November 2011 by Tenesha B.
Oh, the nativity of a poor college student. BUT we all have to learn lessons, right? I suppose mine, as far as credit lines go, extends to this credit card exclusively. I was 19, in my second year of college, and after taking my first Economics class, desperately wanted to build strong credit for my future. Since I had no credit whatsoever, I was declined by most major card companies, my bank's credit line, and even a Target card. Looking back, I would've much smarter to note that of the cards willing to accept me, all marketed directly to those with no to poor credit. Whoopsies! However, I decided that if I used my meager $250 wisely or on an emergency to one-pair-of-socks a month basis, I would be able to establish a healthy line of credit to help ease my transition into post-college adulthood. I followed this plan - it being easy as I worked more than 40 hours a week at a CSR job and as a tutor, and lived at home. I stayed current on my credit bills and routinely paid to a 0 balance each month, conveniently giving 1stFB reason to up my limit. I don't remember once, however, seeing my interested rate decrease. So, you can be a good customer - they'll still charge you up the whazoo. As my financial pressures became augmented and my college increased fees by 38%, my emergency credit card played an important roll in keeping me afloat. My lifesaver couldn't save my life forever. No, no. I think the general aim of this company is targeted towards recruiting customers (like students, who rarely know anything about personal finance) or people with poor credit (who rarely know anything about personal finance.) As my financial burdens grew, I had to make tough decisions regarding bills and expenses. This card had some pretty heavy penalties for non-payment but at the time I had to choose between either one bill or the other.) Example: Choose two of the following three and pay: A. Food B. Electricity C. No Credit Card penalties. C would somehow have been a correct answer. Beyond my immediate needs - the needs that keep one's head above the water - this credit card consumed itself into being at the very least a part of my immediate life - and my future. The non-payments, fees, and interest rack up rather quickly. By the time I graduated from school in June, the job market had was acting all 2008 again and I had ended up in a similar position - back at my parent's house. This time I had no job and this time I had racked up massive debt. And what's sad is I wasn't and probably will never be worried about my student loan bills. It was my 1st financial bank card that worried me. It's been painful! I regularly received reminders from 1st Financial Bank about my non-payment by people trying to make me feel as pathetic as possible..seriously. That is their job. My non-payment was my own fault but: 1. ERRYBADY BROKE RIGHT NOW. C'mon! 99% and stuff! 2. I regularly "received calls from harassing creditors." They seemed neo-harassing though: -Bargaining with me that I could indeed pay my bill if I took out a loan from my bank. -OR I could ask someone for money. Anyone. My mom. My dad. My grandma. A friend. My boss. Remember all the things I had purchased with my credit card that helped me? Now I needed to help *them* If I'm choosing between black beans and rice or being able to buy some chicken, my poverty-ridden anemic @$$ isn't going to pay my credit card bill. If I had someone - or some other source of income, don't you think I'd pay my bill rather than deal with this? The phone calls got pretty nasty - I think at one point my morality and ethical standards were called into question. Ironically, the caller (a middle-aged woman) asked me to explain to her why I couldn't pay my bill, to which I explained I'd to like to eat for the next two weeks. She said that my credit card payment was important too, that I could probably obtain food through a community service. Right, so I go t
