When it comes to catalog sales, Fingerhut is probably the single most recognizable catalog retailer in the world! Who hasn’t gotten half a dozen of their catalogs this year alone? But, I’ll bet you didn’t know that Fingerhut is also one of the best sources of credit for those with less than perfect credit? It’s true! Fingerhut is one of the few companies that will actually give you the opportunity to get a fresh start on your credit. And, even though it’s mentioned in their offer that a Fingerhut account will actually help you to build your credit, bet you don’t know how having a Fingerhut account actually works to help you rebuild your credit, do you?
Now, let’s talk about the benefits to you – here are the top five!
- Fingerhut regularly reports the status of your account to at least one of the three major credit bureaus. This report includes the total balance due on your account and whether or not your payments are made in a timely manner, both of which are used in calculating your credit score! (Making your payments on time, every time, typically improves your credit score!)
- Fingerhut reviews your account on a regular basis to see if you are making your payments in a timely manner, how much you’ve paid, etc., and if your account is in good standing, they may offer you a credit line increase of a couple hundred to even several hundred dollars! That’s right, it’s been my experience that Fingerhut will significantly raise your credit limit the more that you use the account to purchase items and as long as you make regular, timely payments. (And that significant credit limit can also significantly improve your credit score!)
- Fingerhut offers an interest rate on purchases that is often equal to, or even lower than, other store/catalog sites and even many credit cards. Especially if your credit is less than perfect, you are likely paying as much as 33% and even as high as 39% interest on some credit cards – a typical Fingerhut account will be in the mid to slightly up 20’s when it comes to your interest rate.
- Fingerhut does not charge a monthly or even an annual fee simply for having an account through WebBank. Compare this with other store/catalog sites and most credit cards and you’ll see just what a benefit this is!
- While most people qualify right away for a Fingerhut account, in the event that you don’t qualify for a revolving charge account, Fingerhut offers a special FreshStart program where you place an order, make an initial $30.00 down payment, and they will allow you to make payments on the rest of your order. Once it’s paid off, you account will typically be converted to a revolving charge – that’s definitely a win/win situation!
And finally, what’s the best reason to open a Fingerhut account?
PURCHASING POWER! Think about all of the times that you might need credit… Christmas, birthdays, graduation, the start of a new school year, moving to a new home or apartment… the list goes on and on. Too many times, people who have suffered through a bankruptcy, divorce, job loss, or other economic setback find that they can’t buy anything unless they have the cash to pay for it up front, and as much as we’d like to, we can’t always do that. With a Fingerhut account, you’re able to purchase the things you want or need when you need them the most. (And the best part is, you’ll be improving your credit when you do.)