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Now that I've been approved for a fingerhut acct?
I was surprisingly approved after getting denied for a number of "bad credit" credit cards...even secured ones. Ck/transunion score is 526 as of today 11/28/14. Only thing is you have to "prove yourself and graduate" from an initial loan (fresh start program) you get and then be approved for fingerhuts advantage credit acct. I'm planning on keeping my balances to a 30-40 (whatever the proper number is) percentage of my total but should I also so that for this fresh start program? Will they even be reporting these first payments? What have you guys done? What do you advise? I was approved for 180. I plan on calling them soon and asking but just want some insight from CK community. Stay classy folks.

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Because the limit is low, I would pay the balance down as low as possible each month. 30-35% is the maximum you want to carry for utilization purposes and be a use you are probably paying 22.9% interest on this account.

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Be careful......

I opend up an account with Fingerhut April 2012.....didn't use it for alot of things and doubled my payments.  They kept raising my spending limit (especially at Christmas and you had to use it by a certain date).  Well, in Febuary 2015 I ordered a nice platform bed & mattress.

I had misjudged how much my monthly payments would be I called Fingerhut and they worked with me. I still had some problems in October 2015 I honestly, by mistake, missed that payment and I didn't realize it.  My last payment with Fingerhut was December 29, 2015 and in January 2016 they sold my account to a collection agency.  They (Fingerhut) never wrote me or called me to let me know they had done this.  And of course Fingerhut reported it to the credit bureaus with derogatory in the remarks.

I'm still upset about this. I just wanted to let you know.......and Fingerhut will bug you to death with catalogs and increasing your credit amount.  I wished I had been stronger.  

Take care,

Debbie

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