I can provide a detailed answer to your question about whether Fingerhut does a hard inquiry when you apply for their credit card.
Firstly, it’s important to understand what a hard inquiry is. When you apply for credit, whether it’s a credit card, loan, or mortgage, the lender will typically check your credit history and credit score to assess your creditworthiness. This is done through a credit inquiry, which can be classified as either a hard inquiry or a soft inquiry.
A hard inquiry, also known as a hard pull, occurs when a lender accesses your complete credit report from one or more credit bureaus. This type of inquiry can impact your credit score and appear on your credit report for up to two years. Too many hard inquiries within a short period can potentially lower your credit score.
On the other hand, a soft inquiry, or soft pull, is a less comprehensive review of your credit report that does not affect your credit score. Soft inquiries often occur when you check your own credit score or when a lender pre-approves you for a credit offer.
Now, getting back to Fingerhut. When you apply for the Fingerhut Credit Card, they will indeed perform a hard inquiry on your credit report. This means that they will access your complete credit history and credit score to evaluate your creditworthiness.
However, it’s worth mentioning that the Fingerhut Credit Card is known for having a lower credit-score requirement compared to many other store cards. This means that even if you have bad credit or limited credit history, you may still have a chance of being approved for the Fingerhut Credit Card if you have a steady income and not too much existing debt.
It’s also important to note that while a hard inquiry may temporarily lower your credit score, the impact is generally minimal and diminishes over time. If you manage your credit responsibly by making timely payments and keeping your credit utilization low, the negative effect of a hard inquiry should be short-lived.
Fingerhut does conduct a hard inquiry when you apply for their credit card. However, the Fingerhut Credit Card may still be accessible to those with bad credit or limited credit history due to its lower credit-score requirement. Remember to use credit responsibly to build or rebuild your credit over time.