Fingerhut Fresh Start question

[Anonymous]

I've been reading up a bit on this program. I'm curious. Is it best to follow their payment plan to the letter, or pay it off early? Which would be the most advantageous, credit wise?

[Anonymous]

I am also interested in knowing the answer to this - What I do know is this will report as an installment loan until paid and then will graduate to a line of revolving credit.

[Remedios]

Fingerhut fresh starts reports as instalment loan at first. If you have no loans, it will be beneficial to you as active loan adds to credit mix. 

Once it's paid off, it starts reporting as revolving credit 

There is some points loss once the final payment is made, because that means loan is effectively paid off, but those points are recovered in time. Nothing to worry too much about. Rebuilding is up and down, up and down. Bottom line, they will be back. 

If you have a loan, just pay it off as fast as you can.