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Member
Sunshine22
Posts: 9
Registered: ‎08-24-2008

Fingerhut Pre approval by CIT Bank

I just received a preapproval for Fingerhut/ CIT Bank. 

 

Does anyone know if they are BK7 friendly and if they report to the CRA's. My CH7 was discharge July 08, I only have one secured CC with a $500 CL.

Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008

Re: Fingerhut Pre approval by CIT Bank

Congrats on getting a pre-approval - that can be pretty invigorating!

 

CB shows Fingerhut approving some w/BK's and denying some w'BK's.  Hopefully there will be some experienced posters who can give you better info than I can.  It does appear that their CL's are very small (often $150), and you're limited to their products at their prices.

 

To me, the real question is, do YOU pre-approve them?  Do they fill a need in your credit profile?  You're doing great with a secured CC - that will help you tremendously in your rebuilding efforts.

 

I would consider waiting until you find a potentially more useful card.  Even though it's pretty excited to be pre-approved.  Kind of like being asked out on your first date after a long hiatus.

 

Check out the BK friendly credit cards to start you thinking on what other options you might have.  (Look at the top of this Credit Cards board - click on helpful threads, then click on BK Friendly Credit Cards Listed.  Or just click here:

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=207&page=1

 

Good luck to you on whatever you decide to do!

Just puttin' syrup on something, don't make it pancakes.
Established Contributor
Uncle_Money
Posts: 530
Registered: ‎07-28-2008

Re: Fingerhut Pre approval by CIT Bank

I would say you have a good chance of approval for Fingerhut, even with the BK7. However, don't expect a good interest rate on this account. CIT does, however, report to all three credit bureau's. So, if you need to establish then you should probably try it. If your credit profile is already established, stay away from it. Just be sure to pay that statement in full before it cuts so as to avoid the high rate of interest that CIT most likely will incur on this type of account.
Equifax Fico 785 as of 01/18/2012
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Fingerhut Pre approval by CIT Bank

CIT bank is a troubled operation.
Established Contributor
Uncle_Money
Posts: 530
Registered: ‎07-28-2008

Re: Fingerhut Pre approval by CIT Bank

There's my friend CWCID!

 

Yup, I have a Dell account issued by CIT with an outrageous APR. It was over 20% but I got them to knock it down to around 18%. Still way too high for me. I paid it off. It remains tucked away.

Equifax Fico 785 as of 01/18/2012
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Fingerhut Pre approval by CIT Bank

CIT Bank is actually toubled and troubling. I'd steer clear if at all possible.
Valued Contributor
tray
Posts: 1,363
Registered: ‎01-29-2008

Re: Fingerhut Pre approval by CIT Bank

Hi, from what I have heard with a fingerhut account from Cit Bank it only reports to 1 credit agency which is EQ.

Starting Score: EQ 546 TU 566
Current Score: EQ 693TU 08 729 EX 08 738Need to Garden/New Accounts
Goal Score: 800
Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008

Re: Fingerhut Pre approval by CIT Bank


If your credit profile is already established, stay away from it.

+1

You only need one card (preferably a bank or national credit card company) to keep FICO happy.  After that, especially, choose cards that serve you well - you have already met the FICO need with your secured card.  If that secured card is not a bank/national credit card company, then make sure your next card fits that category.

 

It's just hard not to get caught up in the excitement of a pre-approval!  There will be more coming your way, but be pro-active and search out what works best for you rather than taking whatever comes your way.  Good luck again to OP!

Just puttin' syrup on something, don't make it pancakes.
Frequent Contributor
ladydi
Posts: 278
Registered: ‎10-17-2009

Re: Fingerhut Pre approval by CIT Bank


tray wrote:
Hi, from what I have heard with a fingerhut account from Cit Bank it only reports to 1 credit agency which is EQ.

 

it reported on my eq and tu, not ex
Valued Member
jrporterfield
Posts: 28
Registered: ‎04-05-2010

Re: Fingerhut Pre approval by CIT Bank

I currently have a Fingerhut card that I have had since 2007 and it reports to all three credit bureaus.  Unfortunately the fingerhut accounts have been sold to Metabank I believe it is.  This change has caused my score to drop approximately 10-12 points and is showing up as transferred hopefully when the get straightened out I won't lose my length of credit time from 2007 to a more recent 2010 which could hurt my scores further.  Good luck to you in your endeavors!


Starting Score: TU: 615 EQ: 590 EX: 611(Fako)
Current Score: TU: 615 EQ: 603 EX: ? (Fako)
Goal Score: 650 across the boards


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