Looking for ways to get a fresh start after a bankruptcy?
In an earlier post, we talked about using a secured credit card account to start the rebuilding process after a bankruptcy filing, and we went through the reasons why getting a fresh start early on can help speed up the process of re-establishing credit. Another way to re-establish your credit is to open an account with a store/catalog sales site like Fingerhut.
How can Fingerhut help you recover from bankruptcy?
Unlike a lot of store/catalog sites, Fingerhut actually has a FreshStart program, and even if you don’t qualify for a regular revolving credit account with Fingerhut, you may qualify for the FreshStart program.
What is the Fingerhut FreshStart program?
Fingerhut’s FreshStart program is a special type of account where you place an order and then make what is essentially your first payment on the account. Fingerhut will then ship your order and you’ll continue to make payments on the balance. Eventually, if you make timely, regular payments on the account, your account may be converted to a revolving charge account, and you will likely see your available credit increase.
This will help your credit in two ways:
- Your regular payments will be noted on your credit report, thereby helping you to begin to rebuild your payment history.
- Your available credit will be reported as well, and in the event that your credit limit is increased, that will also be reflected. Just make sure that you keep your “available credit” around 75% of your total credit limit, because that is an important factor in calculating your credit score.
And finally, there is another reason to consider Fingerhut – buying power!
Let’s face it, when you have no credit, it’s really hard to buy some things… things that you want or need. Fingerhut offers a great selection of name brand merchandise at great prices, and the prices are listed two ways on their website – the full price is shown AND they show you the monthly payment amount, so you know how much you’ll have to pay each month before you buy.
Think Fingerhut might be the right choice for you?
(Trust me, you’ll LOVE the selection & the prices at Fingerhut!)