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Is Fingerhut worth it??

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iamdetermined
Frequent Contributor

Is Fingerhut worth it??

Hi everyone. Is it worth opening (or using in my case) a Fingerhut account as I'm rebuilding my credit? I remember seeing on one of my CR an account (which I never applied for!) for them. I tried to have it removed but they verified it. I left it alone after that because it was in good standing so I figured it was helping & not hurting. Lol. I hope that was the right thing to do.....

Any insight is welcome...thanks!

**PERSISTENCE & PATIENCE** NFCU Amex $25K || NFCU GoRewards $24K || Citi $20k || Macy's $20K || Amex Cash Magnet $1.4k || CO QuickSilver $11,750 || Wells Fargo $9,500 || PayPal MC $8K || Amex ED $5,500 || USAA Pref. Cash Rewards $7.5K || Victoria’s Secret $5k || Discover IT $11.9k || Chase $12.5k || HFCU Plat. CC $2K || PenFed $500

*OVERALL CREDIT CARD LIMITS: $163,150*

NLOC $6K
US Alliance LOC $2K
Student Loans: $40k+

FICO 8 - 4/25/17: EQ 648 - EX 654 - TU 632
FICO 8 - 8/27/18: EQ 684 - EX 696 - TU 713
FICO8 1/14/22: EX 713 - EQ 703 -TU 723
FICO 8 4/7/23: EX 713 - EQ 715 -TU 729
FICO 8 4/30/23: EX 733
Message 1 of 9
8 REPLIES 8
Davidngo
Contributor

Re: Is Fingerhut worth it??

IMO, it is never a good idea to open a card with a sub prime lender.  The rates are high, the fees they charge to open the account are outrageous.  I would consider opening a secured card with a big bank!

MyFICO Pulled: (11/28/2012) EQ 635, TU 650, EX 661
Lender Pulled: (12/05/2012) EQ 635, TU 677, EX 641
Lender Pulled: (02/20/2013) EQ 667, TU 661, EX 648
MyFICO Pulled: (05/30/2013) EQ 712, TU 685, EX 686

Finally Hit the 700's as of 06/05/2013!!!
Message 2 of 9
qd
Regular Contributor

Re: Is Fingerhut worth it??

Is it an open or closed account?  I would call Fingerhut and confirm it is open and you can use it...find out credit limit as well...maybe get it increased.  If it is in good standing and you are in rebuilding stage of the game, I would say keep it...let it help your utilization. 

Message 3 of 9
Melanie220
Frequent Contributor

Re: Is Fingerhut worth it??

I think that Fingerhut does wonders for people who are rebuilding. The rates are not idea but when you dont have many options and you cant get approved for traditional credit cards (in my case I was denied Secured Credit Cards Smiley Happy ) I make a small purchase from them every month. I pay it down to just about $5 right away and wait for them to cut the statement and pay the remaining balance off.  If you do this you will at least have a revolving account and over time you can choose to close it back out.

Just my 0.02

Message 4 of 9
iamdetermined
Frequent Contributor

Re: Is Fingerhut worth it??

Ok...gld you pointed it out...they do appear to charge a lot...thanks!
**PERSISTENCE & PATIENCE** NFCU Amex $25K || NFCU GoRewards $24K || Citi $20k || Macy's $20K || Amex Cash Magnet $1.4k || CO QuickSilver $11,750 || Wells Fargo $9,500 || PayPal MC $8K || Amex ED $5,500 || USAA Pref. Cash Rewards $7.5K || Victoria’s Secret $5k || Discover IT $11.9k || Chase $12.5k || HFCU Plat. CC $2K || PenFed $500

*OVERALL CREDIT CARD LIMITS: $163,150*

NLOC $6K
US Alliance LOC $2K
Student Loans: $40k+

FICO 8 - 4/25/17: EQ 648 - EX 654 - TU 632
FICO 8 - 8/27/18: EQ 684 - EX 696 - TU 713
FICO8 1/14/22: EX 713 - EQ 703 -TU 723
FICO 8 4/7/23: EX 713 - EQ 715 -TU 729
FICO 8 4/30/23: EX 733
Message 5 of 9
iamdetermined
Frequent Contributor

Re: Is Fingerhut worth it??

