Credit Card Center Advertiser Disclosure

Reply
Valued Member
Posts: 42
Registered: ‎01-23-2017
0 Kudos

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 $200secured, Citi $200 secured,
simplyBe store card $200, credit one Visa $300 unsecured,
Finger hut fresh start$200, flex shopper$900,
606 exp, 555 eq , 542 trans.
Regular Contributor
Posts: 230
Registered: ‎06-22-2011
0 Kudos

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:06/23/2017 Score 8 EQ 741 TU 751 EX 756
Mortgage Scores 06/23/2017 EQ 671 TU 739 EX 675
Goal Score: 750+ ATB FICO 8, Mortgage Scores 700+
Valued Member
Posts: 42
Registered: ‎01-23-2017
0 Kudos

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 $200secured, Citi $200 secured,
simplyBe store card $200, credit one Visa $300 unsecured,
Finger hut fresh start$200, flex shopper$900,
606 exp, 555 eq , 542 trans.
Regular Contributor
Posts: 230
Registered: ‎06-22-2011

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:06/23/2017 Score 8 EQ 741 TU 751 EX 756
Mortgage Scores 06/23/2017 EQ 671 TU 739 EX 675
Goal Score: 750+ ATB FICO 8, Mortgage Scores 700+
Established Contributor
Posts: 914
Registered: ‎10-02-2015
0 Kudos

Re: Fingerhut graduation closed account

[ Edited ]

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

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.