I got the letter, call CS, she said it had to do with my credit report, I let them know exactly how I feel. I said she was Full of it cause my credit has drastically improved since I got their pathetic card. This is going to KILL my score, it's my oldest charge account, plenty of positve installment accounts and recent credit cards, but that was going on 2 years. I didn't owe anything but the thought of being associated with them makes me sick. The only thing I can thank them for is the rebuilding!!
I do not understand their selection process, I am in just the beginning stages of my credit repair, so my scores are low, and have many bad trade lines, and Providian has not taken adverse action against me, and they tell me I have the lowest APR they can give on these particular cards, doesnt make any sense. I should be jacked to 29.99%, based on my report. Oh well... who can figure them.., I won't mind if they do jack me, cause their cards are staying at 0.00.
KHM: actually, it may improve your score. You will keep the aging despite it being closed... it just won't age any more. As long as your ratios won't be screwed because of losing this credit limit, you should be fine. I was surprised when a Fair Isaac rep stated aging is just all the accounts' ages on the report, averaged. Open and closed count. So relax on that part. You're better off without the hassle.
Tell me about it! I called them as well. They pull Experian here and I have zero derogs, no lates, no nothing (except those blasted inquiries) and 15 positive reporting tradelines with more than three years history. I spoke with Retention and they couldn't/wouldn't even pull a credit report to verify what I was saying. Boo them and one way or another they will be history. I keep vascillating between paying it off and sockdrawering it or just paying it off and closing it altogether. L
pay it off and sock drawer it... or pay it off and do one small charge a month (pay it before the cycle closes) and you'll pay no interest, but they'll still have to send you a statement... keeps the card active on your credit files, makes them spend the money to send you a statement... but they make no money... also, by keeping a monthly charge, when (IF) they really ever add to product lines, then your card will eligible for the supposed middle market cards... I do understand what you're saying. at some point I won't even want their cards in with my unmentionables... Make certain to maximize what you have gotten from them... let the cards go to 24 or 36 mos before you cancel. Get your full year for the annual fee (rebated I hope) and then if you want to cancel you'll get the most bang for your fico buck... Also, keep in mind the ratio effect... if the PVN card isn't big, if your balances are small on other cards... then by all means cancel at the appropriate time... If your PVN is your oldest line and biggest limit... well... you may want it still there for ratios more than anything... depends on your fill credit profile
