Hubby got a letter from Providian yesterday says: "Last year you applied for a credit card account and received a letter from us stating that we were unable to provide you with an account. However, we discovered that we may have made an error when we processed and declined your application. Because we are committed to pursuing every opportunity to extend credit to you, we will send you a new credit card application in approximately two weeks. Should you decide to reapply for a credit card, we will process your application and notify you of our credit decision." "Your satisfaction is our number one priority. We apologize for any inconvenience this may have caused." Has anyone else received a letter like this? We are not planning to apply for it as he is being added as a joint account holder on several of my accounts that have nice CL and have been open for a while. Besides don't need the Hard Inquiry. I just thought I would share the letter to see if anyone might know WHAT might have triggered the letter.
Never had a Providian card; never will apply .... but here is a wild guess .... Providian initially wanted to move away from subprime market, started rejecting applicants with borderline scores.... got burnt badly financially, realized that subprime market is where its profits lie.... and relaxed its guidelines and actively wooing subprime customers again ..... so taking a look at all previously DENIED applications .... -- lakpr
I have a new twist on that. I got a pre-approved exclusive offer from them, terms are pretty good, so I applied. 2-weeks later, get a letter saying I was past due or over the limit on my previous account and thus DENIED. Well, I was really pissed off and called to ask them to validate that accusation. Imagine my surprise when I was transferred to application reconsideration Dept. and she checked the records and found that their "Must have been a glitch in the system" she updated the records and asked if I would like my application to be reconsidered. OK I said and 1-week later, card was in hand with a very generous CL and good interest rate (9.9%) and no interest until May 2004 (I had to xfer 100 dollars though at 9.9%), but heck, no interest until May 2004, I took it.
Sounds like a lot of mistakes by providian. Not a very good sign if you ask me. Maybe they are worried about going under? I hear some people are predicting that very thing! pb
Sounds like Prov. wants people to reapply and hope they get approved this time. I am not buying that "we may have made a mistake"...I think they believe that maybe the credit is better and if we say that we may have made a mistake, they will reapply and hopefully we get another customer.
I did get a note from them on my "Rapid Account" statement apologizing for the lack of customer service through the transition. I was surprised by that.
Well no. Actually, it was the auomated back-end processes that spit out the denial letter and how mistakes are made. After manual reviews, those mistakes are corrected. And, Providian is using something called TSYS2 which is supposed to fix these kinds of bugs
