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IMO, it is never a good idea to open a card with a sub prime lender. The rates are high, the fees they charge to open the account are outrageous. I would consider opening a secured card with a big bank!
Is it an open or closed account? I would call Fingerhut and confirm it is open and you can use it...find out credit limit as well...maybe get it increased. If it is in good standing and you are in rebuilding stage of the game, I would say keep it...let it help your utilization.
I think that Fingerhut does wonders for people who are rebuilding. The rates are not idea but when you dont have many options and you cant get approved for traditional credit cards (in my case I was denied Secured Credit Cards ) I make a small purchase from them every month. I pay it down to just about $5 right away and wait for them to cut the statement and pay the remaining balance off. If you do this you will at least have a revolving account and over time you can choose to close it back out.
Just my 0.02
@Davidngo wrote:IMO, it is never a good idea to open a card with a sub prime lender. The rates are high, the fees they charge to open the account are outrageous. I would consider opening a secured card with a big bank!
+1...worst case scenario, rake up a couple hundred bucks and go with a secured card like Open Sky (no experience with them...was just an example). alot of them wont even check credit, hence no HP