if that just means all paid or all completely gone but he wasn't too sure

[Pway]

I would look into another credit union.  Just last year I was denied for a secured card with another credit union I had joined.  Once I was notified I was denied, not for the bk but for a repossed car that was in my bk, I closed that account immediately.  I went to another credit union and I have been happy since.