I was one of the lucky souls who had my Providian account sold to Chase. Full 5600.00 credit limit which I USED the heck out of!!! I just took out a HELOC and paid off ALL of my credit cards. I log in to Chase today and my balance is 0 but my limit is now only 600.00. I guess I never should have paid it off. I was so glad to finally have a "prime" (the rates weren't but it is from a prime bank) credit card. I guess it was too good to be true. I wonder if they're going to close me now.......... I'm very very sad..................
That is a SERIOUS drop in CL. I would call them ASAP and ask them what is going on? Maybe it is just a mistake or if they did lower it at least you can find out the reasons why.
I have no idea. I'm guessing it is because I was almost at my limit before. Maybe they thought I was to big of a risk. Seems silly to cut it when they are all paid off though. By the way, never a late payment on this or my other accounts. I also just noticed they jacked my interest from 15 to 24% This is going to screw up my ratios now that my HELOC is going to be reporting. I understand that reports as a revolving and really screws up your scores. I was (and still am) worried about Providian doing this to me (I still have another Providian account) as I've seen on here that they cut peoples limits just for making too large a payment. Nobody loves me, everybody hates me, guess I'll go eat worms...........................................
Re: Re: Chase....How could you!!!! Definately. At the very least, Chase owes you an explanation. I would like to know their reasoning, so as soon as you get an answer, please post.
Re: Re: Chase....How could you!!!! I also just noticed they jacked my interest from 15 to 24% Maer ============ Wonder why?
Re: Re: Re: Chase....How could you!!!! Yes, I'm pretty sure they will say it is because I had become "riskier". I was close to my limit on this and other cards for a couple of months. Now they are almost all paid off. Mind you, I have never been late and have always paid well over minimum payments. I think I will wait to call them until my credit reports show my lower ratios. I kind of doubt they will do anything though. Has any other previous Providian cardholders had this happen with Chase? How about Providian? Are they still doing this?
Re: Re: Re: Chase....How could you!!!! HELOC's sometimes report as revolving. When they do, it makes you look like you are waaaay maxed out on a very large revolving account. The other lenders see this, get nervous and cut your limits and jack your interest rates.
Re: Re: Re: Chase....How could you!!!! Chase generally pulls TU, and TU seems to report HELOCs as Mortgage Account, the only one of the big three that clearly does so. Chase sucks.
