Just benchmarking here

[Anonymous]

I'm starting my credit re-rebuild and figured I needed to benchmark where I started at so I can keep track of my progress. So my fico 8 according to CCT is Ex 501, EQ 512, and TU doesnt even have a score. I just opened a Fingerhut Fresh Start account which has not reported. I had a $230 limit, purchased $58 worth of stuff, had a stroke over the shipping and handling fees, paid my $30 deposit, and now I wait for it to post.
I am also waiting on a response from PRA to settle an old Cap 1 unsecured card. In 30 days, I will get a secured card and then I will be truly on my way. Again.
Take heart, new people. If I can do this, anybody can! Good luck to all of us!

Edited to correct typos, but also to add a Note To Self. Stay out of the forums for apps and approvals. You'll be there later. No point in getting worked up about cards you cant get approved for yet. Stick to this forum to start with. If you rush building a solid foundation, your build will be weak and wobbly, and more likely to fail. At LEAST 6 months before I even need to think about looking at anything unsecured 😁 Ok. Done lecturing myself now!

[Remedios]

You'll do just fine 

Just so you know (and you may already) it will report as installment account till the purchase is paid off. After that, it "graduates" to revolving credit type of account. The only reason I am bringing it up is there is usually some points loss when installment loan is closed, but those points are recovered later. 

Good luck with your rebuilding journey 

[Anonymous]

Yes I had seen where it was reported that way on some other posts. I'm not so much worried about the little losses like that. This is just a stepping stone so I'm not expecting to get a 700+ or anything. At this point I'll be happy if it forces TU to generate a score 😁

[DIYcredit]

If you settle an credit account that comment is considered a serious derogatory affect your Fico score for as long as it is present on your cr.When you open a secured cc open one that reports to all three cb's and then in 6-12 months of making monthly on time payments.Apply for a unsecured cc with the same company and then keep that cc open never close it.After that only open cc' that are beneficial to you in the long run.Make one of your goals to have three cc's and keep cc utilization 1-6% and learn the azeo method.GOOD LUCK...

[Anonymous]

Updating*** So I got nervous because of the way Fingerhut shows account activity on their website. I ended up paying the account in full about 10 days after my initial deposit. They graduated me 4 days later, and gave me a $300 CL. Neiher the initial account nor the new one have reported yet so I dont know what it will do as far as my credit. I did app for the Cap1 secured butthey need something verified. They just havent been able to tell me what. So I'm waiting on that letter in the mail. I also entered into a settlement arrangement with PRA for an old Cap1 account. I will have it paid by November at the latest, hopefully much sooner. (I just didnt want to commit to a higher monthly payment, so I agreed to an amount I am 100% certain I can afford each month) That leaves just 1 recent baddie I don't even owe, but may pay just to be done with it. I'm determined to get this mess fixed once and for all!

[simplegirl]

Unfortunately capital one secured cards no longer graduate. 

[Anonymous]

I know, but I have to start somewhere. Its nust a stepping stone to repairing my relationship with them anyway.

[FireMedic1]

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@DIYcredit wrote:

If you settle an credit account that comment is considered a serious derogatory affect your Fico score for as long as it is present on your cr.When you open a secured cc open one that reports to all three cb's and then in 6-12 months of making monthly on time payments.Apply for a unsecured cc with the same company and then keep that cc open never close it.After that only open cc' that are beneficial to you in the long run.Make one of your goals to have three cc's and keep cc utilization 1-6% and learn the azeo method.GOOD LUCK...

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"I am also waiting on a response from PRA to settle an old Cap 1 unsecured card."

OP is trying to settle a collection agency account they got from Cap1. Not settle with Cap1. Paid is better than owed.

[DIYcredit]

Regardless of what account, settling any account present on your cr is a serious derogatory the best thing to do is pay in full.

[Anonymous]

I think you have misunderstood my intention. I am, in fact, going to pay the full amount. However, I cannot afford to do so in one lump sum payment. Therefore, we had to reach a settlement agreement with repayment terms acceptable to both parties, which we did.
I am guessing the use of the word "settlement" had you assuming I meant a settlement for less. I have been paying all of my derogs in full as I could afford to. This one and the one that was just added last week that I don't even owe are the last 2 actively reporting. Then I will tackle the ones that have "come off of" my report. If I owe it, I owe it, regardless of whether it is showing on my reports or not.
I'm sorry if this caused confusion.