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Frequent Contributor
Posts: 463
Registered: ‎11-28-2012
0

Fingerhut ain't that bad

Most posters seems to hate them but in the midst of rebuilding they extended me credit (no deposit or special repayment plans/up front fees). I have used the account 2 times (when I receive free shipping offers) for less than $75.00 total over the 6 months I have had the account. I started with $400.00, they auto CLI to $900.00 after 3 mos, and just auto CLI to $1400.00 as of 3 days ago.

Start: Nov'12 EQ 699/EX 685/TU 696 / Current: April''14 EQ 715/EX 709/TU 709 * Goal 750+


Moderator Emeritus
Posts: 14,711
Registered: ‎12-30-2011
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Re: Fingerhut ain't that bad

Have to take the negativity in this online forum with a grain of salt sometimes.

 

The vast majority of credit products work moderately well for their intended purpose and credit strata, Fingerhut is not an exception.  Are there better products than that?   Absolutely, but we tend to throw the baby out with the bathwater at times (Fingerhut, FP, BOFA, list goes on).

 

This forum population is well outside the bell curve when it comes to our credit seeking and using practices; lender reactions to outliers are not going to be the same as they are with the needle in the haystack folks.

 

End of the day, if a given card or other loan product is working well for you while you should absolutely keep an open mind, look critically at advice suggesting dumping it like a bad habit.

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 693, EQ 8 714, TU 8 710, EX 8 724 (05/27/16)
Goal Score: 700 on EQ 04 (01/01/17)


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Established Contributor
Posts: 504
Registered: ‎08-28-2012
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Re: Fingerhut ain't that bad

Fingerhut absolutely works for some people as they rebuild their credit.  Personally, I've never used them and don't have any particular issue with them.  I've heard (but not confirmed for myself) that Fingerhut prices are inflated.  If so, it's rather poor form of them to take advantage of people who may have no alternatives.  Then again, that seems to be par for the course in a capitalist society and, to be fair, no one is forcing consumers to shop there.

Established Contributor
Posts: 689
Registered: ‎12-21-2012
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Re: Fingerhut ain't that bad

I just looked them up. Here's some problems I found immediately:

 

1. Predatory marketing similar to rent-to-own businesses (sells on the idea they'll give you credit, not on their merit as a shop).

 

2. Very high prices. 15-30% overpriced on the items I looked at. Granted, not as outrageous as rent-to-own, Blue Hippo, etc.

 

3. Extremely difficult to understand shipping rates and repayment terms. "Shipping codes," no clear APR info, huge long table of repayment plans. Just an utter nightmare designed to prey on the most vulnerable.

 

So, sorry, but I'd have to agree - Fingerhut is not okay.

American Express Blue Cash Everyday - $11,000; American Express Platinum Cashback Everyday - £2,500; Aqua Reward Mastercard - £600; Bank of America Travel Rewards - $5,000; Citi Forward - $5,800; Discover It - $5,500; HSBC Platinum with Rewards - $5,000
Moderator Emeritus
Posts: 14,711
Registered: ‎12-30-2011
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Re: Fingerhut ain't that bad


nyancat wrote:

I just looked them up. Here's some problems I found immediately:

 

1. Predatory marketing similar to rent-to-own businesses (sells on the idea they'll give you credit, not on their merit as a shop).

 

2. Very high prices. 15-30% overpriced on the items I looked at. Granted, not as outrageous as rent-to-own, Blue Hippo, etc.

 

3. Extremely difficult to understand shipping rates and repayment terms. "Shipping codes," no clear APR info, huge long table of repayment plans. Just an utter nightmare designed to prey on the most vulnerable.

 

So, sorry, but I'd have to agree - Fingerhut is not okay.


Except you're not in their market demographic.  I'm not either for that matter, and wasn't even when I was deep subprime, but there are legitimate uses for this card if you have a slew of derogatories of some nature... and I definitely fit that bill.

 

I'm not certain specifically what their underwriting criteria happens to be; however, it's likely 600 FICO or lower for acceptance, and if you're living paycheck to paycheck and can't afford the deposit on a quality secured card then it's not a bad option, even compared to other credit products out there (FP, Credit One) that exist in that strata.  

 

Any financial decision needs to be evaluated on the basis of one's individual capability; in your case nyan, you're well above needing Fingerhut or similar product, but other's aren't in the same good spot.

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 693, EQ 8 714, TU 8 710, EX 8 724 (05/27/16)
Goal Score: 700 on EQ 04 (01/01/17)


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Frequent Contributor
Posts: 463
Registered: ‎11-28-2012
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Re: Fingerhut ain't that bad

I'm not saying they are perfect or anything, but I am not a low class consumer for using them to get my available credit higher when I had none to report.

