"Increased Credit Limit"

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Written by: islandlo36 on 2010-10-03

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islandlo36's review: Callout Comment I am 1 year post discharged bankruptcy. I applied March 2010 and was approved for 400.00 with Fingerhut. I made 1 purchase for 99.00 and have been paying a little at a time to show credit history. I have since had 2 cli's. The first increase was for 200.00 and now I got another increase for 300.00. I am up to a 900.00 credit with limit. Yay!


Comment 1 by wanderer
Re: Increased Credit Limit User Icon on 2010-10-03

Remarks Way to go! It feels good to see a rebuild of credit in progress. It will be slow as I have walked your path before.
Comment 2 by cfmdev49
Re: Increased Credit Limit User Icon on 2010-10-03

Remarks Sadly, companies like fingerhut love people who are in post bankruptcy... They know they can sell you overpriced foreign manufactured junk and you will buy it because you are desperate to rebuild your credit. The interest rate is high but you can bet your credit limit will stay low... After all... You've proven that you can't handle your finances. Who else you going to go to? A payday lender? Rent to Own Store? Or wait on your Refund Anticipation loan? It's a tough life but someone has to take advantage of the credit risks out there... Fingerhut just wants to get their piece of the subprime pie... Long term you lessen your chances of getting prime cards with good companies by dealing with the likes of fingerhut... Your hands become dirty... And clean (read prime) companies are going to be reluctant to touch you...
Comment 3 by ari
Re: Increased Credit Limit User Icon on 2010-10-04

Remarks That last comment was extremely harsh. No, there's no way to sugar coat it, subprime cards like fingerhut's lending practices are down right predatory. You would be much better off with a company like Capitalone or HSBC, not that their subprime cards are any great shakes. Just because you have poor credit doesn't mean you have to take the first card that's offered to you. You'd be much better off just saving your money. If you have bad credit, it likely means that you haven't managed your money properly. Learn from that and save, save, save. In time, your credit will improve enough so that you can be apply for a prime card. I've been there!
Comment 4 by islandlo36
Re: Increased Credit Limit User Icon on 2010-10-04

Remarks Thanks for your opinions, but my credit problems did not happen because of bad money management. It was because of illness. When on income is missing, it creates a problem financially. I had to choose between the mortgage or credit cards. I think the roof over my head takes presidence over credit cards. Anyway, based on my performance with the other cards, I was approved for a Citi MasterCard. I'd say my credit has improved!
Comment 5 by wanderer
Re: Increased Credit Limit User Icon on 2010-10-04

Remarks Thanks for the followup. It is always useful to understand the fuller picture when some one has credit challenges. You are working your way back and that is what counts! Congrats!
Comment 6 by ari
Re: Increased Credit Limit User Icon on 2010-10-05

Remarks This is in no means to not sympathize with one having lost income because of an illness, but life is uncertain. Anything can happen to any of us at any time. We could loose our jobs or have a life threatning illness. When we carry credit card debt and don't have enough money saved to cover expenses in case of unexpected loss of income regardless of what the cause, that still falls under the category of mismanaging money. I fall back to my earlier statement:save, save, save!
Comment 7 by ari
Re: Increased Credit Limit User Icon on 2010-10-05

Remarks One last comment. I don't mean to upset anyone but I find it very hard to believe that Citibank would offer a credit card to a customer one year post bankruptcy unless it was a secured card. Citiibank is extremley conservative.
Comment 8 by arscelona
Re: Increased Credit Limit User Icon on 2010-10-05

Remarks Congrats CLI feel really good don't they?

No offense to you Ari but I think you should read more carefully if you are going to accuse someone of not providing accurate information. She said in the comments that she was told and was provided with papers indicating the card is from Citi.
Comment 9 by wanderer
Re: Increased Credit Limit User Icon on 2010-10-05

Remarks In a perfect world we have six months of money put away (emergency fund if you will), we knew we could pay for it and bang... Something happens. We do not live in a perfect world and challenges confront us. Islandio36 is sharing with us an experience for all of us to benefit from and maybe even learn something. When I took the big BK Ch 7 I had great prime cards and had no idea about sub-prime cards banks or the like or anything remotely close to it. It was like starting from scratch and learning by getting eaten by sharks sometimes. I did not know about sites like this so I just jumped in. Remember "once burned and twice shy". Fingerhut has been around for almost as many years as I have... They used to be big into seat covers for cars and the like... There are many more sharks out there... We learn. The secured cards suggested could be an alternative. Remember we are here to learn and share our experiences and NOT to attack anyone!
Comment 10 by islandlo36
Re: Increased Credit Limit User Icon on 2010-10-05

Remarks @Ari, if you have had the year I have had, you would understand that we are NOT in control of everything in our lives. That also means finances. I did have money saved, not that I feel the need to explain myself, but things happen. I am very proud of myself that I have been able to rebound from these challenges. My finances are improving. Try having 5 surgeries in the last 5 years, plus your child getting injured in school by a bully and having surgery for a broken arm in the 1st grade. Stuff happens, so don't be so judgmental. You should try standing in my shoes for a little while.
Comment 11 by ari
Re: Increased Credit Limit User Icon on 2010-10-12

Remarks I truly apologize for any offense. You're right, I have not walked in your shoes. I truly wish you the best with your future financial endeavors.
Comment 12 by msnauta
Re: Increased Credit Limit User Icon on 2010-12-01

Remarks I applied sept 29 2010 so I was I approve for 250 on Dec 01 I got a credit increased for 400 total of 650 I'm very surprise. By the way I always pay weekly and I dnt plan to pay montly with this account its much better weekly. Love this FingerHut and I will stick to them FOR A LONG LONG TIME... Sorry WALMART!!!
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