The most recommended way to do so is by making the payments on time. Fingerhut now has a variety of products that are commercialized on its website. It covers a wide range of items from bed and bath goods to home appliances. Fingerhut company does what it says. The official website tries to entice its customer base with its catchphrase “Even if you have been turned down for credit, give us a try. We can often say yes when others say no”. It extends credit to customers that can be subprime borrowers. It provides another opportunity for people who might face difficulties increasing their credit scores. It helps out their customer’s trail of transactions to the holy trio of credit bureaus namely, Equifax, TransUnion, and Experian.
Upon signing up on the website to avail of their credit-related services, customers are provided with two options to open a Fingerhut account:
Fingerhut Advantage Revolving Credit Account.
This type of account allows you to pay for your purchases in two steps:
Step 1. Pay a one-time down payment, similar to a deposit, which is a comparatively small portion of the amount of the product purchase.
Step 2. Your bill is reduced by the exact one-time down payment before you pay the rest of the money in a different step or an installment. This installment may be subjected to an interest rate of 29.99%.
Fingerhut FreshStart credit account.
This account allows you to pay for your purchases in three steps.
Step 1. You can pay a portion of the amount by using your credit limit. The credit limit will be decided based on your credit history.
Step 2. You will need to pay a down payment of around $30 in this step.
Step 3. The rest of the amount can be paid in installments according to the installment plan which can be selected through the site. This step will include payment of interests as well according to the payment plan.
This type of purchase does require you to be approved. This brings up the question of how to improve the credit score.
There are many ways to ensure an increase in your credit score. Some of those are:
Paying your dues before on time, before the predetermined period ends. Authorization to use account- An authorized user on someone’s account can use all the features of the website and at the same time not be responsible for the payments in due time. These kinds of arrangements are usually made after setting ground rules and making clear conditions of this agreement. An efficient way to pay back the primary account owner is already decided is agreed upon in advance. There are a variety f online options that allow you to pay recurring bills such as utility bills with ease and helps you have a good credit record. The option of a secured credit card is also viable in such circumstances. It might prove to be a bit difficult with a not so squeaky clean credit record and with adown payment but it is a good option that can be opted for after building up a good credit score through other steps.
All of these merits of Fingerhut come with a cost, that is, apart from the higher rate of interest to which the price amount of purchases through this website is subjected, it also has comparatively higher price tags when compared to other similar online shopping platforms.
It would be wise to check out other platforms and their price listings to make sure that you have a profitable deal in your hands. There are other websites too that may offer similar services as Fingerhut, though maybe not the unique combination provide here.
Some queries you might have are answered here:
Can the Fingerhut credit card be used at other stores?
Ans: The usefulness of the Fingerhut credit card is mainly confined to the Fingerhut services, like Fingerhut.com and the Fingerhut catalog.
Does improving the credit score in Fingerhut help you improve your actual credit score?
Ans: Yes. Fingerhut reports your credit history to the credit bureaus which helps you to improve your credit score in real-time.
Can the credit limit be also increased along with the credit score?
Ans: Yes. Increasing your credit limit involves the same steps as improving your credit scores. The simplest way to do so is to make your payments on time and avoid extra interest on your principal.
