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Valued Contributor
Posts: 1,103
Registered: ‎02-15-2012
0

Really??? Fingerhut??

I am living quite nicely in primeville.  Went to get the mail today, and there it was...  The Fingerhut catalog. What in the world would Fingerhut see on my CR to make them think I would go for a CL "up to $800" at an APR of 24.90%?  They never sent me an offer back when my credit was weak, and now that I am going strong they decide I might be interested???


Starting Score: 693 TU FICO, 679 EQ FICO
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Frequent Contributor
Posts: 323
Registered: ‎02-17-2013
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Re: Really??? Fingerhut??

sounds like they want a piece of the money and hope you are uneducated.



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Established Contributor
Posts: 888
Registered: ‎09-10-2010
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Re: Really??? Fingerhut??

[ Edited ]

They are just checking to see if you forgot where you came from.  And with debt being the most marketed product in the world, you are bound to see the Fingerhuts of the world sending you info from time to time. 


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Member
Posts: 18
Registered: ‎03-26-2013
0

Re: Really??? Fingerhut??

[ Edited ]

I just recieved the same catalog.  The prices are rip-offs, the shipping costs are insane, and the "2-year extended warranty" that they push on nearly everything, all amount to a horrible deal.

I suppose they are aiming for an inherently unsophisticated market demographic - extremely risky, below sub-prime consumers, who's eyes are drawn only to the low monthly payment terms.

 

On the other hand - just like the secured credit cards, there is a place for them, and they do serve a valuable purpose. 

For those who are first starting out, or trying to rebuild their credit after a catastrophe, this may be one of the few options available.

IF the shopper is responsible, and understands that this catalog should only be used as a tool for building a credit history, there can be some value derived from it.

Regular Contributor
Posts: 232
Registered: ‎03-05-2013
0

Re: Really??? Fingerhut??

Obviously in your case don't go for it. But you're right: they didn't seek out your business before when you might have needed it and now that you're flush credit wise here they are.

 

In my case, they were my first "credit" that I got in February (they just started reporting as of yesterday so I'm happy for the tradeline).

 

With my places like FingerHut here's my reasoning behind it: I KNOW their stuff is overpriced and they try to take advantage. BUT, in my mind, I'm not paying for that overpriced coffee maker, I'm paying them to report positives to the credit bureaus. Period. I'll happily pay them for that service.

 

So far I've order a coffee maker for a total of $148 (paid off) and a toaster $168 (paid off). Next month I'll order again (in my opinion the two items I ordered are high quality and a great brand - though I KNOW I could have gotten the coffee maker $50 cheaper on Amazon and the toaster $70 cheaper on Amazon). And I'll pay that off. And FingerHut/WebBank will report the payment and give me an increase in credit and report that, too.

 

I'll happily pay the inflated prices for the service of them reporting that I can handle and manage credit responsibly.

 

As the other posters have written, places like this have a purpose and a market - but they do take advanage and a lot of idiots out there focus on the "low" monthly payments and suckered in for the wrong reasons.

 

If you look at FingerHut as a credit repair/credit building service, you might not mind so much paying for it.

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Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: Really??? Fingerhut??

Just think of It as they want to make up for not giving you luv when you were subprime!

Go ahead you know want that treadmill double the price!! Smiley Happy



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Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
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Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

Re: Really??? Fingerhut??

I don't know about you but I have my eye on a set of pots n pans! Lol
Valued Contributor
Posts: 1,129
Registered: ‎01-20-2011
0

Re: Really??? Fingerhut??


unusuallyconfused wrote:

Obviously in your case don't go for it. But you're right: they didn't seek out your business before when you might have needed it and now that you're flush credit wise here they are.

 

In my case, they were my first "credit" that I got in February (they just started reporting as of yesterday so I'm happy for the tradeline).

 

With my places like FingerHut here's my reasoning behind it: I KNOW their stuff is overpriced and they try to take advantage. BUT, in my mind, I'm not paying for that overpriced coffee maker, I'm paying them to report positives to the credit bureaus. Period. I'll happily pay them for that service.

 

So far I've order a coffee maker for a total of $148 (paid off) and a toaster $168 (paid off). Next month I'll order again (in my opinion the two items I ordered are high quality and a great brand - though I KNOW I could have gotten the coffee maker $50 cheaper on Amazon and the toaster $70 cheaper on Amazon). And I'll pay that off. And FingerHut/WebBank will report the payment and give me an increase in credit and report that, too.

 

I'll happily pay the inflated prices for the service of them reporting that I can handle and manage credit responsibly.

 

As the other posters have written, places like this have a purpose and a market - but they do take advanage and a lot of idiots out there focus on the "low" monthly payments and suckered in for the wrong reasons.

 

If you look at FingerHut as a credit repair/credit building service, you might not mind so much paying for it.


I will think that $120 on 2 products is way too much, but then that's my thought.

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Member
Posts: 18
Registered: ‎03-26-2013
0

Re: Really??? Fingerhut??

Has anyone on this forum actually dealt with Fingerhut? 

Even though they say you have been 'pre-approved', I would like to know whether they will still do a hard-pull when you place an order. 

 

The fine print inside states that the new account is subject to approval, but I did not see anything asking for permission to run an official credit check (or is this automatically implied when you apply for any credit?)

I understand that this is not a revolving credit account - so does it count as an 'installment loan', which might help with the "types of credit mix", which benefits the FICO score?

Also, when you first begin making the monthly payments, would the remaining outstanding balance be seen in a negative light as high utilization?

Contributor
Posts: 93
Registered: ‎10-10-2012
0

Re: Really??? Fingerhut??

I am one of those subprimers who have no choice but to let fingerhut stick it too them for a while until i can prove my credit worthiness.....

 

My problem is after i purchased a couple of these high priced items 2 items totaling $98 and have made double and even triple the monthly payments to get this over with as painlessly as possible, I got a cli raise from $250 to $450 and have yet to see them report this to the credit agency's!!!

 

statement cut on 3/19 and still waiting to see the cli reported....

 

 

why deal with them if they are not going to stand up to their end of the bargin??? Smiley Sad

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