Month: March 2017

Looking for the fastest, easiest way to rebuild your credit?

Rebuilding your credit can often take years, especially if you don’t really know the ins and outs of your credit score, how it’s calculated, and the steps you can take to raise a low credit score.  And then there’s the whole no one will give you the credit you need to start rebuilding your credit score problem… yeah, it’s tough to get credit when you have none.  But, there are ways that you can get credit, build or rebuild your credit score, and get on the right track financially without having to wait months or even years for your score to creep back up on its own.

Typically, there are two ways to get credit when your score is very low – either open up a secured credit card, or apply for a credit account with a company that specializes in working with people whose credit is less than perfect… and that’s where Fingerhut Credit comes in.  That’s right, Fingerhut.

Unlike a lot of creditors, Fingerhut typically approves nearly everyone for an unsecured $300.00 line of credit that you can use to buy merchandise from either their online store or from one of the many catalogs they send throughout the year (my personal favorite is their annual Christmas catalog).  And, once you’ve actually used your account, made regular, on time payments, and proven yourself to Fingerhut, they will normally increase your credit limit.  And those credit limit increases and your continued regular payments will be reported each and every month to the credit bureaus… helping you to raise your credit score.

But, how does a Fingerhut account help your credit score?

A Fingerhut Credit Account issued by WebBank helps your credit score in two different ways.  First and foremost, you’ll actually have “available credit” reported to the credit bureaus, and your “available credit” makes up about 30% of your credit score.  Keep your available credit around 65-70% of your total credit and your score will be even better!  And secondly, your regular, timely payments make up another 30% or so of your credit score.  So, every time you make a payment on your Fingerhut Credit Account, you’re actually building a new payment history, and eventually, your regular, timely payments will also help you to rebuild your credit score.

But what about the products that Fingerhut offers?

What about the products!  Unlike the mail order catalogs of old, Fingerhut actually offers hundreds of thousands of name brand products at competitive prices!  Products you use every day… clothing, shoes, jewelry, small appliances, toys, and even furniture!  All shipped straight to your door in a matter of days.

What’s stopping you from opening your Fingerhut Credit account?

Nothing – it’s as easy as entering your name and address and find out now.

Will a secured credit card really help my credit score?

Believe it or not, that’s one of the most asked questions that we get here at the Easiest Credit Card to Get, and believe it or not, the correct answer is a resounding YES.  You see, secured credit cards work just like true credit cards in that you have a credit limit, you make payments, and you actually pay interest with most secured credit cards.  And, just like a true credit card, the secured credit card company reports all of those things to the credit bureaus on a monthly basis.  The only real difference between the two is that, with a secured credit card, you have put down a deposit that is typically equal to your credit limit.

So, how does a secured card help your credit?

Well, as I mentioned, the credit card company reports both your credit limit and your regular payments to the credit bureaus.  This, in turn, helps you to build a solid payment history AND proves that you have available credit.  These are the two most important factors in your credit score.  The TWO most important.  Everything else counts for bits and pieces – these two items are right at 30% of your score EACH.  So, if your credit score is bad – the fastest and easiest way to improve on your credit score it to work on these two things.  And the easiest way to do that is to get a credit card.

But, if your credit score is bad, no one will give you a credit card, right?

How many times have you been turned down for a credit card because your credit score is too low?  If you’re like a lot of people – too many!  But wait, that’s the beauty of the secured credit card – you won’t be turned down!  That’s right, you won’t be turned down for this credit card because you are securing it with your cash.  And the bigger the deposit, the bigger your credit limit.  Want to increase your credit limit?  Increase your deposit!  Want to cancel the card?  As long as the balance is paid off, you’ll get your whole deposit back!

So, how is a secured credit card different from a prepaid card?

You have to put money on both, right?  Right.  But the real difference is in the details… prepaid cards do not, for the most part, do any reporting to the credit bureaus.  They’re not really designed to be used as you would use a credit card, and as such, a prepaid card won’t do anything for your credit score.  Secured credit cards, on the other hand, were designed to function just like a true credit card,  and like having a true credit card, a secured credit card will affect your credit score.

So, if you really want to improve your credit, then get yourself a secured credit card, use it wisely, and watch your score start to go up!