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Discussion in 'Credit Talk' started by peeper, Nov 2, 2000.
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I called and had providian to wave my $59.00 fee before I even used the card.of course they didnt want to do it, so I told the rep to just close my account because I had other cards with no fee.and they did. im waitng to ask for an apr reduction.
DON'T GIVE UP!
When dealing with Providian, the key is persistence. Call this time. Tell the Rep that you have had the card for two years and mention your good payment history. Then tell them that unfortunately, because of the interest rate and lack of grace period, you will have to close your account because you can't get your balance down. Chances are they will forward you to a supervisor who will offer to lower your interest rate. I tried this back in May and it worked.
You have to think about it from their perspective too.
Why should they? Your credit utilization is 95%, and that's not including interest. Such a high degree represents greater credit risk. Greater risk is offset by higher APR. They report to the bureaus, so other lenders will probably share their view. Moreover, if you go ahead canceling the card, it would only increase your total credit utilization hence lower your score even more, making you a client most creditors can do without.
Also, they proably think you can't pay off the debt, so you're not really in a position to close your account. It may be closed to further charges, but in effect it will remain open till you pay off. In which case your APR may go even higher (see First USA).
In short: Unless you pay down at ~60% of your outstanding balance, you don't really have a choice, so why would they negotiate?
Being so close to your limit is what's killing you. I think most people recommend not going over about 50-60% of your limit at any time *if possible*.....or else making sure to pay yourself down to below that level.
Also, try calling back and asking to speak to a supervisor. Persistance is the key =)
You need to bargin from a strong point. After you have paid the card down to a few hundred, then call and threaten to close. If they think you actually have a number like $350 to pay the card off and close it they may take you seriously.
Not True.. I have both Accounts Maxed out with them .. And several Times Over the limit . They Waived Both annual frees And reduced Aprs. To 16.9 and 19.7 on both cards , I've been with them for 2 years and never !! paid the balance off .
I agree. Call them and ask to be transferred to a supervisor. Email won't work since only the regualr reps read them and the regualr reps don't care, even on calling them. Supervisors hold th power and are the key to changing terms.
You didn't say what was the % of credit utilization at the time they lowered your APR.
But statisticly speaking, your case doesn't really change anything. I did not say "no retention agent in the world will do that". What I did say was that by paying down some of the outstanding balance, one has far more leverage when negotiating APR.
What may have worked once or twice for you doesn't mean credit utilization is not a major factor from creditor's point of view.