I've seen some mention of Providian being in a "death spiral" or something to the effect that they won't be around for long...so I looked at Quicken.com for some recent history on Providian. Based on the following article, seems like Providian is curtailing their subprime lending business... http://cbs.marketwatch.com/news/int...79CECD1C}&siteid=intuit&dist=intuit&796596260 The company disclosed a lot more than just news of disappointing financial results that day. Providian also announced details of a massive company overhaul, most notably that it would stop lending to high-risk customers -- the very strategy that had made it a favorite of similarly high-risk investors, and focus its marketing efforts on the "middle-market segment" instead. Anyone with additional info? Has anyone (with risque' credit) recently applied with Providian and got denied? TIA, Ted
U.S. regulators also stepped in, imposing quarterly limits of 2.5 percent on the total asset growth of Providian's subsidiaries until three-year capital plans had been approved and forbidding the company to lend to people with poor credit histories. The regulators further mandated that Providian hold additional capital against its sub-prime loans. Forbidden to lend to people with poor credit history? I wonder what the criteria is...
Hi Ted - read through old or recent Providian posts: Most current cardholders are being offered upgrades to Gold or Platinum if they have been around with excellent paymts, etc. Many of us - me included - always paid on time, were never late, and never got crap. I closed mine - but it did help establish a good credit history. It seems no one is certain right now what are Providian requirements - due to the financial problems. Same problems are occurring at FCNB and Nextcard. Good luck - if you get the card, do not be surprised that the rate may be 23.99%. later - Dogman
Re: How RU Radiohead? Hey! Seems like everything will never get done! I can not wait until this semester is over, Summer semester seems to relaxed.. work is boring.. hehe I am still fighting battles! Uhaul is giving me a refund. Anyways, I am still not fully unpacked! But, we got all our appliances, our phone line, gas electric , water is all done... just waiting for satellite install now! also the builder has to come back and touch up a few things... Oh, I miswired the ceiling fan in our bedroom so I need to figure out what is wrong with that, haha.
Re: How RU Radiohead? I was DENIED TWICE (GET-SMART 1.90% 3 MONTHS "GO-TO" 9.99%)...I guess it was a GOOD THING... I guess they use the PROFITABILITY DENIAL!!!
Re: How RU Radiohead? I'm really a genus at ceiling fans~~~IT ONLY TOOK 13 HOURS!!! ...IN THE KITCHEN...NOW IT WOBBLES TOO MUCH...SO I HAVE TO TAKE IT APART TO TIGHTEN UP THE NUTS OR WHAT-EVER!!! "PENNY WISE AND DOLLAR FOOLISH"
Re: How RU Radiohead? It sounds like you are there - congrats. Watch that ceiling fan - aarrfff - Dogman
Re: How RU Radiohead? Sounds like what my Ex used to do to me - LOL! BEST REGARDS -AARRFFF!!!! Dogman
Profitability DENIAL - - - It costs the average credit card company $140 to get a new customer. Lets face it - your Cap One fees for two years - and any transaction fees - would have made Cap One profitable.... best regards - dogman
