topic Re: First Equity sold and closed in Business Credit

First Equity sold and closed

Creditaddict — Tue, 04 May 2010 20:32:01 GMT

Got notice that First Equity sold credit accounts and they have been closed with sale.

Re: First Equity sold and closed

Anonymous — Wed, 05 May 2010 13:09:27 GMT

Creditaddict, who were they sold to?

And when did this happen, yesterday? Coincidentally, I used that lousy card twice just yesterday, to keep from getting inactivity fees...it was a crap card, with high interest rates, but it actually kick-started the reporting of my business credit profile, so it had some age to it.

I'm not sorry to see it go, it had some use to it for some purposes. It was a PITA, though.

Re: First Equity sold and closed

Creditaddict — Wed, 05 May 2010 20:55:54 GMT

I assumed it was a whole company thing like Advanta but if you just used your card than maybe it's not and yours will remain open. I don't use the card anymore anyway and have a small balance that I am paying off.

Re: First Equity sold and closed

Anonymous — Thu, 06 May 2010 20:29:14 GMT

@Creditaddict wrote:
I assumed it was a whole company thing like Advanta but if you just used your card than maybe it's not and yours will remain open. I don't use the card anymore anyway and have a small balance that I am paying off.

Creditaddict, I really don't know what to think at this point. I don't know if it's the entire company that's closing up shop, or just individual accounts that have been sold off.

I just received a notice in the mail today thanking me for being a First Equity customer, and also notifying me that my FE card will no longer work as of May 9th. Enclosed was a new card, with a different issuer name and a different account number, as well as a new, extended expiration date.

The payment mailing address is to a different PO Box, but still to Columbus, GA.

Other details of the acquiring company are still a bit sketchy, I've googled what details I do have, and I don't care for what I've seen so far. Really bad vibes over this, and since they have not closed this account, then I guess I'll just have to do it myself.

I'll update this as I learn more.

Re: First Equity sold and closed

Anonymous — Sun, 09 May 2010 10:36:23 GMT

Update...

I logged into my First Equity account this morning. Instead of the usual account summary page, I got the following message:

"The First Equity Credit Card program has been discontinued and your account has been transferred to another lender.

Please contact your new lender regarding any issues with your account."

"Thank you for being a First Equity customer."

Re: First Equity sold and closed-Will it report to personal credit?

caliman10 — Sun, 30 May 2010 18:49:00 GMT

Hello,
First Equity lost its funding a few months back, now Genesis has taken over my account and is servicing them until my balance is paid in full. I called to ask the rep if the balance would show up on the personal report and she said it would.

As you know you can never really trust what the first line customer service rep says. I will be calling into a supervisor next week to try and get more answers, but even they might not know....

Who on this board has this card? Any thoughts on if you think it will report to personal? If you have it please make everyone else aware if you see it starting to report on the personal report. This will help us all brace for reducing are debt load so it does not screw up our debt to credit ratio.

Thanks!

Re: First Equity sold and closed-Will it report to personal credit?

Creditaddict — Sun, 30 May 2010 20:42:40 GMT

I tried to call and change my address on friday and waited on hold for 2 hours before giving up and hanging up... they never answered!!!

Re: First Equity sold and closed-Will it report to personal credit?

Anonymous — Wed, 02 Jun 2010 19:01:16 GMT

Does this Genisis have a website or how can i reach them? I logged into to pay my bill and it says that i have a new financial company but does say who, i have no idea where to pay my bill and have not recieved anything in the mail.

Re: First Equity sold and closed-Will it report to personal credit?

caliman10 — Sat, 05 Jun 2010 00:58:44 GMT

Genesis

866-946-9560

Hey People. I have called twice and spoken with a supervisor. This thing is going on your personal credit according to the supervisor. He told me he was getting 3 to 4 calls a day asking if it was going to land on the personal report of the cardholder.

He said that is just the way they were sent over. He is sorry is some sort of way. The only way we can fight this is if they continue to get calls asking them not to report to the personal bureaus. First Equity did not, neither should they!

Re: First Equity sold and closed

Anonymous — Thu, 22 Jul 2010 05:45:50 GMT

Hey there iI hope you can help me. I have been looking for inforation about First equity and I noticed you blog about getting a new card from a new company. Can you give me the name and phone number for that new company. Any help would be great thanks.

Luis

Re: First Equity sold and closed-Will it report to personal credit?

Anonymous — Thu, 22 Jul 2010 10:12:05 GMT

Just confirming that the card which replaced my former First Equity card is definitely reporting to personal. The replacement account is through SST.

Re: First Equity sold and closed-Will it report to personal credit?

Anonymous — Thu, 22 Jul 2010 17:43:39 GMT

Well if I am right and I am sure that I am if this was a corporate card (meaning that you are not a PG) that can not report this to your credit and if they refuse to remove it you can sue the company in small claims court. Once you win send a copy of your judgment to the credit agencies and they will remove it for you.

Re: First Equity sold and closed-Will it report to personal credit?

Anonymous — Fri, 23 Jul 2010 11:47:15 GMT

Unfortunately, this is one of my cards that is, in fact, PG'd.

Most bank business cards are PG'd these days. So I guess they can report to personal if they so choose, even though the common practice in the past was not to report to personal unless there was a default.