Providian Replaces Chairman 10/18 17:56 Providian 3rd-Qtr Profit Falls 71%, Chairman Replaced (Update3) By Helen Stock San Francisco, Oct. 18 (Bloomberg) -- Providian Financial Corp. said third-quarter profit fell 71 percent and fourth-quarter earnings will be reduced by at least $100 million as the number of people unable to pay their credit card bills has increased amid a slowing U.S. economy. Separately, the fifth largest U.S. issuer of MasterCard and Visa credit cards said board member J. David Grissom will replace Shailesh Mehta as chairman. Mehta will step down as chief executive officer after a successor is found. http://quote.bloomberg.com/fgcgi.cg...n&middle=ad_frame2_topfin&s=AO89QKBVCUHJvdmlk VJ
Re: Providian Replaces Chairman This Associated Press report on Providian says the firm may be up for sale and that there might be tough times ahead for subprime customers. http://ap.tbo.com/ap/breaking/MGA1MG27ZSC.html
Re: Providian Replaces Chairman ....So 16.9-23.9% isn't enough interest and too low and may be increased to adjust for risk....Now I understand why pvn was trading at about $8.50 a share in after hours... SAN FRANCISCO (CBS.MW) Providian announced a major company overhaul. It will stop lending to the highest risk market segments and will re-price loans that might be higher risk. It's also going to focus its marketing on its "middle market segment," where, the company said, it's performing strongly. VJ
Re: Providian Replaces Chairman Yeah, that's it! raise the rates on the ones who pay to make up for the defaults, Then the ones who pay won't be able to pay either. How much higher can their rates go? LOL. I don't think I'll be going along with that. They better come up with a better plan. Well those cards have had zero balances for a ong time. They keep sending me one thousand dollar checks and telling me "no cash advance fee" - ROFL. I got them to lower the rate, and it's still the highest rate I have. No, I take that back, Associates is the highest. Zero balance there also.
Re: Providian Replaces Chairman Jeez, how high is high with these guys? The Ca. Attroney General and the Comptroller of the Curency need to step in and just force a liqudation. This comapny needs to be put out its misery. You'll find this hard to believe but, there is another subprime lender in worse shape than Providian. They specialize in auto loans .
Re: Providian Replaces Chairman Maybe they should just merge with aspire, that would accomplish a major increase in rates and fees.
Re: Providian Replaces Chairman Breeze, did you ask them to lower your rate? Mine was actually cut in half (from 18.99% to 9.49%). Also, if your current CL is $2,000 or more, you can ask to be upgraded to Gold, in which case they'd reset your APR even w/o you asking. Saar
Re: Providian Replaces Chairman Let me ask you all, how will they go about raising rates? Will it be for folks who have late pays, overlimits recently? Or more like "not using card enough/making big enough payments?" Or just an accross the board increase? And, how can they justify this given the current interest rate situation (other than the obvious-their business model isn't doing well)?
Re: Providian Replaces Chairman I called and was in the queue, and another call came in, so I hung up and then I forgot about it. duh. Who was it you said to ask for, Saar? Nov. is an anniversary for this card - maybe they'll be nice to me. If DMB would report regularly, I could afford to let this one go - I just keep it for the ratio. I did call once about 6 months ago, when I was in the mood for it, and ask for a lower rate, and they said "but we raised your limit...we can't give you a lower rate" I told them the same thing I told PVN - that I would never carry much of a balance with rates at 25%. I kind of implied that I wasn't planning to keep the card much longer with the terms I have - they didn't respond to that. There's no fee, and a decent grace period, so, I charge some do-dad on it every other month or so, and just pay the bill as soon as I get it. But I am not profitable for them, I am sure.
Re: Providian Replaces Chairman Breeze - about Associates: To ask for lower APR, talk to any CS rep, and if they refuse, ask for the Prime Card Unit - they may have special APR offers. I refused PCU's first offer, so they made me a better one, which I accepted. Again, if your CL is > $2,000 take a different approach. Just call them and ask to speak w/ Credit Maintenance. Then ask that they put in a request to have your Classic card upgraded to the Gold. When you get the upgrade, check your new APR. Saar
Re: Providian Replaces Chairman Why do good people pick lousy banks? This board is 1000 + people strong. Why do we not vote with our feet and not deal with banks that treat us like crap? Crooks Country, First National Bank of Marin, and the list goes on. Are we so desperate for credit that we deal with any creditor who will give us a $25 credit limit for 33%? Who cares if you have some marks on your credit report (which is probably completely inaccurate, anyway). Do you not deserve a company that treats their customers with respect and awards you for being a good paying customer? If these lousy banks have no customers, they make no money. Don't let them treat you like crap and make 30% off you, too. There are plenty of decent prime and subprime banks. Let them take your money. Dani PS I just felt the need for an uprising.
Re: Providian Replaces Chairman more related info... <http://www.foxnews.com/story/0,2933,36906,00.html>
Re: Providian Replaces Chairman WOULD THEY RECONSIDER MY GETSMART APPLICATION...(ILLOGICAL DENIAL)? (0.00% WITH A "GO-TO" 9.99%) 741 (WIFE) 704 (ME)