From what I remember it was open - that was about a year ago. It had a high CL too - I ignored it because I was trying to get out of debt, not into more...lol! I'm debating what I am going to do - if its open then I'm going to leave it there...thanks!
**PERSISTENCE & PATIENCE** NFCU Amex $25K || NFCU GoRewards $24K || Citi $20k || Macy's $20K || Amex Cash Magnet $1.4k || CO QuickSilver $11,750 || Wells Fargo $9,500 || PayPal MC $8K || Amex ED $5,500 || USAA Pref. Cash Rewards $7.5K || Victoria’s Secret $5k || Discover IT $11.9k || Chase $12.5k || HFCU Plat. CC $2K || PenFed $500

*OVERALL CREDIT CARD LIMITS: $163,150*

NLOC $6K
US Alliance LOC $2K
Student Loans: $40k+

FICO 8 - 4/25/17: EQ 648 - EX 654 - TU 632
FICO 8 - 8/27/18: EQ 684 - EX 696 - TU 713
FICO8 1/14/22: EX 713 - EQ 703 -TU 723
FICO 8 4/7/23: EX 713 - EQ 715 -TU 729
FICO 8 4/30/23: EX 733
Message 6 of 9
iamdetermined
Frequent Contributor

Re: Is Fingerhut worth it??

Thanks! I actually have a credit card with a $500 limit & I'm an AU on 1 of my mom's cards so I don't have a problem there. I also got a Zale's card (shocked the shoes off of me! Lol!) a few months ago off of a whim. I was thinking of making a few small purchases from Fingerhut just so that I have another account open....wish me luck!
**PERSISTENCE & PATIENCE** NFCU Amex $25K || NFCU GoRewards $24K || Citi $20k || Macy's $20K || Amex Cash Magnet $1.4k || CO QuickSilver $11,750 || Wells Fargo $9,500 || PayPal MC $8K || Amex ED $5,500 || USAA Pref. Cash Rewards $7.5K || Victoria’s Secret $5k || Discover IT $11.9k || Chase $12.5k || HFCU Plat. CC $2K || PenFed $500

*OVERALL CREDIT CARD LIMITS: $163,150*

NLOC $6K
US Alliance LOC $2K
Student Loans: $40k+

FICO 8 - 4/25/17: EQ 648 - EX 654 - TU 632
FICO 8 - 8/27/18: EQ 684 - EX 696 - TU 713
FICO8 1/14/22: EX 713 - EQ 703 -TU 723
FICO 8 4/7/23: EX 713 - EQ 715 -TU 729
FICO 8 4/30/23: EX 733
Message 7 of 9
Crossdivided
Established Contributor

Re: Is Fingerhut worth it??


@Davidngo wrote:

IMO, it is never a good idea to open a card with a sub prime lender.  The rates are high, the fees they charge to open the account are outrageous.  I would consider opening a secured card with a big bank!


 

+1...worst case scenario, rake up a couple hundred bucks and go with a secured card like Open Sky (no experience with them...was just an example). alot of them wont even check credit, hence no HP

Message 8 of 9
iamdetermined
Frequent Contributor

Re: Is Fingerhut worth it??

Ok....I'll look into this...I am thinking about going through my credit union for a secured card...I hear that is also a good place to start.
**PERSISTENCE & PATIENCE** NFCU Amex $25K || NFCU GoRewards $24K || Citi $20k || Macy's $20K || Amex Cash Magnet $1.4k || CO QuickSilver $11,750 || Wells Fargo $9,500 || PayPal MC $8K || Amex ED $5,500 || USAA Pref. Cash Rewards $7.5K || Victoria’s Secret $5k || Discover IT $11.9k || Chase $12.5k || HFCU Plat. CC $2K || PenFed $500

*OVERALL CREDIT CARD LIMITS: $163,150*

NLOC $6K
US Alliance LOC $2K
Student Loans: $40k+

FICO 8 - 4/25/17: EQ 648 - EX 654 - TU 632
FICO 8 - 8/27/18: EQ 684 - EX 696 - TU 713
FICO8 1/14/22: EX 713 - EQ 703 -TU 723
FICO 8 4/7/23: EX 713 - EQ 715 -TU 729
FICO 8 4/30/23: EX 733
Message 9 of 9
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