Well.... Fingerhut finally screwed me. I made a purchase online 2 weeks ago. Right after that, I got dinged with a hard inquiry on EQ from "Fingerhut new Accounts". I called Fingerhut and they said they had a glitch and when I ordered, their system mistakenly tried to open a new account for me. I thought, "OK, easy enough" - I'll ask them to remove it. I got a letter today stating they have a right to pull my credit and won't delete it! They also claim to not differentiate between hard and soft INQs. I called her a liar because they've already done 4 ARs in the past! I owe them a measly $450. I have to speak with a supervisor at 1PM. I plan on closing the account if I don't get my way. Now, if I pay the balance off and then close it, will it hurt or help my score? The account is about 2 years old, perfect, and is the 2nd oldest of my accounts (I have a Strawbridges that I thought I closed 8 years ago that recently showed up as open).
definitely pay it off before you close it, and if you do close it, make sure it reads "closed by consumer". But why not just pay it off and let it sit, or maybe use it occasionally?
I have thought of letting it sit BUT my plan is to make the threat to close it. If they still balk at correcting their own mistake, I'd look dumb if I didn't close it.
no disrespect meant here, but look dumb to who? I doubt Fingerhut knows or cares about each and every customer. But if it makes you feel better, why not say that you would have to "seriously consider closing this account if I do not get the results that I deserve."
close that account, you should know better than spending money at the rip off place. 'sides federated is shutting them down soon. Everything is marked 50-100% higher than normal. I've never lost points for closing accts, btw.
I guess it's an ego thing. I don't know who I'd look dumb to. Sam - you are right, they are real high but they served my purpose of a good tradeline right after I came out of BK. Thanks.
Closing it will not hurt the aging. It's old enough that it'll help you open or closed. In fact, you'll likely gain a few points after closing it. You did the right thing by at least keeping it 24 mos. 1.Pay it off first. that's a must 2.If you close it, make certain that you state you specifically want the account marked "closed at consumers request". 3.Have them send you a letter confirming the account is closed and marked "at consumers request". Some people send in letters to their creditors confirming the closure, the zero balance, and that it'll be marked at "consumers request". that one's up to you. If you get the creditors letter confirming closure you're fine. that's all there is to it. Several months down the road check your reports and make sure they're correct. If you've gotten either a letter from them or a letter to them you've covered yourself if you need to have the tradeline adjusted by the cra.
