Am in the proccess of rebuilding my credit history. Six months ago Providian gave me a card with $300 limit, secured by $49 savings account. Now they are offering to increase the limit from 300 to 800 for a $100 fee. Would this be a smart move on my part - or should I wait for a better offer? Also regarding Providian; their entry on my current credit report says that this is a secured card. This is not what I expected. Have one other secured card and the credit report shows the account, but makes no mention of it being a secured card (Wells Fargo). Can I get Providian to change the information on my credit report?
Seawood, I got the same card from them, but on my Experian report is doesn't say anything about being a secured card. Which report did you see it shows as secured on? I just got my card a couple months ago, and it hasn't shown up on the other reports yet (as of last week). And finally, does anyone know, will it really make a difference anyhow if it shows up as secured vs. unsecured?
I too have the same card as you. I got mine in June and have gone through 4 billing cycles. I'm still waiting for an offer which I suspect should be coming in Nov. or Dec. I would jump on that offer if I were you. $100 for a $500 increase is cool.....but I have heard of people receiving $1k increase for $100! I have one question though....if you take them up on your offer, don't they just apply the $100 to your account along with the $500 increase? Aslo, don't they give you an extra $100 increase to make up for putting the $100 fee on there? So, if this is true....then your limit will be $900, right? Just curious....how did you learn about the offer? I was kinda surprised to see that the card was listed as secured on my credit report also but what can I do? I don't think they'll change that until you can get them to send back your $49.
Same here! On my Experian report, it says nothing about being secured but it does on Equifax. Not sure about Transunion since I haven't gotten an updated report from them since 4/00 and I got the card 6/00.
"Would this be a smart move on my part - or should I wait for a better offer? " No, the smart move would be to close your account with them and apply for an UNsecured card. If they offered you a limit increase, it means they'll probably approve an unsecured line, though limit may be lower at first. You could ask to unsecure your EXISTING account, but don't get your hopes high. A tradeline that has been open for a longer time does look better on your report, but given the fact it's reported as "secured", you can probably do without it. Saar
Don't pay fees for increase Wait few more months, do not pay the fees for credit line increase. I started with providian $500 in March 1999. Now my credit line is $3,250/-. Keep paying more than the min. payment every month (pay full..if you can). They will surely increase your limit in few more months.
I received the offer in the mail. Several careful readings concludes that the $100 ($99) is a FEE. Profit for Providian.
RE: Don't pay fees for increas Thanks Dean. I can pay full - but have not done so during the past six months; A friend told me to pay (substantially) more than the minimum payment, but not full. He said that in that way the credit card company could make some money on finance charges and consider me a valuable client. Marvin
Don't quote me on this, however based on what I think I vaguely recall reading somewhere here's the scoop, and this may sound like common sense. If you had the choice between the secured card being reported as such vs. there being no mention of it on your credit report, the latter would be better. Attention is drawn to a secured card as "someone attempting credit repair". I know that sounds stupid because thats exaclty what someone has in mind and for good reason, but it serves as somewhat of a red flag.
I got the card 4/00. I received a 400 increase 9/00. They sent me an offer for a $1,000 increase for $99 this month. I dont know.
Kicked to the curb? When are you getting rid of these fools? Since you seem to have pulled yourself up out the credit gutter!
RE: Kicked to the curb? I dont think I will take the offer. I got it right after the citibank incident. I have to close these credit card accounts slowly though. I have a decent limit at prov. and It would be a card I have had for 5 months. I really dont know what to do with all these cards. But I like this problem a lot better than my old problem of not being able to get a card. I was just thinking, this time last year 10/99 providian turned me down. I saw the ad on tv. I still have the rejection letter. That is what made me get serious. Man this credit repair sure does work.
