I received the "pre approved" offer/catalog in the mail with a $400 credit limit. My BK was discharged in November. The only revolving credit I have is one secured credit card for $500, via my credit union. I have two secured loans for intallments.
I initially was interested since I read several times that they report to the bureaus, and though not much appeals to me in that catalog, my gf is buying a house and perhaps some purchases could have been made through fingerhut toward the end of getting some odds and ends. However, cross-comparing the prices for Fingerhut merch compared to what it costs elsewhere online is insane. Almost 100% mark-ups on some items and 30% to 50% on others, not to mention interest fees and shipping.
I knew FIngerhut would charge more, but that was a bit much. Still, I wanted to question if even using it, say, twice a year for a very small purchase would in any way be beneficial. I don't know that I could get store cards where I might actually shop around here, and I'm afraid to do any HPs as I have a few already after setting up my secured loans and cc. Still, I won't need my credit for more than a year from now, when I plan on trying to get a car loan. I'm using a family car for now, but I will probably cohabitate with my gf in a year or so, and would prefer having my own car then...and might be required to.
Any thoughts about this? I thought maybe if I make a few purchases that are so small, the markup is neglible and there won't be interest since I'll pay it off once the statement cuts.
Failing that, are there any store cards I would be more than likely to get, having BK discharged in November, and having Capital One (GE?), HSBC/First Premier, JC Penny, and Woodforest Bank (I'm not sure if anyone backs the bank)?
I am being very tight with my credit spending, utiizing about 4% on my credit card. I won't use a store card much beyond 10%, if at all. I'm not into gadgets and gizmos, just wanting to build my credit score responsibly and buy purchasing things that I typically purchase anyway--some basics from Walmart or Target, gas, food, few clothes, books for school.
I'm all ears. :-)
Starting Score: TU 641 2/28/13 EQ 640 3/1/13
@AQ wrote:I received the "pre approved" offer/catalog in the mail with a $400 credit limit. My BK was discharged in November. The only revolving credit I have is one secured credit card for $500, via my credit union. I have two secured loans for intallments.
I initially was interested since I read several times that they report to the bureaus, and though not much appeals to me in that catalog, my gf is buying a house and perhaps some purchases could have been made through fingerhut toward the end of getting some odds and ends. However, cross-comparing the prices for Fingerhut merch compared to what it costs elsewhere online is insane. Almost 100% mark-ups on some items and 30% to 50% on others, not to mention interest fees and shipping.
I knew FIngerhut would charge more, but that was a bit much. Still, I wanted to question if even using it, say, twice a year for a very small purchase would in any way be beneficial. I don't know that I could get store cards where I might actually shop around here, and I'm afraid to do any HPs as I have a few already after setting up my secured loans and cc. Still, I won't need my credit for more than a year from now, when I plan on trying to get a car loan. I'm using a family car for now, but I will probably cohabitate with my gf in a year or so, and would prefer having my own car then...and might be required to.
Any thoughts about this? I thought maybe if I make a few purchases that are so small, the markup is neglible and there won't be interest since I'll pay it off once the statement cuts.
Failing that, are there any store cards I would be more than likely to get, having BK discharged in November, and having Capital One (GE?), HSBC/First Premier, JC Penny, and Woodforest Bank (I'm not sure if anyone backs the bank)?
I am being very tight with my credit spending, utiizing about 4% on my credit card. I won't use a store card much beyond 10%, if at all. I'm not into gadgets and gizmos, just wanting to build my credit score responsibly and buy purchasing things that I typically purchase anyway--some basics from Walmart or Target, gas, food, few clothes, books for school.I'm all ears. :-)
I wouldn't pick up fingerhut.
Get some positive history 6 more months on the CU card then go for GE JCP.
Even though JC Penny was in my BK?
@AQ wrote:Even though JC Penny was in my BK?
Ohhh I did not catch that they were burned in the BK....
GE is BK friendly but that may be way too soon. I'd let a year or so go by before trying GE. You should mainly focus on getting your secured CU card limit raised by deposits and letting it age. Check out the Garden thread here.
Thanks to you both!
I will check out the Garden thread and the provided link. :-)
Sorry to bug you, but could you direct me to the specific gardening thread? I did a keyword search but saw many with "gardening" in the title. 
@AQ wrote:Sorry to bug you, but could you direct me to the specific gardening thread? I did a keyword search but saw many with "gardening" in the title.
http://ficoforums.myfico.com/t5/Credit-Cards/Garden-Club-Meeting-March-2013/td-p/1915639
Rock on!