closed my fingerhut card

[twist7d7]

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@bigblue7722 wrote:

Well I closed my fingerhut card. I will say the card was not worth it at all. I remember when i got approved just over a year ago it was the best feeling in the world haha I was wrong. The prices are unreal, shipping is crazy. I would tell anyone to stay away from the card. You are much better off getting a secured card or a regular store card like a walmart card. Next on the chopping block is either chase amazon or barclaycard rewards. I would just combine the limits to another one of my cards. 

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Why the chase amazon? im considering that card for myself as i shop on amazon alot.

[jllunas]

Thanks popamode! I will cal them in the morning.

[KAISMOM]

Yes...It's one of those cards I'll nix, don't use. I've rebuilt my credit, and it's an eyesore, though the capital one card was just as bad or worse! FH keeps raising my limit and flooding my mailbox.

[Ragelog]

I plan to close my Fingerhut account once I replace the credit with other sources. I figure once my Barclays CLI's and maybe my BoA secured card unsecures it'll be time.

For now it's a 1700 CL I don't use but helps with utilization.

[joltdude]

Fingerhut operates a bit differently than most retailers... The reason they can give credit to subprime customers is that they charge MSRP or higher to cover the default rate.... If you can find a reasonably priced item... (yes its going to be more than the best offer in the normal retail channels)... you can theoretically get value out of having a fingerhut account... Its a credit tool disguised as a mail order/online store.... Its similar to how the original Ebates worked... the price on the product was inflated, but you got most/all of it back (or were supposed to)... its float.. Once your done with them, or have something to replace it... you should close it and move on.. its done its job... Still believe you should at least let the account stay open for a minimum of one year.... But it also could look bad on a manual review... (yes some card companies will NOTICE your open Fingerhut account)... Im hoping to avoid them like the plague.. But alas.. I still haven't gotten approved yet for a second card.. -J

[ddemari]

I too closed my fingerhut account last month! I was a little worried because last month I closed my merrick bank credit card and apple visa (transfered cli to salliemae) but since I have no revolving debt, it did not make an impact on my CRA reports. And I opend a Freedom Card and Amex last month, so AAOA should not take a hit down the line.Plus I am dying to see what 11 years of amex backdating is going to do for my reports. But ya, Fingerhut forget them. 

[longtimelurker]

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@twist7d7 wrote:

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@bigblue7722 wrote:

Well I closed my fingerhut card. I will say the card was not worth it at all. I remember when i got approved just over a year ago it was the best feeling in the world haha I was wrong. The prices are unreal, shipping is crazy. I would tell anyone to stay away from the card. You are much better off getting a secured card or a regular store card like a walmart card. Next on the chopping block is either chase amazon or barclaycard rewards. I would just combine the limits to another one of my cards. 

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Why the chase amazon? im considering that card for myself as i shop on amazon alot.

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Not the OP, but my guess is because the OP has the Sallie Mae, which gives 5% off Amazon as compared to 3% for Chase.  So, unless you go over the $750 per month cap, the card isn't very useful.