FingerHut Credit Card

[Red1Blue]

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.

[FireMedic1]

"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 

[jnbowmar]

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.

[Red1Blue]

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@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.

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

[CardHunter]

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. 

[Red1Blue]

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.

[Creddude695]

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.

[Red1Blue]

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@Creddude695 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.

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Hi @Creddude695 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.

[Creddude695]

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. 

[Aufan54]

Did they say who the new lender was??