Is fingerhut revolving or installment loan?

[cwwatts1202]

My husband was approved for the fingerhut fresh start, $230 CL w/ $30 deposit.. but now i'm reading mixed things, some are saying it reports as an installment loan.. some are saying revolving credit, anyone know which it is?? 

[Melanie220]

From what I'm told it starts out as an installment and after your first purchase and payment it then turns to revolving. I was just approved as well and am waiting for them to report

[cwwatts1202]

That makes sense... hopefully this helps with scores fairly quickly. My husband was also approved for a capital one secured for $99 deposit, so I'm hoping between these two accounts he'll get a decent score bump over the next few months. I'm just really not liking fingerhuts prices!! Found a couple $10 items to purchase once a month to keep util low and the card active etc. though.

[Melanie220]

I'm in the same boat just need that positive TL to report I got denied capital one secured card but got an open sky secured card. Gotta start some where

[ktl72455]

I have FH as well, 300 CL. just orderd a item 248.00  I cant find at walmart so will make a payment or 2 and pay it off, from what i read, they will give auto CL increase which helps scores as well!  I will pay a little more for it, but score bumps is worth it for me.

[Henchman21]

I was approved for the Freshstart program. I read, very specifically, on the website that you could pay it off early no problems. I did that, because I wanted to get started on the revolving account. But it looks like they're not going to give it to me because I paid it off TOO early?? Not happy.

[750orbust]

Yeah, read it again. It says that you can pay it off early but if you do they will not grant you a CL. They want to see you make the six on time monthly payments before a CL is granted. I had the same idea too, then finally noticed how it was worded and stopped myself.

[2FixMyCredit]

Can I pay off early or will there be a penalty? Yes, once you have received your merchandise, you are welcome to pay off the balance at any time. There is no penalty for doing so and it will not disqualify you from being rewarded with a revolving Fingerhut Credit Account issued by WebBank.

^^

If you paid it off when you put down the deposit then yes that will disqualify you but according to their website and customer service it can take up to 30 days for them to grant you a revolving account after you've paid off the fresh start program.   I was worried about the same thing LOL but I'm just going to be patient and trust in them...for now

[750orbust]

That's weird, my letter said the exact opposite. Mine specifically said DO NOT PAY IT OFF EARLY as this would keep them from being able to approve me for a CL. Maybe it was a mistake and they caught it and fixed it??? Who knows, but this is what their 'fresh start' program is supposed to be, that's why they call it a "program", its intended to take a little while for them to see your willingness to pay.

[2FixMyCredit]

---

@750orbust wrote:
That's weird, my letter said the exact opposite. Mine specifically said DO NOT PAY IT OFF EARLY as this would keep them from being able to approve me for a CL. Maybe it was a mistake and they caught it and fixed it??? Who knows, but this is what their 'fresh start' program is supposed to be, that's why they call it a "program", its intended to take a little while for them to see your willingness to pay.

---

Ah I'm going to have to look over my info from them and check.  I paid mine off early so I hope they don't reject my revolving account, not that I will be using it but I won't it to report LOL!  When I called and paid it off the woman said they have people do that all the time and end up with a revolving line. 

Can anyone else enlighten us on if you got denied a revolving line after paying off the fresh start?