topic Re: Fingerhut in Credit Cards

Fingerhut

scarfa21 — Fri, 17 Aug 2018 18:32:46 GMT

Hi all, I keep getting letter from fingerhut that they are going to CLD to 1500.00. I havent used this since I was done rebuilding, probably over 2 years. Anything I need to worry about? Should I just close it, as ill never need to use it again. Limit right now is 3550.00. Prob had the account for 5 years or so.

Thanks!

Re: Fingerhut

pizza1 — Fri, 17 Aug 2018 18:34:53 GMT

I think you're well past FH now. I would just close it, and move on, especially since you have no intentions of using them anymore.

Re: Fingerhut

K-in-Boston — Fri, 17 Aug 2018 18:43:22 GMT

Looks like your scores are in great shape. Unless it's substantially older than your oldest open card or the loss of the credit line will seriously harm your overall utilization percentage, no reason to keep it open. If they're threatening a CLD, I'd close it before they closed it for you since it would always report the current credit line.

Re: Fingerhut

Jimp2323 — Fri, 17 Aug 2018 19:23:13 GMT

My problem with FH isn't the high prices on everything. I expected to have to pay more when I applied with a FICO in the low 500s. My only complaint is the fact that the last 3 times they've offered a CLI it came with a requirement that I spend the entire amount...for example, "We will raise your limit by the amount of your purchase up to 2000.00."

No thanks...I already have enough problems keeping my utilization under control.

Re: Fingerhut

K-in-Boston — Fri, 17 Aug 2018 19:40:17 GMT

@Jimp2323 wrote:
My problem with FH isn't the high prices on everything. I expected to have to pay more when I applied with a FICO in the low 500s. My only complaint is the fact that the last 3 times they've offered a CLI it came with a requirement that I spend the entire amount...for example, "We will raise your limit by the amount of your purchase up to 2000.00."

No thanks...I already have enough problems keeping my utilization under control.

Ooh, that's sneaky. Similarly, Citi once sent me a "convenience check" offer to raise my Texaco card limit if I used it. And that's how my $525 Texaco card ended up as a $2025 Shell card for the next 15 years until I closed it.

Re: Fingerhut

scarfa21 — Fri, 17 Aug 2018 20:29:49 GMT

@K-in-Boston wrote:
Looks like your scores are in great shape. Unless it's substantially older than your oldest open card or the loss of the credit line will seriously harm your overall utilization percentage, no reason to keep it open. If they're threatening a CLD, I'd close it before they closed it for you since it would always report the current credit line.

Thanks for the reply, I just checked, its one of my oldest accounts, 8 years, but it will def not affect my overall utilization, as that is at 0. I have over 80k of credit. Now im not sure if I should close this. Stupid fingerhut!

Re: Fingerhut

K-in-Boston — Fri, 17 Aug 2018 20:42:02 GMT

@scarfa21 wrote:
@K-in-Boston wrote:
Looks like your scores are in great shape. Unless it's substantially older than your oldest open card or the loss of the credit line will seriously harm your overall utilization percentage, no reason to keep it open. If they're threatening a CLD, I'd close it before they closed it for you since it would always report the current credit line.

Thanks for the reply, I just checked, its one of my oldest accounts, 8 years, but it will def not affect my overall utilization, as that is at 0. I have over 80k of credit. Now im not sure if I should close this. Stupid fingerhut!

It will still factor into your average age of accounts for up to 10 years after being closed. You should be absolutely fine closing it.

Re: Fingerhut

Meanmchine — Sat, 18 Aug 2018 02:45:29 GMT

Buy a set of steak knives. Keep your CL for another 5 years. Its not like you have to pay any AF

Re: Fingerhut

Anonymous — Mon, 27 Aug 2018 13:24:17 GMT

That's quite the decrease. Think about the total credit available to you & the impact losing that much available credit will have on your CRs. If your utilization will shoot up substantially, this will have a significant impact on your score. If you only have $8000 credit through all your tradelines and $2000 of that disappears, you're losing 25% of your overall available credit.

