Providian automatic Upgrade?

99% CHANCE THEY DID NOT PULL A "HARD"
If they usually report...this new card will also report...

 

Does this card have a new acct # or does it have the same old number.? In other words, are both accounts open or have they made a product change and have only one account still open?

 

They are doing that for their existing cardholders, upgrading them to Air Points or the new real rewards. Their top of the line card is the translucent colors which are 9.9%, but no rewards, just a low rate card.

I am sure they will report it on your credit reports since this is an account upgrade and the account number will be different. Check your reports to find if they hit all three CRA's

 

I would caution anybody against activating, or using, a Providian card. I had 2. They reported to the cr that i was 90 days past due on each acct, and 60 days past due on another occaision, on each acct. I have never been late on a payment to them in 7 years. I have been sending letters back and forth to all 3 cb for 3 months trying to get it straightened out, but to no avail. I am getting ready to send one last letter to Providian and request that they remove this erroneous info or i will sue. Just had to ad my 2 cents worth....ed

 

Re: Re: Providian automatic Upgrade?

Do you know if they are giving ALL their existing cardholders an upgrade? This is my oldest account, I have an excellent record with them, but haven't been using the card because of the high rate. It's been sock-drawered.

 

Re: Re: Providian automatic Upgrade?

Depends. They still have many cardholders that were never sold to the likes of Emerge. These customers fall into three categories:

1) FICO<600 subprimers who have had their lines reduced or are near chargeoff stage. In this case, Providian will wait until you chargeoff and take the loss

2) FICO600-620 near subprime but who pay their bills ontime and revolve heavily. These are riskier accounts that Providian is still deciding on what to do with. They probably are not chargeoff bound, but need close attention. Kind of a wait n see thing.

3) FICO620+ and who pay bills ontime (mostly minumum or slightly over), never late (maybe once), but otherwise good customers who do not fall into Providians new strategic planning. Most will get an upgrade, but some will be left behind and eventually close the account. This category will take the most time since each account has to be thoroughly reviewed to make sure it is a good solid middle account holder that will migrate upwards and not chargeoff.

 

Re: Re: Providian automatic Upgrade?

Forgot to mention one important thing. These old (pre-2002) accounts are considered by the FDIC to be subprime and therefore Providian is required to hold capital reserves against these credit lines at a higher rate than the new providian accounts booked in 2002-2003. By shedding the older book, Providian can release those dollars, just another reason to exit that business as fast as they can.

 

Re: Re: Providian automatic Upgrade?

So far I have not gotten that upgrade. About a year ago I was upgradded from a visa classic to visa gold. Been with providian since 2001. Never been late nor carried a balance. Fico of 747. I'm probably not very profitable to them so we'll see what happens in the next few weeks.

 

Re: Re: Providian automatic Upgrade?

WOW normally Providian + Upgrade = oxymoron....



maybe they will upgrade my 500 pay pal visa some day..


JK LOL..

actually congrats that was a very cool thing for them to do.. Maybe they are changing the way they do business..


Kev