topic Re: Fingerhut Fresh Start with Student Loan in Rebuilding Your Credit

Fingerhut Fresh Start with Student Loan

Anonymous — Wed, 27 Feb 2019 12:04:48 GMT

I have applied for the capital one and discover secured card and was denied.

I was approved for the OpenSky SS card and will be paying my deposit today.

I was also approved for the fingerhut fresh start program. I have read it reports as an installment loan. I currently have two student loan accounts reporting positive.

I have read on here that another installment loan won't help build your credit if you have student loans.

Should I go through and purchase something from Finger Hut? Would it help my credit at all considering I have student loans?

Thank you.

Re: Fingerhut Fresh Start with Student Loan

gdale6 — Thu, 28 Feb 2019 03:51:29 GMT

You only need 1 installment loan for a build or rebuild. In the short term its going to cost some Fico points as it will be a new account. Up to you if you want to buy anything or not. I would just price it elsewhere too.

Re: Fingerhut Fresh Start with Student Loan

Anonymous — Thu, 28 Feb 2019 06:02:18 GMT

I started with FH freshstart at the beginning of my rebuild last year. My loan was closed and a revolving tradeline opened the same month I got the fresh start loan. I’ve gotten regular CLI since then and am up to 1300 in less than a year. So they’ve been good to me and it was worth it even though I have other loans as well.

If you’re still looking for a secured card, I would recommend NFCU secured. They just decreased the deposit amount to 200, they can potentially unsecure at 6 months, they report as unsecured, high CLIs, and NFCU is overall a great lender to get in with. I got my secured card through them with low 400 scores AND owing them money.

Re: Fingerhut Fresh Start with Student Loan

Anonymous — Thu, 28 Feb 2019 10:14:11 GMT

My first attempts at getting Cap1 and Disco secured were also declined. I remember being a little miffed about it at the time.

I read around and heard about Fingerhut. They're overpriced, but they did what I needed. They approved me for a $300 credit line, but required a $30 "down payment" on the first item I ordered before they would ship. Once I paid the $30, they shipped and the difference was taken from the trade line, to be paid like any credit card. I wish I could remember what they called this specific program. After a few months, they increased my limit to $600. I'm going to have them paid off soon and be done with them (tho they'll pad my total credit availability which helps a bit, too).

That started back in July-ish. In December I was approved for a Cap1 secured, and in January a Discover It secured card. I'm using one for monthly bills and the other as my spending, for gas, groceries, cat food, etc.

If they convert the Fingerhut account into revolving credit, that will definitely help you out.

Re: Fingerhut Fresh Start with Student Loan

Anonymous — Mon, 04 Mar 2019 15:52:36 GMT

Unfortunately, I can't get an NFCU account.

Re: Fingerhut Fresh Start with Student Loan

sjt — Mon, 04 Mar 2019 18:57:24 GMT

I would avoid Fingerhut. They ave a very high APR and their merchandise is expensive.

Re: Fingerhut Fresh Start with Student Loan

FireMedic1 — Mon, 04 Mar 2019 19:38:46 GMT

@sjt wrote:
I would avoid Fingerhut. They ave a very high APR and their merchandise is expensive.

OP stated they were already approved. Some folks dont have much choice outside of Open Sky after being denied for Cap1 and Disco. Unless its a vulture card.

Re: Fingerhut Fresh Start with Student Loan

sjt — Mon, 04 Mar 2019 19:56:52 GMT

@FireMedic1 wrote:
@sjt wrote:
I would avoid Fingerhut. They ave a very high APR and their merchandise is expensive.
OP stated they were already approved. Some folks dont have much choice outside of Open Sky after being denied for Cap1 and Disco. Unless its a vulture card.

I saw that but I still think its better to stay away from them.