Start: Nov'12 EQ 699/EX 685/TU 696 / Current: April''14 EQ 715/EX 709/TU 709 * Goal 750+


Valued Contributor
Posts: 2,039
Registered: ‎01-24-2012
0

Re: Fingerhut ain't that bad

[ Edited ]

nyancat wrote:

I just looked them up. Here's some problems I found immediately:

 

1. Predatory marketing similar to rent-to-own businesses (sells on the idea they'll give you credit, not on their merit as a shop).

 

2. Very high prices. 15-30% overpriced on the items I looked at. Granted, not as outrageous as rent-to-own, Blue Hippo, etc.

 

3. Extremely difficult to understand shipping rates and repayment terms. "Shipping codes," no clear APR info, huge long table of repayment plans. Just an utter nightmare designed to prey on the most vulnerable.

 

So, sorry, but I'd have to agree - Fingerhut is not okay.


You sound like my mom, lol. People should read everything and compare prices. If someone sees a computer on there for $500 and does not bother to look and see that they could get it for $350 somewhere else, that is there problem. Many retailers are hugely overpriced but people still buy from them. A case of toilet tissue at Quill is 79.99, and the same kind from my parents' business is about $45. I am sure Quill pays a lot less or near the same then we do, yet their price is a lot higher.

 

The annual percentage rate is not hidden, and is 24.90. The shipping codes are unknown to me, but on the checkout page it does give shipping information. In the end, if people choose to sign up for something just to get credit, without reading the terms and everything else about the place, I say they deserve to be overcharged.

 

By the way, I have never dealt with these people so can not say anything about how they handle accounts. WebBank is the same bank that does Bill Me Later, and so far I have had no problems with that.

Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
0

Re: Fingerhut ain't that bad

I got a finger hut account when I started to rebuild. Its no AF and reports to all three CRAs so it is IMO great for rebuilding. Would I ever buy anything from them? No, but it helps when your looking to add a positive TL with no strings attached.

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Frequent Contributor
Posts: 463
Registered: ‎11-28-2012
0

Re: Fingerhut ain't that bad


navigatethis12 wrote:

nyancat wrote:

I just looked them up. Here's some problems I found immediately:

 

1. Predatory marketing similar to rent-to-own businesses (sells on the idea they'll give you credit, not on their merit as a shop).

 

2. Very high prices. 15-30% overpriced on the items I looked at. Granted, not as outrageous as rent-to-own, Blue Hippo, etc.

 

3. Extremely difficult to understand shipping rates and repayment terms. "Shipping codes," no clear APR info, huge long table of repayment plans. Just an utter nightmare designed to prey on the most vulnerable.

 

So, sorry, but I'd have to agree - Fingerhut is not okay.


You sound like my mom, lol. People should read everything and compare prices. If someone sees a computer on there for $500 and does not bother to look and see that they could get it for $350 somewhere else, that is there problem. Many retailers are hugely overpriced but people still buy from them. A case of toilet tissue at Quill is 79.99, and the same kind from my parents' business is about $45. I am sure Quill pays a lot less or near the same then we do, yet their price is a lot higher.

 

The annual percentage rate is not hidden, and is 24.90. The shipping codes are unknown to me, but on the checkout page it does give shipping information. In the end, if people choose to sign up for something just to get credit, without reading the terms and everything else about the place, I say they deserve to be overcharged.

 

By the way, I have never dealt with these people so can not say anything about how they handle accounts. WebBank is the same bank that does Bill Me Later, and so far I have had no problems with that.


I have Bill Me Later too Smiley Happy

 

As for the rest of why Fingerhut is "bad", I know how to read, and use the FREE shipping promos (as listed in my original post). Additionally, not everything on their site (or in their catalogue) is way overpriced. Again, the total of $75 in purchases made was PIF before any interest hit, 24% or otherwise. Just because they target people lower ranked than the best ever credit card holders doesn't mean we are all completely ignorant.

Start: Nov'12 EQ 699/EX 685/TU 696 / Current: April''14 EQ 715/EX 709/TU 709 * Goal 750+


Established Contributor
Posts: 689
Registered: ‎12-21-2012
0

Re: Fingerhut ain't that bad

[ Edited ]

Thank you, I'm glad I sound like your mom. I couldn't find the APR info in a quick 2 minute comparison shopping trip to their site. Didn't say it wasn't there, just that it wasn't clear. Just... there are better options. Much better options. I will be fair and say it's not Rent-A-Center level bad. But still, it's bad.

 

And I never said anyone was ignorant... just that they're targeting people who are by making it hard to understand their pricing, not clearly listing MODEL NUMBERS (essential to comparison shopping), etc.

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