Home Buying in 83301>Question Details

bloody_tears…, Home Buyer in New York, NY

Im looking at establishing some credit. How does a Fingerhut card look on credit?

Asked by bloody_tears_92, New York, NY Thu May 23, 2013

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Personally, I would steer clear of Fingerhut. They make it easy to get a card, but the interest and fees, not to mention their prices, will do more harm than good. In my opinion, they are no better than payday loans. I agree with Corry below ... get a secured credit card. If you haven't already spoken with a bank/lender, you should put that on your calender as well ... they will be very helpful in giving you ideas for clearing up, or establishing credit. Good luck!
0 votes Thank Flag Link Thu May 29, 2014
The fingerhut card will help us get your credit going, We can use many things to help but the most important is to have NO current judgements. Please call and I will help you get started. Thanks Steve
0 votes Thank Flag Link Thu May 23, 2013
Good afternoon,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Thu May 23, 2013
Try a Secured credit card. You make a deposit and your credit limit is equal to the deposit amount. Then use it but do not use over 25% of the available credit And pay on time.
0 votes Thank Flag Link Thu May 23, 2013
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