Providian is laying 10% of its Collectors off. http://louisville.bizjournals.com/louisville/stories/2004/01/05/daily20.html
Another indication (beside my new 9.9 perm rate) that they are leaving sub-prime land. I am guessing prime companies need less collectors then sub-prime companies.
I think so. Used to be that you could get a Providian card with a FICO 600. No more. OTOH, you can be too good for them and get denied if you score is upwards of 720, not that one would even bother with Providian with a FICO 720, but still... I think their target market is 620-680. At FICO 680 or above, people are leaving providian in droves to other prime issuers (MBNA, AMEX, CITI, etc)
Even though they lowered my rate to 9.9 and waived my annual fee, I am done with them. I am going to sock drawer it because of it's age. But they will never make another penny off of me. EVER.
Maybe the layoffs will quietly be replaced with workers in India. Credit card defaults are setting records, so there's no shortage of work for the collectors.
Providian sux I had a perfect account with them, they are the only creditor that has ever closed my account or jacked my account. All in one day They Closed my account They Jacked my rate to 23% They sold my account to Emerge Never again no matter how prime they think they get. Even if they paid me I would not carry their card in my wallet. Did I mention that Providian Sux
8004me I very much remember this discussion - I am smiling now. We'll have a GREAT 2004 - all of us aarff - dogman
