topic Re: FingerHut Credit Card in Credit Cards

FingerHut Credit Card

Red1Blue — Tue, 08 Mar 2022 14:36:16 GMT

Just now received email FingerHut credit card is moving from The WebBank to a different Bank

UPDATE: I called FingerHut and cancelled my credit account with them. I know I'll be loosing $800 credit limit on this account. I do not want new account added to my credit report at this point. We will see what future brings to me and my credit building efforts.

Re: FingerHut Credit Card

FireMedic1 — Wed, 02 Mar 2022 10:34:44 GMT

"We are issuing you a new credit account. We’re required to do this because our agreement with our current financing partner is ending. This is a business formality, it’s not because of anything customers did. We are changing the name on the credit account too.

Welcome to the Fingerhut Fetti credit account! Fingerhut is still the store where you build your credit with your Fingerhut Fetti credit account and buy all the items you and your family need. The new name Fetti comes from the word confetti because we’re excited to celebrate your credit building success more than ever before."

https://www.fingerhut.com/content/customerservice

Re: FingerHut Credit Card

jnbowmar — Thu, 03 Mar 2022 02:51:31 GMT

I just got this email as well

If you read the FAQ on the site about the new fetti account, It will be reported as a new trade line.

I'm currently looking into cancelling mine before the change, I Cannot have a new account hit right now, would rather take the 2k hit of available credit.

Re: FingerHut Credit Card

Red1Blue — Thu, 03 Mar 2022 02:58:23 GMT

@jnbowmar wrote:
I just got this email as well

If you read the FAQ on the site about the new fetti account, It will be reported as a new trade line.

I'm currently looking into cancelling mine before the change, I Cannot have a new account hit right now, would rather take the 2k hit of available credit.

I might close my account too. Not sure if I want to have a new account reporting.

Re: FingerHut Credit Card

CardHunter — Fri, 04 Mar 2022 02:29:31 GMT

I just received the email also today and I hate it because Webbank has been good to me with this account and my Dell account. I wonder which bank will be taking over this account? Im really thinking about just closing this account because I dont need a new trade line on my credit right now as im still in rebuilding stage.

Re: FingerHut Credit Card

Red1Blue — Fri, 04 Mar 2022 23:52:19 GMT

Does any one know if this new card / account would report from the original WebBank card issue date or report as a new account from the new issue date? I dont want my AAoA change. I am going to call them tomorrow and find out the scoop.

Re: FingerHut Credit Card

Anonymous — Sat, 05 Mar 2022 01:39:09 GMT

Yes! It reports as a new account. I closed mine today. I needed to close it years ago so this just sped up the process.

Re: FingerHut Credit Card

Red1Blue — Sat, 05 Mar 2022 01:44:40 GMT

@Anonymous wrote:
Yes! It reports as a new account. I closed mine today. I needed to close it years ago so this just sped up the process.

Hi @Anonymous if you dont mind asking, how did you close the account? Can we do it online or do we have to call them? I'll close my account also.

Re: FingerHut Credit Card

Anonymous — Sat, 05 Mar 2022 02:14:35 GMT

Unfortunately you have to call. She kept saying don't worry it is automatic and it is good for credit and all that BS. But she eventually closed it.

Re: FingerHut Credit Card

Anonymous — Sat, 05 Mar 2022 04:29:21 GMT

Did they say who the new lender was??

Re: FingerHut Credit Card

FinStar — Sat, 05 Mar 2022 05:29:02 GMT

@Red1Blue wrote:
Just now received email FingerHut credit card is moving from The WebBank to a different Bank

@Red1Blue - where does it state that it's moving to a "different" bank?

