cancel
Showing results for 
Search instead for 
Did you mean: 

Fingerhut graduation closed account

New Contributor

Fingerhut graduation closed account

Hey guys my scores took a big hit around 20 points on to reports. The only changes have been positive I thought. My Fingerhut fresh start graduated to a revolving account. On my report it shows the new account as a revolving charge account and the new credit limit. But it also shows the fresh start account as closed. Is this a bad thing. The account was paid in full of course otherwise it wouldn't of graduated. On the closed fresh start account it shows account closed no payment history. Highest balance 195 monthly payment 0.. And is listed as current. Also I had my new discover secured card report .. I have one derogatory and I'm at 27 percent utilization. I know the utilization caused a few points to drop since it's higher than last month. But could the closed account be hurting me for the rest of the points.?
Open sky $300 Citi $200 ,simplyB $200, discover IT $300,Finger hut $500 flex shopper$900, Walmart$4k, target red$250, Kohl's $250
4 REPLIES
Frequent Contributor

Re: Fingerhut graduation closed account

Was the degoratory on there last month or new?

What was your utilization last month?

Any hard inquires on the graduated Fingerhut or the new Capital One?

What is the AAoA now versus last month?

Starting Score: 2/23/2017 Score 8 EQ 651 TU 659 EX 679
Current Score:11/23/2017 Score 8 EQ 744 TU 743 EX 743
Mortgage Scores 11/23/2017 EQ 756 TU 771 EX 754
Goal Score: 760+ ATB FICO 8, Middle Mortgage Score 760
Message 2 of 5
New Contributor

Re: Fingerhut graduation closed account

The derogatory had been on for a while I actually had about 4 more derogs last month but they were removed. My utilization last month was 9 percent. Yes they did do a hard pull for the graduated Fingerhut account on Equifax and Experian .I already had 16 hard pulls and now it's 17. The new average age is 3 months. Last month it was 5 months.
Open sky $300 Citi $200 ,simplyB $200, discover IT $300,Finger hut $500 flex shopper$900, Walmart$4k, target red$250, Kohl's $250
Message 3 of 5
Frequent Contributor

Re: Fingerhut graduation closed account


Halfbloodprince wrote:
The derogatory had been on for a while I actually had about 4 more derogs last month but they were removed. My utilization last month was 9 percent. Yes they did do a hard pull for the graduated Fingerhut account on Equifax and Experian .I already had 16 hard pulls and now it's 17. The new average age is 3 months. Last month it was 5 months.

The derog wouldn't cause the change, although getting it removed with none will boost your score and have a clean file. 

Overall IMO, the hard inquiry, the utilization from 9 to 27 was the biggest factor. With the AAoA having a possible bearing. 

Just try for getting the utilization to <8.99 %, let your cards garden ( until the hard pulls are falling off and accounts age with good reporting history, be sure to have all report zero except one on the <8.9 util) . 

 

While your accounts are in the garden, work on the last derog removal. You want to be sitting good, that when your scores increase over time, that you will be set to get better than subprime cards. Another thing as a goal is having an installment loan in your credit mix. There are alot of posts on the forum about the Alliant Shared Secured Loan for $500. Be patient, it might be a year or so before these inquiries drop, and history builds. 

Starting Score: 2/23/2017 Score 8 EQ 651 TU 659 EX 679
Current Score:11/23/2017 Score 8 EQ 744 TU 743 EX 743
Mortgage Scores 11/23/2017 EQ 756 TU 771 EX 754
Goal Score: 760+ ATB FICO 8, Middle Mortgage Score 760
Message 4 of 5
Highlighted
Established Contributor

Re: Fingerhut graduation closed account

Does the Fresh Start report as a closed installment loan?  But yeah, 9%-27% util would definitely do it.

Message 5 of 5