I see. Thanks for your help. I'll wait it out and then ditch the Fingerhut account.
I had a Fingerhut account when I started my rebuild, nothing wrong with it. If you've taken a HP for it, I'd keep it for at least six months, preferably a year, to make the HP worthwhile (at least to me).
Hi and welcome to the forums
@kikecopr Lender has to give you a reason for denial, but that reason may not necessarily be the whole picture. Your score is still relatively low, and if you applied while you only had one loan reporting, they might have been a little hesitant to extend you credit at this time.
Another thing, if your Fingerhut account is Fresh Start, it will also report as a loan until first purchase is paid off, then they will convert it to revolving credit.
Give it three to six months, then run prequal again and see what happens.
You can use that time to address whatever negatives you have on your credit report.
If you need help with that, there are plenty of members who can assist you in Rebuilding Your Credit sub forum
Discover secured is a little harder to get than some secured cards, but it's worth it. It is a great secured card.
My history with Discover secured:
Applied in April, denied
Applied in May, denied
Stupidly applied again in May, approved
In the meantime, I had opened a Citi secured card and my first statement showed up on my credit reports. I assume that was enough for Discover to approve me.
Then, in December, it unsecured (though only to $1,500).
As someone else said, the "reason" they give may not be the entire reason. I am not even sure it's always the main reason. I think you just need a little more positive history.
You'll get there - have a great 2020!
I'd wait at least 4 months... preferably a bit longer... Are you even generating a FICO score yet? either way the other thing you can do is apply for discovers free monthly fico score... which is different than the one in account... and put you on their radar... its called credit scorecard... and actually it will make your preapprovals a bit more reliable as well... since they use that sp for marketing ....
you need just a little bit of time thats all.. Miss disco loves thin and clean profiles....