I've paid off my first two orders with FH before I ever even got my first statement, so I'm almost expecting to get a CLI along with that first statement. (I'm at $300 after recently graduating FreshStart.) If I get it, I won't buy anything from FH for a month or two, and then I'll buy something cheap - a pack of undies or socks, or maybe a sheet set from the clearance section - just to have some activity and keep it open.

Since I'm just getting started, all I have is FH ($300), Cap1 Secured ($300), First Progress secured ($200), and a Self Lender 12-month loan for $545. It really sucks that FH requires activity regularly to maintain a higher CL, and it sucks even more that they do the "temporary CLI until you make a purchase..." thing, too. At the end of the day, though, your FH CL counts toward all of your available credit, and depending on your unique situation, it may be worth it to buy something small just to keep it open.

Best of luck! Keep us all posted on what you decide to do.

Re: Fingerhut

scarfa21 — Mon, 27 Aug 2018 13:30:39 GMT

I have 80k in avail credit. Not 8k lol. I should be fine closing it . Thanks

Re: Fingerhut

scarfa21 — Mon, 27 Aug 2018 13:34:03 GMT

@Anonymous wrote:
That's quite the decrease. Think about the total credit available to you & the impact losing that much available credit will have on your CRs. If your utilization will shoot up substantially, this will have a significant impact on your score. If you only have $8000 credit through all your tradelines and $2000 of that disappears, you're losing 25% of your overall available credit.

I've paid off my first two orders with FH before I ever even got my first statement, so I'm almost expecting to get a CLI along with that first statement. (I'm at $300 after recently graduating FreshStart.) If I get it, I won't buy anything from FH for a month or two, and then I'll buy something cheap - a pack of undies or socks, or maybe a sheet set from the clearance section - just to have some activity and keep it open.

Since I'm just getting started, all I have is FH ($300), Cap1 Secured ($300), First Progress secured ($200), and a Self Lender 12-month loan for $545. It really sucks that FH requires activity regularly to maintain a higher CL, and it sucks even more that they do the "temporary CLI until you make a purchase..." thing, too. At the end of the day, though, your FH CL counts toward all of your available credit, and depending on your unique situation, it may be worth it to buy something small just to keep it open.

Best of luck! Keep us all posted on what you decide to do.

Also, a pair of socks would cost a ton because of the crappy shipping. FH was good for rebuilding, but time for it to go now.

Re: Fingerhut

Anonymous — Mon, 27 Aug 2018 13:45:51 GMT

@scarfa21 wrote:
I have 80k in avail credit. Not 8k lol. I should be fine closing it . Thanks

I have a somewhat similar quandary with my Overstock card. It's now at $8.8K, but I've only used it maybe three or four times since last fall since the category I did most of my shopping in (Books, Music, Movies and Media) was removed and never replaced or reactivated. I've been considering closing it off and on, but don't want to lose the revolving credit or close out my third-oldest active card at this time; this is one reason I'm interested in getting the NFCU cashRewards next year. If I can get a good SL on that card reasonably equivalent to Overstock or even more, then I'll feel better about the possibility of closing it.

Re: Fingerhut

Anonymous — Mon, 27 Aug 2018 13:49:12 GMT

OH! I must have read it incorrectly. I'm sorry!! Haha.

Yeah, I agree. That account isn't doing much for you anymore.

On another note, though, I have heard of FH offering some pretty good permanent CLIs to those who want to cancel their accounts in an effort to keep them as customers. I'm sure this won't sway your decision either way, but if it happens, would you mind letting us know? I'm curious if this is something they still do.

Re: Fingerhut

scarfa21 — Mon, 27 Aug 2018 14:01:37 GMT

Haha it's all good, I'd stick with them but shipping is high and prices are higher. Dont think I need them anymore.