Before WalMart, there was Fingerhut. Before the internet, there was Fingerhut. Before Amazon, there was Fingerhut. Before there was even a post office, there was Fingerhut! Okay, now I’ve gone too far. My point is, the Fingerhut Credit Account has been around for a long, long, time. The “big boys” make a lot more noise these days, but Fingerhut, like ol’ man river, just keeps rolling along.
Fingerhut was founded in 1948 by a couple of brothers whose name was – Fingerhut. I always thought it was more to it than that. Anyway, the company started out selling automobile seat covers. In 1952, the brothers decided to go into the mail order catalog business and expanded their product line to include towels, dishes and tools. It wasn’t long before they were selling everything – including the kitchen sink. I’m serious! You can buy a kitchen sink at Fingerhut.
Fingerhut broke out of the gate leading the pack among catalog retailers. At one point it was the largest mail-order marketer in the country. It has had a couple of serious bumps in the road, including the recession of 1974 when rising costs and declining incomes threatened the company’s future.
The company came out of the recession in pretty good shape and climbed back to the top of the heap. However, in 2002 it had another major scare. The Minnesota-based company was scheduled to close its doors, and nearly 5000 people would be out of a job if it could not find a buyer, and it didn’t look good.
Well, against all odds they did find a buyer and not only did Fingerhut survive, it thrived. I won’t bore you with the financial details, but today they have over 6000 employees and their revenue is over a half a billion dollars a year.
Extensive Product Line
In addition to the aforementioned kitchen sink, Fingerhut offers more than 450,000 products from well-known brands in its catalog and on its website. You name it, they’ve got it:
- Fitness Equipment
When I say well-known brands, I mean just that. Fingerhut has anything you will find anywhere else, from Samsung TV’s to Gloria Vanderbilt jeans. They are committed to helping people afford quality merchandise that they want and need, and you don’t have to have a stellar credit history to get it. In fact, your credit history can be pretty bad.
You Want It, You Got It
What makes Fingerhut unique is that it will give anybody credit. Their qualifying credit score is 300. The lowest score you can possibly have is 280. You pay for the credit, but if you’re hovering around the not-quite-good enough range everywhere else (for whatever reason), it’s a good way to get that Samsung 65″ curved UHD 4K TV and up that credit score.
With the price mark-up and the credit charge, that TV I so shamelessly plugged will definitely cost you more than the $750 it would cost you at Walmart. A couple of hundred dollars more, in fact. And then there’s the finance charge… But if coming up with $750 cash is out of the question, and your credit is not that great, Fingerhut is a viable alternative. They report to all three credit bureaus and have a program designed specifically to help you improve your credit score.
Get Stuff, Build Credit
The WebBank/Fingerhut Fresh Start program will give you an instant line of credit. It really doesn’t matter what your credit score is. Like I said, it can be as low as 300. However, the amount of your line of credit is based on your credit score. So if your score is pretty low, it won’t be much. But it will be something. Here’s how it works:
The first step is to apply for a Fingerhut Credit Account. They will give you an immediate line of credit. For demonstration purposes, let’s say your credit’s shot, but they give you a $200 credit limit anyway.
Your next step is to place an order of $50 or more – up to your $200 credit limit, and make a one-time $30 down payment. If you want to purchase something that cost more than your $200 credit limit, you have to pay the difference. For example, if you wanted a TV that cost $249.95, you would have to pay $49.95 plus the $30 down payment. The balance will be divided into very reasonable monthly payments.
The balance is usually divided up into six monthly payments. If you make the monthly payments on time, or pay the initial charge off early, you may graduate to a revolving WebBank/Fingerhut Advantage Credit Account. They say you may, but trust me, you will.
You only have to make a down payment on your initial order. When you graduate to the revolving account, you can order as many times as you like up to your credit limit, which will increase as you build a payment history.
Never Too Late For Fresh Start
For many of us, once stellar credit reports have been shot due to medical bills and helping out family members, among other things. Cash is pretty tight, so we end up doing without a lot of creature comforts: a decent TV in the bedroom; that George Foreman grill you know will help you eat healthy; that Tiffany lamp, that recliner that you’ve envisioned in that corner for a long time.
So, let’s spruce up the house and beef up the credit score while doing it. Sign up for your Fingerhut Credit Account and start personalizing your home with the things you just didn’t think you could afford right now.