An Overview of Fingerhut Credit Account
The company Fingerhut has been around for years, but did you know it can help build your credit? Ordering from the Fingerhut catalog allows people to open a Fingerhut credit account if they qualify.
Many people use Fingerhut because it has many different products for sale. The catalog does a very good job at showcasing their products. You also have the flexibility to browse at Fingerhut online, and this can give you more choices. If you purchase things from the Fingerhut Catalog or online, you can pay for it in installments. This allows people to purchase name brand items on a financing program. It also gives people greater flexibility to afford bigger ticket items.
You should be aware that it does cost more to order items with Fingerhut credit. However, this additional cost allows you to finance through the company in installments. The company caters to people who can’t afford to purchase the items outright. You’ll get to enjoy your products while you pay them off.
Additionally, Fingerhut does consider your credit, but it is more lenient. Someone with a credit score in the low 600s may be eligible for Fingerhut credit. As long as you pay your set monthly payments on time, it’ll reflect positively on your credit history.
Fingerhut Application Process
The Fingerhut bad credit application process is a fairly straightforward process. You start by going online and imputing all of your relevant information. Once you submit it, you’ll know within 60 seconds if you meet the eligibility criteria for the Fingerhut credit card.
If the company approves for the Fingerhut credit card, you’ll get the Fingerhut Advantage Credit Account. This is an unsecured revolving credit like you can use at Fingerhut online or through the catalog. You’ll get a standard grace period to pay off your balances, just like a typical credit card application.
If you don’t quite make it to the Fingerhut credit card level, Fingerhut will offer you a second choice. The second option is the Fingerhut FreshStart Installment Loan program. This loan lets you finance your first purchase with a $30 down payment. You’ll get a six to eight-month term to pay off your remaining balance.
If you successfully pay off your FreshStart loan without missing payments, Fingerhut will give you an upgrade. You’ll get the Fingerhut Advantage revolving credit account to make purchases from. You’ll only get this upgrade if you pay your installments when they’re due. If you pay off the entire balance at once, you won’t be eligible.
Advantages and Disadvantages of Using a Fingerhut Credit Account
One of the most significant advantages of the Fingerhut credit account is the flexibility. You can buy several items, or just a few and pay them off with monthly payments. The name brand products are ones you know, so you should be comfortable buying them.
As for fees, Fingerhut credit has very few unless you begin to miss payments. There are no annual fees, monthly fees, or one-time fees to worry about. You won’t have to worry about a down payment or a deposit either. This all works to save you money.
It is important to note that Fingerhut’s interest rates aren’t the best. It is a variable APR of 26.15%, and it depends on your credit. However, you can avoid the APR altogether by paying off your balance each month. It’s good practice for responsible use because you’ll work harder to limit your spending to avoid the APR.
The Fingerhut credit account only allows you to buy things from Fingerhut. While this is good if you’re looking for specific items, it won’t help in an emergency. The Fingerhut credit card won’t give you a cash advance if you need it. This is important to keep in mind when you’re searching for a backup card.
Fingerhut Credit Accounts Require No Memberships or Commitments
There is no commitment to shopping using the Fingerhut credit line either. This is another significant draw for people who want to rebuild their credit. There aren’t any membership fees or annual dues. This means you can spend as little or as much as you want. You are responsible for paying any balances you have, but that’s it. You don’t have to worry about trying to justify any outrageous annual fees or costs.
Finally, when it comes to rebuilding credit, the Fingerhut credit card can be beneficial. You technically don’t even have to use it to get the benefits. Simply having the card open and in good standing can help you. However, if you do use it and show responsible use, it reports every three months to the credit bureaus.
10 Best Store Credit Cards to Build Credit With Easiest Store Credit Card Approvals
Fingerhut Credit Account by WebBank Bottom Line
Although slightly unconventional, the Fingerhut credit account is a solid option to rebuild your credit. The easy application process and the lower credit acceptance rates make this a good choice. They also have a large selection to choose from, and they use reputable brands.
If you’re looking for a way to rebuild your credit, try the Fingerhut credit program. As long as you use it responsibly, you should see your credit improving.
Advertiser Disclosure for the CreditFast website – CreditFast.com, provides information about the best credit card applications, as well as other financial products and services. Our goal is to provide you with fair, balanced reviews. Some credit offers that appear on our website are from companies from which CreditFast receives compensation, and some are not.
- Milestone Credit Card Review – Milestone Mastercard® - February 21, 2023
- Capital One QuicksilverOne Rewards For Fair Credit - September 24, 2020
- Wayfair Credit Card Now Issued by Citibank Review - September 21, 2020
