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FINGERHUT FRESH START...please help......

Pstar
New Contributor

FINGERHUT FRESH START...please help......

So i got a finger hut FS account for the entry level for the sole purpose of rebuilding......got the 180 limit.....Put 30 down......keep checking for a 1st bill date it never showed got impatient did some research here and seen someone said they paid there's off early and graduated to a revolving web bank account....

 

well i called in and was told that by paying it early i have to do the fresh start program again.....i did however make 4 payments with in 1 week (hoping i would out smart them)....see below..... did i do something wrong can i get around this i would hate to start over

 

 

 

 

9/13/2015
Payment
PAYMENT - THANK YOU
Paid
 
9/12/2015
Payment
15 02575
Cancelled
 
9/12/2015
Payment
PAYMENT - THANK YOU
Paid
 
9/11/2015
Payment
PAYMENT - THANK YOU
Paid
 
9/10/2015
Payment
PAYMENT - THANK YOU
Paid
 
8/23/2015
Order
SHIPPED
 
 
8/23/2015
Payment
PAYMENT - THANK YOU
Paid
Starting FICO8 08/24/15: EQ545 / TU497 / EX523
Previous FICO8 04/04/16: EQ630 / TU646 / EX631
Current FICO8 07/11/16: EQ664 / TU677 / EX641
Open Sky - $200 (CANCELED) - Capitol One QS1 $500 -- $1500 -- $2750 Milestone $300 - Capitol One Platinum (NOW QS) $500 -- $750 -- (CANCELED) - CreditOne $300 -- $700 & 500- Capitol One Secured Platinum $200 -->$500 (CANCELED) - First Premiere $300 --> $450 - WalMart $5000 - Victoria Secret $200-->$500 - Finger Hut $200 - Credit Builder Loan $1000 - Amazon $4000- Paypal Smart Connect $2,000
Message 1 of 7
6 REPLIES 6
Hokies2379
Established Contributor

Re: FINGERHUT FRESH START...please help......

you see so much conflicting info in regards to this.  I had a CS rep tell me there had to be a minimum of 4 months before they'd even consider it.  Others have done exactly what you did and *poof* magic happened.  It really is YMMV, but i'd guess you'll be starting over.

Message 2 of 7
MRsolis
Regular Contributor

Re: FINGERHUT FRESH START...please help......

When I started mine I think I only made 5 payments then I was graduated automatically. They want to make sure you pay on time over time and more than the minimum....Paying it off within a month doesnt really show that. 

Message 3 of 7
iceinjuly
Established Contributor

Re: FINGERHUT FRESH START...please help......

I started with a revolving line of credit, so I don't have experience on the FreshStart program.

 

My first CL was $300. I maxed it out with a puchase, then paid $50 biweekly. After my third payment, I got a CLI to $900. After I had it paid off entirely, I got another CLI to $1,100. From what I've read, they like to see you spend money, pay slowly, and spend more. I haven't made more than one purchase at FH, though. I may do some Christmas shopping there just to keep the CL open. 


Starting Score:499 (11/14)
Current Score: 654 (655 mid-mortgage)
Goal Score: 700 (650 mid-mortgage)

Message 4 of 7
Pstar
New Contributor

Re: FINGERHUT FRESH START...please help......

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/FINGERHUT-FRESH-START-Graduating-by-paying-ea...

 

 

 

This is the 1 i read

Starting FICO8 08/24/15: EQ545 / TU497 / EX523
Previous FICO8 04/04/16: EQ630 / TU646 / EX631
Current FICO8 07/11/16: EQ664 / TU677 / EX641
Open Sky - $200 (CANCELED) - Capitol One QS1 $500 -- $1500 -- $2750 Milestone $300 - Capitol One Platinum (NOW QS) $500 -- $750 -- (CANCELED) - CreditOne $300 -- $700 & 500- Capitol One Secured Platinum $200 -->$500 (CANCELED) - First Premiere $300 --> $450 - WalMart $5000 - Victoria Secret $200-->$500 - Finger Hut $200 - Credit Builder Loan $1000 - Amazon $4000- Paypal Smart Connect $2,000
Message 5 of 7
Hokies2379
Established Contributor

Re: FINGERHUT FRESH START...please help......


@Pstar wrote:

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/FINGERHUT-FRESH-START-Graduating-by-paying-ea...

 

 

 

This is the 1 i read


Well it kinda works like everything else credit related, YMMV (your mileage may vary.) Everything is different for everyone. 

 

My wife got cards with a 605 that still decline me with a 635.  Sadly it just is how it is.  Cool thing is, if it doesn't work, they WILL let you do the freshstart over again and you've only lost a month.

 

The worst thing you can be while re-building is impatient.  And believe me, I know how hard that is.

Message 6 of 7
WebGuru
Established Member

Re: FINGERHUT FRESH START...please help......

With Fingerhut, paying it before the first statement cuts would defeat the purpose of the fresh start program.

 

It reports as an installment loan, so if you pay for a few months then that's going to help out your score. You can pay it off early, but don't you want to show some positive activity on your report?

 

 

10/15 TU-637 EQ-632 EX-634
QS1-$800 QS1-$500 Cap1 Platinum- $1500 Fingerhut-$550 Amazon Store Card-$800 Kohls-$300 Express-$500 Overstock-$500 BuyPowerCard-$300
Message 7 of 7
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