Do I Dare Try for Fingerhut Credit?

[Anonymous]

Finally pulled my scores and last week received my Capital One MC $300  and Carsons charge $250. I am a bit anxious to get another card, but nervous at the same time. I sometimes wonder if it would make sense to get a secured card. Any advice?

[Anonymous]

I would 100% say do not try for an additional card with those FICO scores, you'd only be approved for sub-prime cards with astronomical interest rates and fees. 

Do you have any kind of negatives on your report such and lates, collections, bankruptcy, etc? If so then definitely get that squared away before applying, any questions on how to do so and we'd be happy to help  

[someg33k]

You already have a couple accounts to build with, you do not need or want Fingerhut at this point IMO. Be patient, garden the two cards you have and work on whatever is holding your credit scores down.

Good luck!

BTW you should post / read  in the rebuilders section for some good info.

[Anonymous]

Thank you for your honesty - I laughed out loud! Kinda knew what the answer would be but needed to hear it I guess. I just completed my permanent modification last month. No bankruptcies but an embarrasing number of collections to keep me distracted for awhile.

[Anonymous]

I have to agree, build on what you currently have.  I promise Cap One will be good to you, if you handle the card well.....charge and payments!!!

[Anonymous]

Thanks for the feedback. I will move onto the rebuilding thread and get to work on my collections.

[pizza1]

I more than anyone here on the boards know what it like to get an approval. I had to start over from scratch due to a BK 2 yrs ago. I went crazy with apps, had a lot of success, but a lot of denials along the way. Im gardening for 2 yrs right now, So I know how good it feels to be approved, you're just on a high, LOL...but.....Im much better at giving advice than taking my own so here it goes...

My personal advice is this......You have 2 cards to build with right now. I would use those for 6 months, then pull you FICO scores and see where you are. You might be surprised!! At that point, come back here to the boards and get more advice on your next card.

Don't apply for FH...Use your two cards but only let one of those report a small balance each month, and the other report $0 for optimal scoring effect. The one that reports a balance needs to be between 1-9%.

Good luck!

[Anonymous]

You got carsons with those scores?

[Anonymous]

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@Anonymous wrote:

Finally pulled my scores and last week received my Capital One MC $300  and Carsons charge $250. I am a bit anxious to get another card, but nervous at the same time. I sometimes wonder if it would make sense to get a secured card. Any advice?

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Secured card yes, Fingerhut, no.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Finally pulled my scores and last week received my Capital One MC $300  and Carsons charge $250. I am a bit anxious to get another card, but nervous at the same time. I sometimes wonder if it would make sense to get a secured card. Any advice?

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Secured card yes, Fingerhut, no.

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I agree, best chance to get a score bump is with 3 (or more revolving accounts, like CCs, and a secured card is fine.

If you can swing the deposit amount, I would suggest getting a small secured card.  Open Sky is one that doesnt need a credit check.  I got a secured card with USAA for 250 after I moved my auto insurance there and was denied for a regular card. 

Another good place for a secured card is with State Department Federal CU.  If you arent a Federal Employee, you can still qualify, check the 'who can join link'.  Also good to start a long term relationship with them for future credit possibilities.

At this point, the amounts of the CLs is less significant than having 3 accounts that report.

If you cant get the deposit amount for a secured card now, follow advice from other posters and work on baddies and using the 2 other CCs responsibly, also called 'gardening'.

GL