Beware of Imagine’s Credit Card

Those of you who are receiving any junk mail pertaining to improving your credit may have already received an email from Imagine promising that their credit card can improve your financial situation. It’s true because they are linked to the major credit agencies and report right away any your timeliness in paying your amount owed for the month. The downfall is that it really isn’t a credit card, but acts as a debit card instead.

Unless you read all the fine print in the contract between you and Imagine, you will be rudely awakened when you find that your charges have been directly debited from your checking or savings account. This all depends which account you submitted in qualifying for the card. This “credit card” is what they call unsecured credit.

Most unsecured credit cards require that you send them money first, to deposit in their bank. In turn you will be charged a fee and monthly service charges. Imagine doesn’t do this. They are hoping that you don’t read the fine print, and by contract are allowed to charge you a monthly service fee for using your own money out of your account.

Don’t be fooled by Imagine’s credit card promises. You will be able to improve your credit score only if you pay at least the monthly minimum, but their using your own money. Why bother? They also explain in their contract that your account shall be turned over to CompuCredit should you fail to pay Imagine back in a timely fashion.

The CompuCredit affiliated with Imagine is a collection agency and is not part of the CompuCredit that is a financial institution out of Atlanta, Georgia. You won’t find a website for this collection agency, but you will find countless complaints of them calling people around the United States.

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CompuCredit states they have the legal right to call after 7:00 P.M. and on weekends, and will call as often as they want during the day. Apparently they do not seem to care if you have a baby and are trying to let the baby rest. Therefore, don’t let your payments get behind.

There are plenty of other ways to improve your credit rather than signing up for a credit card with Imagine. Personally I see this as a way for an online corporation to prey upon those with poor credit or those just seeking a way to improve their credit score.

Surely Imagine is not the only online company that conducts their business this way. I felt compelled to write this article to warn others of the dangers like this online. When you sign up for anything online, whether it is an email, blog, profile page, or especially a financial dealing, read the entire contract before you digitally sign on the dotted line.

There may be something you don’t agree with, and if that is the case then stop there. Are you willing to sacrifice your own principles to get what you want? I would not do it.