topic Re: Should you keep a Fingerhut credit account open? in Rebuilding Your Credit

Should you keep a Fingerhut credit account open?

bigpoppa1 — Fri, 23 Dec 2022 07:00:05 GMT

I opened a Fingerhut credit account in 2020 to help build my credit.

They want to close the account now due to inactivity.

Should I keep it open?

Or, if I do close it, will it have a negative affect on my credit score?

Re: Should you keep a Fingerhut credit account open?

JoeRockhead — Fri, 23 Dec 2022 07:49:13 GMT

Just my 2 cents... closing it would only hurt you in that it will lower your overall available credit... with what you show the CL on the card to be, it's hard to say if that would temporarily ding your score a couple of points or not... The history of the account will remain on your reports... personally, I would ditch it and focus on adding better cards when I was able to do so.

Re: Should you keep a Fingerhut credit account open?

FireMedic1 — Fri, 23 Dec 2022 08:55:29 GMT

Looking over your siggy. Say bye bye. Few others if they have an annual fee. See ya! They still count for age metrics up to 10 yrs on your reports. Overpriced stuff anyways.

Re: Should you keep a Fingerhut credit account open?

SweetCreditObsession — Fri, 23 Dec 2022 09:51:13 GMT

If you need the line for padding...keep it open. There's no AF so it doesn't cost you anything other than a small purchs once a year or two. Ditch it if you don't want to biy something small and immediately pay it off in full. Don't bother with monthly payments.

Also, be aware that positive credit lines don't always remain on your reports for 7-10 years after closing. I had several of my oldest TL removed by EXP after being closed for 5 years.

Best wishes in deciding what's best for you.

Re: Should you keep a Fingerhut credit account open?

citymunky — Sat, 24 Dec 2022 01:29:10 GMT

Let them close it.

Re: Should you keep a Fingerhut credit account open?

OmarGB9 — Sat, 24 Dec 2022 06:43:46 GMT

It's a personal call. Closing it yourself/letting them close it won't hurt you unless the loss of the credit limit significantly increases your utilization percentage. History-wise, it should remain for up to 10 years.

Re: Should you keep a Fingerhut credit account open?

kickhard88 — Tue, 27 Dec 2022 07:27:27 GMT

same they about to close mine too. Im going to let them close i already got screwed when they change over to fetti and open a new account on me