Getsmart perhaps not so

Discussion in 'Credit Talk' started by Marie, Oct 9, 2001.

  1. Marie

    Marie Well-Known Member

    Ok, I had thought the Getsmart product would be an upgrade from my Providian products...

    Cute design, smart chip, grace?, better interest rate.

    Except that I got the top of the line credit line (1k) for their little classic card. Classic, ok, I can upgrade with good payments, right?

    Nope. No upgrade, no gold, no grace.... ever. Nobody has the ability to make this card better.

    Of course, I was able to get the annual fee refunded and the interest is their "lowest" 16.9. But in comparison to Cap1, this now seems rather offensive.

    Just wanted to make sure everyone knows that the classic will NOT upgrade. You are solidly stuck in subprime forever.

    My anniversary on this one is in Jan and I'll try the Exec dept then or I'll cancel.

    If anyone has had any better luck, please post. Anything bettter than 16.9? any upgrades in terms? any grace periods added??????

    someone give me some better news :(
  2. Marie

    Marie Well-Known Member

    another difference... I've been able to get Providian to occasionally rebate a month or 2 of interest after I've paid it...

    Getsmart says no. which means 16.9 is 16.9. with Providian, it's 16.9 less their rebates which makes their actual rate more competitive...

    I'm frustrated with this. It may now be my first card to get cancelled and I didn't expect that.
  3. newstdt

    newstdt Well-Known Member

    Hi Marie,

    When and how did you get your annual fee taken off?? Just curious. I am fresh out of bk chapt 7, so I just need to rebuild for a hm loan down the road. I was tickled pink just to get ANYTHING. It's just going to be a payment history record for me.

  4. Marie

    Marie Well-Known Member

    Really soon after I received this card. Course, it's my 3rd Prov product (quit snickering all those out there) :)

    Providian will let you rebuild and that is great. But you will pay for it.

    Ok, here's the deal. This card was my 3rd so I just let them know they had already refunded all my other annual fees on all my other cards. Bingo, refunded. Then I told them I'd like to use the card and keep a balance but 23.99 was way too much...

    Got it lowered to 16.9 (I think I did a stop at 19.9). Can't remember which card is which anymore.

    You will have to talk with retention. call up and tell them you're now thinking this card is just too expensive to use... see what they'll do. they won't waive the annual fee buy they will refund it once it has posted. I never tried this on my first Visa til the one year mark but I'd certainly try now regardless of the account's age.

    Getsmart will not progress to gold so keep it, use it some, and cancel it at either the 25 or 37 month mark. (it has to age to get good points on your score).

    If you're fresh out of 7, Cap1 is actually a good card too and Household will also let the card become more reasonable. I like Cap1 the best of the rebuilding cards. It can go really prime in 2-3 years of active use and of you calling in and being nice and aggressive about your terms and loc increases.

    just search this board on those cards and you'll get a lot of info and techniques. If you get Cap1 monthly fees take it and call up every month and get them refunded. I did that for 3-4 months and they got tired and waived it. see, tenacity works :)

    If you're looking at getting multiple cards from an issuer I'd also go Cap1. you can later combine cards and start again. Get one now, apply again in 3-4 months (not the Kmart card because it can't combine).

    good luck.

    I would say I think I may have overdone getting cards to rebuild. If I had to do it over again, I'd do one regular Providian product (Prov visa, not getsmart), 2-3 Cap1s, and a Household (especially if the subprime bank's computer systems really change in Nov to the big Household's systems.... then they'll be more upgrade options).

    Get 3-5 cards quickly, work them aggressively, at the 24-36 month mark consolidate Cap1s... clean your credit as much as you can in the next 2 years... and see where you are.

    good luck
  5. Fat Jake

    Fat Jake Well-Known Member

    My Getsmart is at around 2k and it's a classic. It was one converted from Aria so that can mean something.


    Providian cards are great for one comming out of Chap 7. I should know. I started with 1K and 36 months later I'm at +7k with them. Including the GetSmart 9K!!! It works to charge to the limit and pay off repeatedly with them. I did this and it seemed like they raised my limit quarterly. BTW my FICO's are around the 680's with just 5 years out! I think I can see 700's by 2003 with the Filiing still on there.
  6. newstdt

    newstdt Well-Known Member

    Thanks Marie and Jake!

    Advice well taken and WILL be heeded.

    I wish I could try Cap 1, but they were one of my creditors on my bk. so I don't think they'll ever want to be my friend again! :(

    I'll work on my Providian and Orchard and build the best payment record I can. I love being able to check out my information online like payments and due dates now. I never bothered with any of that before I filed. Now I'm totally paranoid about payments being posted on time! I really don't mind my low limits now. It's almost a relief to not have so much available credit. But as time goes on, I want to reestablish decent ones. I just want the least amount of problems down the road when we go for another va loan. I know we can prove ourselves in the next 3 - 5 years. We had good credit before we filed, just WAY TOO MUCH! I've learned my lesson!

    I really appreciate your advice. Thanks a lot!!! I can use all I can get!

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