I called and tried to cancell my card with Providian and they asked why and I told them I couldn't pay the interst rate so they "reveiwed" my account and reduced it to 16.9% from 23.99% Still not the 9.9% I would have gotten with the Credit Union but it's a start!!! (and without inquiries) The other day when I called they told me they couldn't "offer me anything lower at the time" or some crap like that. My hard work at keeping my accounts in good standing had finally started paying off!!! I'm so proud
ALS: I am proud of you, too. Nice job! Providian WILL work with cardholders who've kept their accounts in good standing.
Thanks! It's great to have people like you and some of the others on this board, I used to come here a lot but quit because of all the crap going on, so it's great to see this board put to some good use again - it had gotten pointless to try and get information/support from others with all of the put downs and such going on. I'm sure Barry N and the Credit Ranger can tell you the same.
That's great news, ALS. I've found that many credit card companies are willing to work with responsible customers in order to keep their business. It doesn't happen with all companies, but it happens with enough. Keep up the excellent work. It is possible to improve your credit if you are dilligent.
If you call one of the major credit issuers and tell the front line CSR that you want to cancel your account, you will be immediately shuffled over to an 'account specialist' who will try to 'sell' you on keeping the account open. Usually they will bring the interest rate down or waive the annual fee if that's the objection. The best time to do this is after you have been carrying a balance at a promotional rate for several months and then move it to another card with a promotional rate. If they know you've got somewhere else to go (the competition), they will deal. First USA has tried to raise my 9.9% cards three times now and this has always worked. MBNA tried to raise an 11.97% card to 14.99% on me and it worked. Incidentally, alot of banks are now 'scoring' your account for profitability. Primarily this involves the amount of finance charges and other fees you pay, but if you make alot of purchases on the card, this count too, because they factor (take a rake-off) their payments to the merchants on each transaction. This is also a consideration in what kind of an offer will be made to you when you call them to close an account.
After reading your post yesterday, you inspired me to call Providian. I told them I wasn't happy with my interest rate or credit limit. I was offered the 16.9% rate, or 19.8% rate and $1000.00 increase, being greedy I accepted the 19.8% and $1000. It still looks better than that 23.99%.
Yes they offered it on the spot, they told me that the increse would be on my account within the next 5-7 days, but it was available this morning, and I just called yesterday evening. I got my card in Sept.98
CONGRATS!!! I'm so glad I've helped someone else out!!! My mother is going to try and get hers lowered also. She has had her card about 2 months longer than me so she shouldn't have a problem either. They didn't offer me a line increase but then again I didn't compalin about that, Lord knows I don't need it, mines up to $2950 or something like that so I'll just work on paying it down for awhile
