Providian Decline - Read this One You all remember the last couple of posts I did about Providian. I closed the one account I had with them, and refused to take possession of a Getsmart card that was approved and about to be sent to me. RECAP: 1- I applied online for Getsmart - got approved GOLD $2500. This card had 0% for a couple of months then a reasonable rate with a grace, etc - it has a dumb chip in the card. Kewl. 2 - I already had a PB Visa for 3 yrs - $3200 limit, about 20%. A week later there was an insert in my bill that says they are going to increase my rate, JULY 1, to 24-25%! $$$$? Hmmm....Let's look at the Dogman account - OK, give him 0% and 20% on the new Getsmart Gold....still need to make up the revenue that we will lose during the 0% period on new card.....hmmmm...jack up the rate on the old card by a few percentage points - Providian still makes $xxxx on average. Hmmmm......$$$$? My credit is better now than in many years. I called the GREAT PROVIDIAN REP and closed the account - I explained I could not believe they would JACK me up with my wonderful record for 3 yrs. Nothing they could do - I said close it by customer request. I THEN SAID to transfer me to Getsmart, because I would never again use ANY Providian product. I said DO NOT SEND ME THE new card that was approved and is in progress. 3 - Then, regarding the CLOSED OLD VISA, Providian sends me a confirmation closing letter that says essentially...my credit rating was greatly enhanced by a Providian "Paid in Full" entry added to the reports. It said I would have better leverage for more credit in the future. How thrilling. 4- About a week later, I get a mailing for the Providian CLEAR Smartcard. I pitched it immediately. 5 - TODAY - I received a letter from Providian that they were not able to approve my application for a Getsmart card BECAUSE I HAD AN ACCOUNT WITH PROVIDIAN already. Everyone on the board has confirmed that PB allows multiple accounts. I am laughing now looking at it - I declined THEM; the way Providian resolved "my direct consumer order" to not send me the Getsmart card was to decline me and close out the file. FYI that was the only written reason for the decline. FINAL THOUGHTS: Providian is fine for re-building credit - they give you a chance but you pay for it. After 2-3yrs of perfect Providian payments, DUMP THEM! I have the choice to deal with an AMEX or Nextcard - who won't jack me on anything. THE DISGRACE - DECLINED BY THE #1 DOG BANK. Hmmmm...I wonder if I called Cross Country Bank, they would take me....Len? tres amusant dogman
Hey Dogman! I share your view that Providian is a valuable card for rebuilding credit but not much else. Just to recap a little history... My CA Chap 7 BK was discharged in Feb 1999. I went prime this year; Nextcard, GM card, Nordstoms, a 12.3% Cap One gold, Target, etc. A total of 10 revolving accounts. Also 1 auto loan from March 1999. Enough said. In January, I got a Providian gold card $3K, no annual fee, 25 day grace. In March, I got an apr. reduction via Planet Feedback from 23.99 to 19.8%. A credit limit increase is in process for me now per my phone calls. I don't care anything about my Providian card except that it is one more credit reference and the $3K is part of my overall revolving credit limit of $25K. I use it every month and pay it off. In a few years, I will either have turned this into a Platinum card with a low apr. or get rid of it. That is what Providian is all about. Now, one evening, I had a few drinks and applied for an ARIA card on-line. I got a letter rejecting me as I already have a Providian card. Fine with me. I had regretted applying and only did it because I had a few drinks and was playing on the computer. When I posted about the ARIA denial ( no inquiry was even made); a number of regulars here on the board said that the same thing happened to them. Apparently, these days Providian wants us to have one card with them. So you have company in your denial. Why don't you apply for a really good card from say a credit union or work your limits upward. My Nextcard limit is $6500 and I want to drive that limit up to $10,000 and the apr. down to 9.9%. Actually, I am at a 6.9% teaser right now. Best wishes - Jim
very good info Jim. BUT, then they have a database problem - remember I received approval- when I transferred to GetSmart, I talked to a human - who I made NOT SEND IT. I'll probably keep AMEX Best regards - Dogman
Are you still nursing that drink? To state "I went prime" and "I have a Capital One card" in the same sentence surely implies lingering intoxication. David
Or worse, I've always suspected a link between contact with Providian and brain damage. I'd also wait till your oldest good acct is at least 36 months old before getting out of Providian. VJ
I wouldn't say that. My father's about as prime as they come (all sorts of platinum cards including Amex). The other day when I was at his place hooking up his new Tivo I needed to activate his subscription. The credit card he handed me was his Capital One Platinum Miles One card. I asked him about it and he didn't know, so I asked his wife. 9.9% fixed, $30,000 limit and an annual fee of around $20 (she didn't remember for sure). She said they've already taken several free trips. He said I should get one. Little does he know. I told him I'd look into it.
In the past I've seen credit card companies offer to leave the old terms intact provided you contact them. They will freeze your charge privileges and allow you to pay down the account on the same timetable. I'm not sure this applies in this case.
About three years ago, I received a pre-approval for Providian Platinum. The terms were good so I sent in the app. I get a response from them saying that they can't open the account for me because I had defaulted on a previous account. They were partially correct. I was a victim of identity theft and account was opened in my name with my SSN and, dang, those people didn't pay the bill. Even though Providian had been notified of the identity theft (complete with police report) and they agreed to write the account off to fraud and they agreed to stop reporting this account to the CRAs, I was still in their database. I assumed this was an error so I sent all my documentation to Providian. Still no card. I hadn't sufficiently proved fraud. (Different signature and different address plus the police report weren't sufficient.) I got my attorney involved and I eventually got my card. I then ran the card through the wood chipper with some tree limbs and sent the tiny shards (plus a few wood splinters) back to Providian and told them to close the account. I still get offers from them about every six months.
