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First Equity Card / Damaging Actions and Unprofessional Business Practices

1 P. O. Box 84075Columbus, GA, United States Review updated:
Contact information:
Phone: 1-866-756-7870

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?

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  • Cr
      8th of May, 2009
    +1 Votes

    The same thing happened to us... although the transaction amount we attempted was a little less - only $3, 000. After it bounced my lease check and my payroll, all incurring exorbitant fees, I called F.E., and was told that "you have to make two payments before you actually have that amount of credit.

    I checked. nowhere in my paperwork does it say that "x" amount of billing cycles must be observed before your credit limit is good.

    In addition, FE started raising my interest rates until my monthly payments were ridiculous. I asked for relief, only to be told "sorry, there isn't a lower interest rate available right now". So I said, "Sorry, I don't have a payment available for you right now". And I stuck to it until they lowered my interest rate from 27% to 9%.

    But honestly, this card has a basic bait and switch tactic just like so many others. You're better off with a card through your regular banking establishment.

  • Ni
      26th of Apr, 2010
    0 Votes

    And the answer is no, they do not do good for anyone. I opened an account and have never been late on any payments through the credit bureau. After just a few months with First Equity they closed the account and reduced the credit limit. I was upset because I was using them as a revolving credit to build a payment history with. Once an account is closed and reported with a balance it reflects negatively. SOOoo... I paid the amount off and requested a letterhead stating so...I have not hear anything back, and probly never will..

    From what I can collect...they only deal with people that are not able to pay therefore they can wreck their beacon and credit score and then collect lots of late, over limit fees, plus interest on top of past late interest...BEWARE! They are NO good!

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