Description: In this article about fingerhut login, the author is going to show you how to use a Fingerhut account to build credit. You can manage your Fingerhut account anytime from anywhere. You can also view your account information and pay your bill.
This is Jared Johnson, this time we’re going to talk a little bit about Fingerhut, what I do is to help first-time homebuyers, a lot of times they have issues with their credit and they need to boost their credit scores up, I talked a little bit about how to use a secured credit card before.
In this passage we’re going to talk about Fingerhut, Fingerhut is like a catalog ordering website, they have a book, they have to catalog but you can order it to the website, it’s usually thirty dollars to open an account, they had me to make a $30 a part of it.
Then you can go around the website and you can order merchandise, it is a little bit overpriced, for example if it’s normally $100 in the store, they will charge you one hundred thirty dollars, people use the site to go shopping because they do monthly payments.
You can order something two hundred dollars, you get $25 payments, over time you could pay it off, I only suggest to use Fingerhut if you want to reestablish credit, it’s an excellent resource, within a couple of months my clients could see the big difference in their credit scores if they use it properly.
They usually start you off between the three hundred to five hundred dollars line of credit, the good thing about Fingerhut is if you pay them on time within a couple of months to increase your limit, for example if you have a five hundred dollars limit, they’ll push up to eight hundred, if you continue to pay it all the time, that will push up to 1500.
I’m not sure what the max is, but it’s like five thousand and maybe more than that, I’m not sure, if you’re making payments over two months and making them on time, you will increase your limit, you need to treat your Fingerhut account like the secured card.
They don’t start you off with a three to five hundred dollars limit, over two months you pay them on time, they’ll increase your limit to eight hundred dollars, this is what a lot of people do, but they may get into a little bit of trouble, I try to tell them to stay within that thirty percent range.
If you increase your limit a hundred dollars and your thirty percent on three hundred is ninety, 30% on eight hundred goes up to 240, you still want to keep it low thirty percent, don’t start going into 50% or 75%, start buying a bunch of stuff.
When people see that they got a thousand limit, they see that TV or that computer, they have an eye on it, but I can pay it off, then they find themselves getting into a little bit of trouble when they do that. I’m not saying that you can’t afford it.
I’m saying that’s how people get in trouble, that’s how people get in problems with credit credit debt, when I’m with my clients, I tell them that the whole purpose is only to rebuild your credit, once you get pre-approved for a mortgage, you can pay it off, close the account.
If you want to continue using that, it’s up to you, but the whole purpose of using the Fingerhut account is to re-establish your credit, the same thing with the secured card is with a Fingerhut, when you open the account, your credit score will shoot up about between 30 and 40 points once they report it to the credit bureaus.
The funny part about Fingerhut is that you can open the account, I couldn’t make the 30 dollar deposit, I don’t even use the account, now it’s showing up on your credit that you have an open account with Fingerhut, you haven’t charged anything yet, it would show their zero balance, but you see it on your credit report.
Once you open up the account, your credit score will shoot up, you open up a secured card, if you open up a Fingerhut account, your score is going to go up, in the next article I’ll explain to you how and where you can find a secured loan.
Depending on which state, I believe down south they require you to put up more money for the secured loans, some banks will allow you to do it five thousand fifteen hundred, you can go to some credit unions, you can get it for two to three hundred as low as they had a mouthful loan.
I’m not sure about that, but you can go out and search that, the credit union is usually called signature loan, the banks call them secure loans, but we’ll talk about that more on the next article, thanks for reading, if you like it, please click the like button.
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I have a website where we show you step-by-step tutorial on how to repair your credit and what letters to use, a lot of people don’t know that, there’s a little science to repair your credit, it’s always on my website which is on the link below, thanks.