According to the FAQ's, specifically the third section:

https://www.fingerhut.com/content/customerservice#faq-fetti

Do I need to apply for a new credit account?
No, as a current Fingerhut Advantage credit account holder with an open account, you do not have to reapply. Starting on April 12, 2022 customer accounts that are in good standing will be transitioned to a Fingerhut Fetti credit account issued by WebBank.
It’s important that you continue to make payments on your Fingerhut Advantage credit account until your balance is paid in full.
If for any reason your Fingerhut Advantage credit account was not transitioned to a Fingerhut Fetti credit account, WebBank will communicate with you as necessary to continue to administer, make payments and service your Fingerhut Advantage credit account.

Though, in the following section, it appears the transition of the current 10-digit Customer Number to a 16-digit Credit Account Number will be reported as a new account:

Will this change show up on my credit bureau reporting?
Yes, the Fingerhut Fetti credit account will show up as a new trade line on your credit bureau report.

Re: FingerHut Credit Card

SUPERSQUID — Sat, 05 Mar 2022 18:59:52 GMT

@FinStar wrote:
@Red1Blue wrote:
Just now received email FingerHut credit card is moving from The WebBank to a different Bank
@Red1Blue - where does it state that it's moving to a "different" bank?

According to the FAQ's, specifically the third section:

https://www.fingerhut.com/content/customerservice#faq-fetti

Do I need to apply for a new credit account?
No, as a current Fingerhut Advantage credit account holder with an open account, you do not have to reapply. Starting on April 12, 2022 customer accounts that are in good standing will be transitioned to a Fingerhut Fetti credit account issued by WebBank.
It’s important that you continue to make payments on your Fingerhut Advantage credit account until your balance is paid in full.
If for any reason your Fingerhut Advantage credit account was not transitioned to a Fingerhut Fetti credit account, WebBank will communicate with you as necessary to continue to administer, make payments and service your Fingerhut Advantage credit account.

Though, in the following section, it appears the transition of the current 10-digit Customer Number to a 16-digit Credit Account Number will be reported as a new account:

Will this change show up on my credit bureau reporting?
Yes, the Fingerhut Fetti credit account will show up as a new trade line on your credit bureau report.

I wonder, will the old account show up as a closed account in good standing and the account seen as a new account with a different number show up as an open seperate account?

Re: FingerHut Credit Card

FireMedic1 — Sat, 05 Mar 2022 09:11:32 GMT

@SUPERSQUIDYep. And all the hits for a new account will come with it. Its like cyber-approval.

Re: FingerHut Credit Card

SUPERSQUID — Sat, 05 Mar 2022 13:05:46 GMT

@FireMedic1 wrote:
@SUPERSQUIDYep. And all the hits for a new account will come with it. Its like cyber-approval.

It might be worth it to hold onto the account if the tradeoff is a closed account in good standing and take the few point hit for a new account.

Re: FingerHut Credit Card

Red1Blue — Sat, 05 Mar 2022 19:03:51 GMT

@FinStar wrote:
@Red1Blue - where does it state that it's moving to a "different" bank?

Hi @FinStar This is the email I received. I guess the confusion is it says the agreement with current financing partner is ending. Not sure if it is with the same WebBank why they are redoing the accounts? Any way it is time for me to close the account and move on. I have no desire to have a new account show up on my credit report now.

We're writing to let you know that starting April 12, 2022, your Fingerhut Advantage credit account issued by WebBank can no longer be used for purchases at Fingerhut. This is necessary because our agreement with our current financing partner is ending. This is a business formality, it's not because of anything you did.

We'll set up your new Fingerhut Fetti credit account issued by WebBank and update your My Account page with your new credit account number* automatically. You'll be able to use your Fingerhut Fetti credit account starting April 12, 2022 to shop for what you and your family need and to build your credit history just like before.

Re: FingerHut Credit Card

Red1Blue — Sat, 05 Mar 2022 19:05:34 GMT

@SUPERSQUID wrote:
@FireMedic1 wrote:
@SUPERSQUIDYep. And all the hits for a new account will come with it. Its like cyber-approval.
It might be worth it to hold onto the account if the tradeoff is a closed account in good standing and take the few point hit for a new account.

If the new account would have the old account age then it is worth it. If new account is going to show up as a new account started today and If it is going to change Average Account Age then need to reconsider.

