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Discussion in 'Credit Talk' started by MSJ, Jun 8, 2000.
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I used the same offer to start re-buidling my credit. Be aware for starters, there is an annual fee (mine is $59). So, you are into them from the start. Also, I have had some experiences that even when I send my payment as early as two weeks prior the due date, it doesn't get posted and I am charged a late fee. They are saying, I guess, that it takes the mail two weeks. So, I have been battling this.
Providian is a good way to start rebuilding your credit, although I have seen people posting complaints about them on this board, they do offer periodic credit increases if you keep a good payment history with them, but don't expect them to lower your interest rate any time soon though, they seem to be very bad at granting people that. Good luck to you in your new start!
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That seems strange that they are offering you a gold card with a $300 limit. This is the first time I have heard of Providian offering this. I have a gold card, but my limit is over $6,000. I was not offered a gold card up front. I guess times are changing, huh?
I have never had any problems with Providian like some others. I have had an account with them since 1996. I have never had a payment post late & it has always posted within 5 days of mailing(I do write my account number on my check). I have moved several times so I can't understand why I haven't had any problems with payments posting & others have, but I'm not complaining.
Based on MY experience, I would recommend Providian. They report to all three credit bureaus & are very liberal with credit line increases. I have had my interest rate lowered as well. Never a problem with customer service when I call. They have been quite helpful. I have no major complaints.
Miles I was surprised like you about Providian and their Gold Card. My daughter
is rebuilding her credit after a divorce.
She applied for a Providian Card and they gave her a Gold Card with a $750 limit.
My wife has a Providian card and it didn't go to gold until after her limit was over $3000. Like you I guess the price of Gold is going down. We also have never had any trouble with Providian since she got her card
in 1997. As Alex said it's a good card for
rebuilding your credit even though their rate is a little higher than some others.
But since the prime has been going up some
of the other sub-prime lenders have upped
their rates and Providian has staid the same.
So their not as much higher as they used to be.
I have had a very good experience with Providian in the context of rebuilding my credit.
In my opinion, they are one of the better sub-prime card companies out there. They provide frequent and healthy credit line increases, and their customer support is better than most sub-prime.
The important thing here, as with ANY credit card, is to make sure your payments are made on time, and try to pay off your balance every few months.
My experience with Providian is if you treat them right, they will do the same. In 18 months, I went from $400 to 2350 in credit, and I'm up for a review this month, too.
Get the card. My experience with Providian has always been positive.
No late payements, and I frequently pay off the entire balance - or 50% at least.
My card looks like a Plat Card and my Visa statement says Visa Platinum.
I started with them in 97 at $1000 limit.
After 24 months they moved me to $2000 (I had to pay $49 for the increase charge - worth it to me for higher limits).
They just now sent me the upgrade for another $1000 for $49. I accepted.
Now the limit is $3000.
I checked the Aria site and saw they added another $200 credit earlier this week.
$3200 new credit line.
If you make large payments,I expect $1000
increases every 6 months.
FYI- try registering your Classic or Gold or whatever Providian Card on the Aria site.
My card that looks like PLAT was a design B4 aria came out. I entered my card number
and it took it online.
The interest rate is 20.34%.
I agree that Providian is a good way to rebuild your credit, much better than Cross Country Bank, etc. Capital One is probably the other good choice for this purpose.
I also agree that Providian is very generous with the limit increases, more so than any other subprime lender. The contrast with Capital One could not be more striking. But I would like people to consider whether rapid limit increases are always good for your financial health. Paying 24% on a large balance is far different from paying 24% on a small balance. If you pay large amounts of interest, you may never catch up financially.
This $300 "gold card" from Providian costs 44% or more per year when you count the annual fee. But the $132 in annual costs is far less than the $780 in annual costs for a $3000 balance, or $1260 for a $5000 balance. The real drain on your budget is the 24% interest on a substantial balance. This isn't an issue for anyone with a high income who can buy credit and then make large payments every month. It IS an issue for those with low incomes. Low incomes are the real issue for most of us, and incidentally the cause of most credit problems.