I closed Providian finally tonight! The best they would offer was 14.99 variable! HA!!! I was at 16.99 fixed. It was a very long-standing account (open for the past 7 years -- $0 balance for last year) but don't need Providian any more. I think it was the right decision despite being a very old open tradeline. They are scum.
Good going. Let us know how much of a drop your score takes for closing it. I'd suggest leaving it open because it's so old, but I bet that you have to pay an annual fee for it, and it's certainly not worth that for you now.
It is a great feeling to get rid of them. My providian was at 23.99%, it was like a burden on my life. I was so happy the day I paid it off. I wanted to go have a drink. And I don't even drink! I called to cancel and close it and they feed my some line about how they were getting out of sub-prime land and were reviewing all of their accounts by the end of the year, and that I would be more then happy with there new rates plans. They better have something less then 12.9 for me, no annual fee, and at least a 10k credit line or it's 'account closed by consumer' time for them. I hope Jan 1 comes without hearing form them so I can just kick them to the curb.
If it's one of your oldest good accounts, assuming you don't have any non sub-prime accounts close to the same age, I would think any APR with no annual fee would be good for a sock drawer card, drag it out every 6 months to buy a tank of gas. If you don't keep a balance on it 33% interest wouldn't hurt. And if you have enough credit for any revolving debt you care to have, as long as they don't annual fee you it should be safe to sock drawer and keep it open. ChrisB
Good for you, NiceGuy I can't wait until I can say the same. You had better terms than mine, though (I got "upgraded" to 23.99%, and now I have a 25-day grace period - WOOHOO). I just got 2 prime cards, also have a Fleet Visa. I'm wondering when I can close Crap 1 ($500 limit, 14 months old) and Providian ($2000 limit, great terms and about 4 years old). My combined Crap 1 and Providian fees are more than Amex (got the first year free).
Watch out for Providian's "grace period." My statement claims I have one, but I have yet to see a statement (paid in FULL every month prior) to not include a finance charge.
If Providian wasn't as old as it was, I would've cancelled already. I don't know which I hate more - them or Crap 1.
I know I thought long and hard about calling to cancel since it was a seven year old account, but I'll take a score hit to have no association with the likes of Providian ever again!
ive heard some cc's cancel your account if it lays dormant for a long time. being that providian is a crappy cc they might do that right? so what if it was a sock drawer card and they canceled it on you for lack of use. then on you cr it says closed by credit grantor. this is just a little theory to think about but i dont know if it could happen or look bad.
