If your credit utilization ratio, the amount of available revolving credit divided by your amount owed, is too high then your credit score will plummet. When using a Fingerhut account, the goal is to try to keep your amounts owed as low as you possibly can so that you can maintain a low utilization ratio, and as a result, have a higher credit score. There are a variety of secured credit cards that you can apply for such as:.
Fingerhut is an option worth looking into for those with bad credit or a short credit history. If you want to use a Fingerhunt credit account to improve your credit score, be sure to use it wisely and make all of your payments on time, just as you would with any other credit card. There are a ton of options available, regardless of what your credit report looks like, if you are trying to improve your credit.
Start raising your credit score today. LightStream Personal Loans. We may receive a commission from affiliate partner links. Click here to read more about Select. Click here to read our full advertiser disclosure. We may receive a commission when you click on links for products from our affiliate partners. CNBC Select recommends you consider one of these alternative ways to build credit. Become an authorized user on someone else's account: Authorized users can piggyback off of someone else's good credit in order to establish or improve their credit.
You'll receive a card that can be used for new purchases, but you won't be responsible for paying the bills though you should make an arrangement to repay the primary account holder.
This is a low-risk way to build credit — just make sure the account holder has a good credit score. Get credit for monthly bills with Experian Boost: If you have recurring utility, phone or streaming service bills, you may benefit from Experian Boost. This free feature allows you to link your bank account s and get credit for paying eligible bills on time. Become an authorized user. If you know someone, a close friend or family member, who has a good payment history on his or her credit card and has a good credit history, you can ask to become an authorized user.
How Does Fingerhut Work? You must be at least 18 years old. You must have a Social Security number. You must have enough assets or income to cover your monthly payments. What are the Types of Fingerhut Credit Accounts? Just like all other types of loans, a Fingerhut account comes with its own set of pros and cons. PROS No membership or annual fees.
Fast processing of applications. You can use your Fingerhut repayments to rebuild your credit. Your payments to the Fingerhut Advantage program are reported to the three major credit bureaus, allowing you to improve your credit standing. You can buy essential goods now and pay for them in installments. You may qualify for higher credit limits if you make timely payments.
Fingerhut items have higher prices than in other retail stores. Both Fingerhut credit accounts have an APR of Missed payments for the Fingerhut Advantage program may eventually lead to a lower credit limit. Late or missed payments under the Fingerhut Advantage plan will affect your credit score. Since Fingerhut is an online marketplace, you need to cover the shipping fee for all of your orders.
Who is this Credit Card Best For? Related Posts. Flat Cash Back Vs. I would like to subscribe to the NextAdvisor newsletter. See privacy policy. Before you go, sign up for our newsletter to get NextAdvisor in your inbox. Car Insurance. Credit Cards. Next Advisor Logo. Share Share on Social Media. Holly Johnson April 1, 4 Min Read. Editorial Independence We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission.
For more information, see How We Make Money. This page includes information about Discover products that are not currently available on NextAdvisor and may be out of date. Fingerhut Credit Account issued by WebBank. Pros Begin building credit, even with bad credit or little credit history No annual fee Apply online and get an instant decision.
Last updated April 1,
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