Well I thought all my creditors would be happy. I recently paid off most, and significantly paid down the remainder, of my credit cards. They were all pretty high balances. Never late, never over limit. No sooner do I do that when Chase cuts my credit limit down from 5600 to 600 and raises my APR. Now I just received notification from Providian that they are raising my 15% interest rate up to 25%. I sent them a letter via planetfeedback and they called me today. There is nothing they can do for me. They will not lower my rate back down, will not increase my credit limit, will not even waive my yearly fee. As a matter of fact, he tried desperately to get me to close my account. That was his response for every single question I asked. I know I should of course close the card but my ratios have already been hurt by Chase cutting 5 grand off my credit limit. I just know Providian is going to cut my credit limit now too. They are bound and determined to get rid of me. It seems so stupid. I have made very good use of there card and they made a decent chunk of change off me. I wonder why they hate me so much now......
I have read on this board where they do that when something changes on your credit report. You say you were never late, never over limit, but something gave them an indication that you could not manage your debt. I would not close the account - because that is what he wants me to do and I wouldn't give him the satisfaction. I would keep making my payments though. If you are not behind in payments there is no sense in closing a good account.
The only that changed on my credit report is that I paid off a bunch of bills. My score went up about 40 points. There is nothing negative on it. I'm not going to close it but I have a feeling they are going to keep trying to screw me until I do close. I'm sure the next one will be to reduce my credit limit, just like Chase did.
If you have a zero balance can they legally reduce your credit limit to zero (assuming they're hell bent on being rid of you)?
As LA so wisely remarked, Providian hates everyone. Here's my guess as to what happened: You were probably on Chase's hit list for a long time, for whatever reasons. Then when you paid off your account, they could finally act. They always wanted to reduce your credit limit, and you gave them the chance they were looking for. Why they raised your APR, only God (or possibly the Devil) knows. Probably, they figured that reducing the credit limit was most important, and then needed some way to make up for the income they would lose. Their reasoning was based solely on their own perceived needs, and had nothing to do with you. I would guess that Providian also wanted to reduce your credit limit for a long time. They also had little reason to negotiate with you, since Chase reducing your credit limit kept your utilization from improving. I think Chase treated you much worse than Providian. I continue to be amazed at their increasingly atrocious behavior.
Or it could be that both Chase and Providian were very worried about your carrying a high-balance and then ambushed you when you paid it off and cut your limit so you'll never go that high again. Both indications that they want to sever their ties with you. If your reports are clean, they must be on drugs for not wanting your business, but they are acting exactly the opposite.
I have seen so many Providian complaints over the last 2 years I could puke. I have had nothing but a great relationship with them. I always thought over the last 2 years that the complaints from the cardholders were false, and it was the cardholders fault one way or another, and they would not admit it. Lets face it, in one way Providian was trying to dump the sub-prime. I could understand that with the heat they were taking. They still to this day send out offers to someone after a BK. I know someone who got one last week with a recent BK almost a year ago. Yesterday I received in the mail that they are going to jack my interest rate to almost 30% but are keeping the same credit limit. I have seen this so many times and always thought it was the cardholders fault. My FICO score is over 200 points higher now then it was when I got the card. I beleive now that they only like people that carry a balance and pay. From what I have seen and in my own personal experience now, this company only goes for the easy money. If you have trouble they will take a risk at around 24-30%. If you are a customer sucked into a lower APR they will do that and can always raise your APR or terms. I couldn't beleive it until it happened yesterday. Great payment history but not enough $$$ for them. I guess you have to respect that though. It is all about $$$.
Interesting story and fresh perspective, JVick. My story is a bit weirder than that. They jacked me up from 23.99 to 29.99 over a year ago, but a few months ago they dropped back down to 23.99. Totally unlike Providian. In a way you're right, JVick. It's all about money. But I don't respect them, because with them "money" means "short-term profits." They don't know how to create stable long-term revenues, and have never figured out how to build relationships. At least, they let the immediate pursuit of extra bucks ruin potential long-term relationships time after time. How their temporary decency towards me figures into all that, I don't know. But I certainly don't trust them.
Re: Re: Providian hates me!!! Do you carry a balance over to the next month's cycle? I don't so my interest rate is 0%. I know Cap1 doesn't like me. They can raise my APR to 50% if they want to.
Re: Re: Providian hates me!!! with scores k=like that why the hell would you use or even carry a crap 1 card?????????
Re: Re: Re: Providian hates me!!! Ever heard of rebuilding credit? How do you think I got those scores? After 7 years all my negs were deleted from the bureaus so I needed a revolving card to rebuild. Cap 1 to the rescue! Now I don't use their card much because I've got prime cards but I'm not going to close the account. It's my oldest tl.
Re: Re: Re: Providian hates me!!! J Vick, Good points. But you are forgetting one very important factor...Account originations, my APR was 23.99% then went down to 16.99% with NO GRACE PERIOD and a $59 annual fee. I finally got fed up and closed my oldest TL. Lo and behold, I got an offer 3 months later for a fixed 11.9% card, and with a 100 BT, I got 0% on purchases for 14 months. And, no annual fee either. After talking to a former providian CSR, I was told that when Providian puts its accounts/portfolios up for sale, the buyer looks at the account origination, that is, what was the booked FICO score when the account was opened. All telltale signs that Providian might be for sale once it dumps most, if not all, of its subprime customers. Of course, this is all speculation, but food for thought nonetheless
Re: Re: Re: Providian hates me!!! no deva whats rebuilding credit lol you sure have a lot of tude and don't think your scores impress everyone that sees them!!!!!!!!!!!!
Great scores, Diva! Looks like you're doing a great job! I know exactly where you're coming from, keeping your oldest account. If you dumped your Cap One card now, you could actually be unbuilding your credit. If anyone ever tells you to dump that card before it suits you, just figure that any idiot can come on this board and offer you bad advice...
Brad J, That's a very interesting concept, the account origination score. That could explain why not only Providian, but other subprime banks, figure that you're "subprime forever" and refuse to negotiate terms. I guess you have to close the account, get rid of that low score forever, and wait for a better offer.
Re: Re: Providian hates me!!! Richguy, great point on long term revenue. They have not and maybe never will. I don't respect what Providian did to me personally, but I respect it as for what it really is. I guess we will see what Providian has planned for us small fish. A long term relationship? Not likely so far.
Re: Re: Re: Providian hates me!!! I carried a balance one month out of about 14 months. Annual fee is still $0. I agree with keeping the card open and not using it anymore to be hit with a finance charge. At the worst it is a credit rebuilder.
Re: Re: Re: Re: Providian hates me!!! That is interesting, I suppose they don't check a report very often to see what point the cardholder is at. They were so bad to begin with. This would sum up Providian to me, real simple. July 2001 Traded at 60 Nov 2001 Traded at 2 April 2002 Traded at 9 July 2002 Traded at 2.5 Now 2003 Traded at 10 How can Providian think long term? Not possible at this rate.
