As the owner of Unaethetic Landscaping of Fort Worth, Texas I was offered a credit account by First Equity Card with a limit of $10, 000. I accepted and was approved. In April 2008 I attempted an online transaction of $8, 000. The transaction bounced, and I had to pay nsf and late fees. First Equity said they had no record of any transaction being attempted, and that my $10, 000 limit was good and ready to be used. I attempted again. This transaction also bounced, and I incurred more nsf and late fees.
It took days of phone calls to find out what happened, but a First Equity Rep finally explained that the $10, 000 limit did not take effect until two billing cycles had been completed. Until that time I had a limit of just $5, 000. None of this appeared on their website or mailouts. I waited until July, checked with First Equity and got the go ahead, and I attempted the transaction again. This one also bounced. More nsf and late fees.
Finally, I received an August 20, 2008 memo saying that my account had been cancelled due to "information received from credit bureaus." My personal credit rating was in the 695-700 range according to Equifax, Experian, and TransUnion, with no history of late payments, so I wasn't sure what they were talking about. The only late payments I have made were the result of the First Equity fiascos of the Spring and Summer. I wrote requesting clarification, but no information ever came.
I received no more correspondence from First Equity
until I arrived at my house the evening of Sunday, November 16 to find a memo dated October 24, 2008. It had arrived in the mail on either November 14 or 15. The memo told me that I had a past due amount of $3.00, which had to be paid at once to avoid reporting to credit agencies. I called them at once, at 9:05 CST, to find a recording saying they close at 10:00 EST, and to try back in the morning.
I called in the morning to find that a $3.00 charge incurred during an August business trip had actually gone through after they had begun the action to cancel my account. This was the first I had heard of the $3.00. I paid it on line at once.
I have never heard of any bank or credit organization that has done more with less effort on their part to wreck the credit rating of a small businessman. Does First Equity actually do any good for anyone?