Re: FingerHut Credit Card

SUPERSQUID — Sat, 05 Mar 2022 19:06:24 GMT

@Red1Blue wrote:
@SUPERSQUID wrote:
@FireMedic1 wrote:
@SUPERSQUIDYep. And all the hits for a new account will come with it. Its like cyber-approval.
It might be worth it to hold onto the account if the tradeoff is a closed account in good standing and take the few point hit for a new account.

If the new account would have the old account age then it is worth it. If new account is going to show up as a new account started today and If it is going to change Average Account Age then need to reconsider.

Excellent point

Re: FingerHut Credit Card

Red1Blue — Tue, 08 Mar 2022 14:35:35 GMT

Re: FingerHut Credit Card

Borealis — Thu, 10 Mar 2022 18:02:26 GMT

I got the same disappointing email. Fingerhut was my first unsecured line of credit, and an important part of my credit rebuild. I was going to keep it open for another year or so, even though I've moved up to better cards, but not at the cost of opening a new tradeline with them. If I'm going to suffer the new account penalty, it's going to be for a better card than a (second) Fingerhut account. Unfortunately this is going to hit me at an awkward time, as I have a small credit builder loan that I just finished paying off, and I hate to have 2/3 of my oldest tradelines close at the same time. I did notice something in the FAQs that made me think there might be a short term workaround:

Do I need to take any action now?
You don’t need to do anything today, but on April 12, 2022, you’ll need to complete two simple, but important steps for your new account:
1. Sign into My Account to verify your account and payment information. If you have saved payment methods on your Fingerhut Advantage credit account, they will be available for you when you sign into your Fingerhut Fetti credit account.
2. Download the newest version of the Fingerhut Mobile App.
You should continue to use your Fingerhut Advantage credit account through April 11, 2022.
It’s important that you continue to make payments on your Fingerhut Advantage credit account until your balance is paid in full.

Do I need to apply for a new credit account?

No, as a current Fingerhut Advantage credit account holder with an open account, you do not have to reapply. Starting on April 12, 2022 customer accounts that are in good standing will be transitioned to a Fingerhut Fetti credit account issued by WebBank.

It’s important that you continue to make payments on your Fingerhut Advantage credit account until your balance is paid in full.

If for any reason your Fingerhut Advantage credit account was not transitioned to a Fingerhut Fetti credit account, WebBank will communicate with you as necessary to continue to administer, make payments and service your Fingerhut Advantage credit account.

How will this impact my credit score?
As you know, there are many factors that go into your credit score. It’s very difficult for us to provide a definitive impact to your credit score, but illustratively it is possible:
- Opening a credit account typically boosts the account holders’ credit score. This is because you now have two tradelines reporting to the bureaus.
- However, an unused credit line may be closed for inactivity, which may negatively impact your credit score.
- A history of on-time payments over time will have a positive impact to your credit score.
- Similarly, it is very important to continue to keep making payments on your Fingerhut Advantage credit account. If this account becomes delinquent it will negatively impact your credit score.

I usually buy a small item every month and PIF before the balance hits. What I'm wondering is if I bought a bigger ticket item on my Fingerhut Advantage card now that would take 6 months or so to pay off, and then called to tell them not to enroll me in the new Fingerhut Fetti account, if they would leave my old tradeline open while I was paying it off. Does that make any sense or is it just wishful thinking?

Re: FingerHut Credit Card

Sauron — Fri, 11 Mar 2022 13:40:44 GMT

Yep closed my account with them as well after getting this email. Dont need another new account while doing my rebuild.

topic Re: FingerHut Credit Card in Credit Cards

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Do I need to apply for a new credit account?

Will this change show up on my credit bureau reporting?

Re: FingerHut Credit Card

Do I need to apply for a new credit account?

Will this change show up on my credit bureau reporting?

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Do I need to take any action now?

How will this impact my credit score?

Re: FingerHut Credit Card