<p>Around 2004 I had started a thread about unethical practices of 1st Financial Bank. I can’t find that thread, so here is the update.</p>
<p>Around 2004 when my son was a senior in HS, he applied and got the credit card from these people for a credit line of $250. After few usage and after he received his own card he has never used this card or never reactivated their card after 2005. I think he might have called to cancel it - not sure.</p>
<p>Few days ago, there was a credit card bill for $41.25 for yearly fees. I am not sure how to handle this situation. Any suggestions?</p>
<p>If the card was obtained when your son was 18 or over, he’ll need to be the one to make the contact.</p>
<p>Personally, I’d do in in writing, certified mail, return receipt requested. I’d then get the free credit report six or eight weeks later (<a href=“Annual Credit Report.com - Home Page”>Annual Credit Report.com - Home Page) and make sure that the account is listed as closed at consumer’s request. </p>
<p>This is the kind of problem that can really come back to bite someone when they go to get their first mortgage. Good idea to take care of it now. (And that credit card company does not have a good reputation. They’ve already entered into at least one consent decree this past January related to management of their credit cards.)</p>
<p>^ In normal times I’d agree … but these are hardly normal times in the credit card business. We dropped credit cards from three large banks because they changed terms mid-stream. Interest rate changes from 7.99% to 27.99%? Minimum loan principal increases from 2%/month to 5%/month … AFTER collecting a fee based on “life of the loan?”</p>
<p>But hey, it’s Saturday night … and who needs a downer on Saturday night, right? So here’s a bit of comedic relief. D got a $300 limit student credit card (not 1st Financial) secured by a savings account. After a few months the bank started deducting “inactivity fees” from the secured account. After the first fee D received a letter: “Your secured account has dropped below the required level. Please deposit $X or we will be forced to cancel your credit card.” (She saved them the trouble.)</p>