Fingerhut to switch banks

  • Posts: 1

Replied by lala30 on topic Re: Fingerhut to switch banks

I have had my fingerhut account for almost two years. I received a alert from my credit monitoring saying that my fingerhut account was showing as closed. It dropped my credit 66 points since it's one of my oldest accounts. Anyways I haven't closed my account and I always pay on time. I called fingerhut and I was told because they are switching from megabank to webbank it's showing that way on my credit, and in mid August they will report it under webbank with the correct information and account opening date for original fingerhut account. At that time my credit points should be reversed back. This is going to hurt alot of people trying to use their credit to get a loan, car, or home.
7 years 2 weeks ago #1

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Replied by Wanderer on topic Re: Fingerhut to switch banks

I have a Fingerhut account that I've had since April of last year. Read the posts about regular CLI's every 4 months or so, which was true, I had been receiving about $250 CL every 4 months. On my credit report it has been reported as Metabank, but lately on my catalogs I had seen that the special offers were offered by Webbank. I simply thought Webbank was the bank offering their Fresh Start account.

I checked my credit today and noticed that there was a note on the account that said it had been sold or transferred and it shows nothing under my credit limit. I called the number provided and was told that I had been sent "numerous" letters describing that Fingerhut had switched banks from Metabank to Webbank. Anyway, she assured me that in a couple of days my report would show the new banks name with my exisiting credit limit.

This is news to me. I was wondering if I was the only one left in the dark about this? I noticed my utiliazton was up about 1% from 25% to 26% probably do to the available credit I had with Fingerhut. Is there anyone that is familiar with Webbank? I wonder if they will continue to issue regular CLI's?

Why Fingerhut changed banking providers I don't know. There seems to be a lot of changes like this today. Web Bank serves retail and specialty cards. They are more of a bank's bank. Not a to the public card issuer but through others. As an aside, US Bank uses Elan Card Services; Bank of America was using FIA Card Services; the First National Bank of Omaha serves various banks through their First Bankard; Capital One has absorbed many bank credit card companies for bank cards and department store/affinity cards, along with HSBC USA Card Services and so on. It is NOT unusual to see banks using other providers. Many of the changes are due to one bank selling their credit card division(s) to use the money to offset losses in another area of the bank.
7 years 1 month ago #2

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  • Roughdraft
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I have a Fingerhut account that I've had since April of last year. Read the posts about regular CLI's every 4 months or so, which was true, I had been receiving about $250 CL every 4 months. On my credit report it has been reported as Metabank, but lately on my catalogs I had seen that the special offers were offered by Webbank. I simply thought Webbank was the bank offering their Fresh Start account.

I checked my credit today and noticed that there was a note on the account that said it had been sold or transferred and it shows nothing under my credit limit. I called the number provided and was told that I had been sent "numerous" letters describing that Fingerhut had switched banks from Metabank to Webbank. Anyway, she assured me that in a couple of days my report would show the new banks name with my exisiting credit limit.

This is news to me. I was wondering if I was the only one left in the dark about this? I noticed my utiliazton was up about 1% from 25% to 26% probably do to the available credit I had with Fingerhut. Is there anyone that is familiar with Webbank? I wonder if they will continue to issue regular CLI's?
7 years 1 month ago #3

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