I posted here earlier today and thanks to the people who gave me their advice. I called Providian and asked them to lower my 23.99 apr. The rep tells me she can lower it to 21.99 since I have been a customer for 17 months in good standing - OR I can have a $1500 increase, no fee, but no lower apr. I took the increase, which will up my Fico, because I carry a $3800 balance. What amazes me is the customer can't use this extra credit and stay solvent. The interest rate kills you! What kind of bull****ers can do this and get away with it!!! It's a sick system!!! If I am a credit dildo, why extend the damn credit to me to begin with?? It's dehumanizing way to live in this system Providian dreamed up!!!
Playing the game Sorry...that is the way it works with them...In three months call back and get APR lowered,then in three months get APR lowered....as long as you keep payments on time and stay under the limit!
Re: Providian Increase - Bull* They're trying that with me, I told them "no thank you" higher limit does me no good when I don't dare use it - at this interest rate I would only get myself in trouble." They probably read this stuff. I don't make threats when I don't intend to follow through - I told them I would transfer the balance off their cards and only use them enough to keep them active. Thanks to this board, I am in a position to do that. Be patient, get the limit up where you need it, then start on broadening your options. I just got 2 prime cards, one with a BT offer. I feel loyalty to Providian - they gave me my first card. But money is money. I truly prefer to do business with them, but not at the current interest rate. I have earned better, and they have made plenty off me. I do own their stock. I certainly hope they know what they're doing. breeze
Re: Providian Increase - Bull* You are right - it does seem like a game - fun though. Providian promotes good credit practices on their web site but offering big increases over intertest reductions is questionable. Someone mentioned loyalty - I have a certain amount of loyalty toward them - they gave me my first card, when no one else would
Re: Providian Increase - Bull* The higher intereset rate they charge is required to offset the charge-offs they experience due to lower credit quality on their books. It's math. They didn't do anyone a favor by giving them their first cards either. Subprime lending is their business. No need to feel any loyalty. I don't think they expect people to stick around after they have built/rebuilt good credit. I suspect FICO could even penalize you for having open accounts with these lenders.
Re: Providian Increase - Bull* FICO penalties?? Providian has some of the best cards available. So does Cap One. They're very hard to get. I don't think so. How does prime + 1.49%(currently 9.99% apr) strike you?? https://www.aria.com/ndconfig.nd/Ho...rid=Providian/Link/30secdecision.gif#PLATINUM That is what their best cards are. The only one I've seen that's better is Pulaski Bank which is currently 7.99% apr, but has a reputation for selling their paper - big drawback. I know Providian has a rep in the subprime market - they pioneered it and now every other CCC is following them. But I think you are mistaken to identify them only with subprime. It is not true. breeze
Re: Providian Increase - Bull* breeze, 1. Some of the finance companies offer very low auto loan rates (1.9%, 2.9%) etc. through arrangements with the manufacturers. But I've been told that FICO doesn't care and treats these loans as any other consumer finance company loan yielding lower score. 2. Providian does have some prime lending products but their bread and butter is subprime. Capital One is trying desperately to get into the prime market but has so far failed miserably. I have both Cap 1 and Providian tradelines in my report from accounts I closed over 5 years ago (when I was building). I have "suspected" that these two tradelines, although positive, have hurt my score. They may be interpreted as "lenders of last resort" for revolving accounts by scoring algorithms.
Re: oaky Sorry, but I have to disagree with you, Jugnoo. Up until last week, I only had a dept. store card, 2 CapitalOne cards and one Providian with a high limit (for 5 years). I have worked very hard to improve my credit and when I checked my FICO score, it was 743. I now have a Chase Platinum card with 2.9% intro rate for 6 months and a Gold card from Bank of America with an interest rate of 10.9%. A Providian card, if used properly, can be a huge asset to your credit portfolio. They do report limits (unlike CapOne & Citibank) and this attracts large lines of credit from other lenders including prime ones. On the other hand, I do believe that if Providian does not offer you better cards (such as Platinum with great terms) after you move into prime, it may be necessary to review your credit portfolio. This is what I am doing now. I have had a very postive experience with Providian, but I will not continue to use the account very often if I can't receive a better product. I think after 5 years and an excellent credit report, I deserve it! ;-)I have had the account for a long time so I may use it just enough to keep it open as my other accounts age. Peace
Re: oaky miles, I hope you are right because I also have Providian tradelines on my report. But my guess is that your score will be even higher (if all other factors remain the same) because of your Chase and BofA accounts. Nobody knows what's in FICO's software beyond what they have chosen to make available to the public. But if the software is sophisticated enough, I would bet that it attempts to identify "associations" between "borrower behavior" and other "factors". In that case, lenders that have a higher charge-off rates will probably count as a "negative factor". I'm only guessing and hope you are right.
