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Question By
souixs

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Fingerhut fraud
I have an open account from Fingerhut, and I am getting it paid off, Every year around Christmas, they offer to raise the credit limit, if you spend more money with them, I am trying to get rid of them, they are not the best company, but the problem comes when I don't spend any more money with them, they then rescind the credit limit raise, and it shows up on my credit report as a downgrade of a credit card. How is this not fraud, and has anyone else had this problem?

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It is not fraud for a company to increase or decrease the amount of available credit they make available.  They are not required to notify you in advance.   In fact, they can close your account today and demand payment in full even if you are 100% current with them.    The quick answer for you is simple.   Don't buy from them any more.  No matter how convenient or close to a holiday it may be.   When the catalogs come, don't open them.   Store them for safe keeping in your trash can.   There business is designed for those with lower credit who can't usually turn to someone else.  They approved my grandson for $500 line of credit.   He's 4, when he learns to read I still won't let him read the catalog.

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