A Guide to Cell Phone Signal Boosters

Poor cell phone reception continues to be a major problem…

Debt Busters: The Complete Guide to Getting out of Debt

When it comes to getting out from under the mountain…

All About the First Equity Card

All About the First Equity Card

The First Equity Card was a credit card issued by the First Equity Corporation, which has since apparently gone out of business.  After a host of complaints that were filed against the company and the credit card, the First Equity card holders received in late 2010 letter informing them that their accounts were being closed and that the compnay was no longer able to fund the account.  This was the end of a long history of problems with the company that issued the First Equity card; unfortunately it was not the end of the problem for cardholders who were left with no answers.

First Equity card options were offered for both personal and business use, and the limitis on them were in some cases quite high.  Although cardholders had successfully made payments on time, the company dropped credit limits without warning and left many people wondering what they were supposed to do about the credit they had earned and had now lost.  In many cases First Equity card limits where dropped from over ten thousand dollars to zero overnight; none of the cardholders were warned and the company simply sent out letters saying the cards were no longer to be used.

Long before these problems occured, customers were reporting other common problems with the First Equity card.  One of the major ones was that the interest rate on the cards was raised randomly and without warning on cards where they account was in good standing and all payments had been made on time.  Many angry cardholders have reported this problem online going back several years.  In other cases complaints were made about the company closing First Equity card accounts due to payments that allegedly were not received in spite of the fact that the cardholder had hard evidence that they have paid all bills on time and often in full.

Reports about the First Equity card mostly center around the business card services.  The company offered credit to small startup companies and businesses that needed an alternate source of a credit line.  Unfortunately the business practices of First Equity often resulted in damage to the finances and reputation of these companies who were simply starting their businesses and attempting to succeed.

The lesson to be learned from the First Equity card problems that have been so widely reported is that when you take out a credit card it is best to research the company fully and look for warnings just like the complaints about Frist Equity that are easy to find on the internet.  It is often best to stick with large banks when it comes to credit, as they have the financial backing and the history to ensure that your credit and your finances are safe.

To date there has been no real resolution to the problems that First Equity cardholders were faced with.  The reports about the cards continued to be posted throughout 2010, but since the cards seem to have been all closed it appears no further damage will be done.

Follow Zenedy