article, http://moneycentral.msn.com/articles/banking/basics/9690.asp?special=msn About half way down in the article they talk about Providian and who faces the dreaded 29.9% APR.
Re: Providian customers read this.. Great article! So, basically, if you're somebody who only pays minimum payments each month, or close to that, then Providian sees you as a credit risk and will likely jack the fee up to 29.99%. Sheesh. In the old days, companies LIKED minimum-payment people since they were so profitable vis-a-vis compounding interest. Doc
Re: Providian customers read this.. Interesting...I also thought ccc's liked people keeping that revolving balance so they'd make money...
Re: Providian customers read this.. EXACTLY! Now they're using that fact to get over on people. Seems like some credit card companies are finding more and more ways to squeeze money out of us consumers. Monthly maintenance fee? Sign up fee? ONE TIME application processing fee? Give me a freakin break here...
Re: Providian customers read this.. Give me a freakin break here... MP$40 They are thei're trying to break your bank. Re: Providian customers read this..
Re: Providian customers read this.. Did you see the other article on credit scores, Beef up your credit score in 5 steps. Now hereâ??s the word from Craig Watts of Fair Isaacâ??s consumer affairs office: â??Closing accounts can never help your score, and often it can hurt.â? Soooo..... if it can never help your score to close accounts. Why is there a reason code for too many charge accts.
Re: Providian customers read this.. I have "EXCESSIVE CREDIT LIMITS" all the time~~~DON'T think it is a "REAL" F.I.C.O. reason...just a "MADE UP" reason...
Re: Providian customers read this.. From the same article "Beef up your credit score in 5 steps" â??Today the FICO score ignores any and all references in a credit report to credit counseling or debt management programs,â? Watts said. Watts notes that a few lenders still use the old scoring system, which punishes folks on debt repayment plans. Obviously, youâ??ll want to avoid those lenders -- and perhaps all lenders until youâ??ve dug your way out of credit trouble.. Ummmmmmmm - and how do we know which lenders use which model??????
Re: Providian customers read this.. Kelly, I hadn't seen the article, so I did a web search for it and found it here (in case somebody else would like to read it): http://money.msn.com/articles/smartbuy/debt/9732.asp Anyway, thanks for mentioning that article! Very interesting. Doc
