as with everyone else that providian is cancelling and sure enough i pulled my tu and i have a ar inquiiry from 08/02 from merrik bank i do not have nor have i ever had a account with them so why are they looking at my report?? cant we all get to gether and sue somebody?
I've commented on this Providian/Merrick bs in another thread. You bring up a good point about all of us getting together and going after these guys. Someone asked if I have a promotional block with the CRAs. I called TU yesterday, and they pointed out that there is indeed a block. It's just not right that Merrick can look at my report - especially as an AR inquiry - to decide whether or not I'm "good enough" for them. I had my account with Providian for 15 months, with spotless performance. They could have at least warned their good customers about an impending transfer and review. TU happens to be my worst report, as I've been tackling one CRA at a time starting with EQ (now hitting 650!). I'd be interested to see how everyone else is doing with this problem. Short of a class-action suit, we could at least give Merrick a REALLY BAD name on the web, via PFB and other "emotional outlets". Providian, as I see it, already has a bad enough name.
Merrick bank already has a bad name on the web for the way they abused nextcard holders. I have not received a letter yet on my little $300 no cl raise in 1 year providian card but merrickbank just raised my cl to 900 from 750(big whuppie) so at least they are not total losers like providian. I wonder what they would do if you have 2 cards.
About the inquiry...I just don't know. BUT...I was asking my boss yesterday about the possible methods of capping interest rates (via usury laws, etc.). He told me there are two ways to go about it. You could try to get a bill introduced in congress or you could file suit. My concern over filing suit was that there would be no cause of action because currently there is no law capping interest rates. He said you had to show that a particular law *should* pertain...ie usury laws. For states that have usury laws, you can base your case on the usury laws and go for it that way. There was a supreme court ruling back in 1978 (I think it was `78) that said that credit card companies did not fall under the usury laws (providing their home place of business was in a state that had no usury laws) and they could charge whatever interest they liked to everyone in the country...regardless of whether or not a person lived in a state that did have usury laws. In short...they were exempt. Naturally, all of the credit card companies moved their headquarters to states that did not have usury laws. Anyway...that's what's on my mind and the direction I'm thinking of heading in. Thing is...this case would almost surely have to go all the way to the supreme court *if* they would even hear it. The good news is that times have changed since 1978 and there's a chance if they did decide to hear the case, that they would reverse their earlier decision. So what do you think? Marie...got any time to spend on this one...lol? The very thought of what is involved is downright overwhelming when I think about it. L
well i just want to get them they have totaly stuck it to me and i have never missed a payment,late, or limit or anything and my feelings are hurt