Help with Fingerhut and discover secured

[Anonymous]

Ok

1) Your file is young and thin
That will work itself out 6-8-10 months is gonna happen, so time is time
Remember you have a bunch of NEW credit
A new PL
A new CC

Yeah you have to get credit to have credit = no biggie but at the same time
As you get it the RISK evaluation is going to be shakey because the more plates you're giving to juggle, the more nervous the risk of CAN you manage

This RISK subsides as one successfully juggles the plates but 2 billing cycles for a loan and 6-7 for one CC ain't enough to vouch for you as a juggler just yet😉 and the car loan is only a year all new

By adding the 2 new TLs if gives the model both pause but over time it builds confidence that the juggler can MANAGE w/o dropping plates...

This is how and why say 10 cycles in a row, with several TLs reporting weighs nicely for a young file
3/4 TLs build 30/40 positive points of data to the profile all nearing a year of aging, together

The AU account's utilization along with all that relatively NEW credit is a KILLER

Plus the AU has a balance, you say the new Cap-1 account has a balance + a new PL

You gotta see how RISK modeling works, bro
That ish looks SCARY
90% utilization, then right out the gate within 7 months ANOTHER TL creeping at 30% w/o being paid off, NOW a loan😱 oh sheet what's going on ... get it?

Btw you can easily dispute the AU accounts off your credit report...simple truth = Not mine

And yes getting rid of a Maxed account would help

However, the question is
Is she carrying a balance that will be on the account for awhile or it a she'll PIF on payday...if it'll be awhile take it off

Remember to be mindful of your ratios
30% is the HIGH point prior to negative impact ( like getting a 'C' in a class) it isn't IDEAL if score maximizing is the goal

Sub 20% is better
Sub 10% is Ideal

Anyway FYI the combo of 100% ( prior to now ) of your revolvers ( the AU & Cap-1) having a balance of ANY size...the fact that both cards, all cards on your profile had balances pulls your score
+ Her 90% coupled with your say 20-30% puts you where 70%?

* You mentioned she hadn't missed a payment in 5 years, which is great however IMO on-time payments aren't that big s deal, it's expected

It's one of those things where missing one is HUGE but getting browning points for making ain't gonna happen, it's a given to pay on-time

And the value given to utilization darn near cancels out the on-time value

On-time value 35%
Utilization value 30%
Only a 5% difference...% owed vs CL is HUGE

The cool thing is it's really the most month to month controllable issue right in your hand, as far as swing value
On-time is on-time
Age is age
But utilization at 30%, 10% or 80% is all up to you

[Anonymous]

I agree, FH is not as evil as Credit1 and some other predatory lenders, but the fact remains...

They want OP to PAY $30 simply to provide a CL.

That is sounding pretty predatory to my ears.

[AverageJoesCredit]

Hey Tidegirl, hopefully i dont come off as combative lol. Its just i have a softspot in my heart for FH. Yeah i agree 3 pulls is killer and if one does proper research, you can probably find better alternatives to begin building credit other than FH. Just to be clear if they want OP to pay $30 for a credit line, its because thats part of their Fresh Start program. Which means Op did not qualify for their regular credit card so obviously op's credit is a little worse off then most. If he qualified for the regular card, eventually could get a credit limit upwars of 2k or more with limited purchases. Thats much better than monthly fees other subprime lenders offer. Just a thought

[Anonymous]

I kinda chuckle when I see the words Predatory...

The media hypes up this idea that the public, grown adults are just a bunch of children being HUNTED down and FORCED to take credit cards and mortgages

Not that ppl APPLIED and sought out that money and those loans... I smh

Reminds of the mortgage PREDATORS that GAVE out all that 💰 to all those VICTIMS, who didn't ASK for those Refis and didn't LIE on those applications to GET more than they could afford, it was ALL the givers fault.

Same with McDonald's with those predatory Big Macs, they should be banned because we adults can't control ourselves, especially with the all night drive thru and all... it'd be best to MAKE them close that thing down at say 11pm

And ban them from being open or selling during certain times like liquor on Sundays and after 2a.m.

IMO as long as fees are clear and in English
It's not the job of a company to wipe one's bottom and TELL them how to spend their money

It could be said that sports ticket prices are predatory but how come ppl stand in line and rush down to get them= choice

More ppl need to stand up and take responsibility for reading and managing their actions and there would be no predatory hype to speak of

Sorry that word incites me as it seeks to erase responsibility and totally shift it away and trick ppl into believing they are total victims with no choice... don't buy it

The strippers at the strip club are PREDATORY but again they don't come get men from church pews or off couches, nope only those that volunteer by showing up and ASKING for something wind up with a bill and even then plenty can control what they CHOOSE to spend

[Anonymous]

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@AverageJoesCredit wrote:
Hey Tidegirl, hopefully i dont come off as combative lol. Its just i have a softspot in my heart for FH. Yeah i agree 3 pulls is killer and if one does proper research, you can probably find better alternatives to begin building credit other than FH. Just to be clear if they want OP to pay $30 for a credit line, its because thats part of their Fresh Start program. Which means Op did not qualify for their regular credit card so obviously op's credit is a little worse off then most. If he qualified for the regular card, eventually could get a credit limit upwars of 2k or more with limited purchases. Thats much better than monthly fees other subprime lenders offer. Just a thought

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Not combative at all. Just a healthy debate. It's all good. 

[AverageJoesCredit]

I wouldnt want to "debate" Gemini101 i wish i could put ya up for CL Gemini

[Anonymous]

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@AverageJoesCredit wrote:
I wouldnt want to "debate" Gemini101 i wish i could put ya up for CL Gemini

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and we should put AJC up for that too. 

[pizza1]

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@Anonymous wrote:

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@AverageJoesCredit wrote:
I wouldnt want to "debate" Gemini101 i wish i could put ya up for CL Gemini

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and we should put AJC up for that too. 

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time will tell,  

[Anonymous]

@Gemini101 ... amen, and amen ... a healthy dose of self-examination and personal responsibility will always serve someone better than claiming victimhood

[Anonymous]

Wow...kind words

Don't make a guy 😳

I agree AJC is a rockstar

(Btw, like the AJC moniker I'ma refer to Average Joe as that ..unless he chimes in he hates it😊)