I'll admit it, I have a Providian Card. I paid it off just yesterday. I really loathe that company. I hope they actually do go bankrupt. Anyway, I want to close the account now. I will then have only one other major credit card, and that is a Citibank that I closed last year. I closed it because the limit was 600.00 and no matter how much I asked, they would not increase the limit. My providian is 19.9% interest and 59.00 annual fee. However the limit is $4700.00, which was maxed, but I worked hard to pay it off. Does anyone know the affect on my score of reopening closed account and cancelling providian? What do you think that most likely outcome would be. I don't have the need of revolving credit anymore. I just would like to be able to get a mortgage and I know that for other things in the future, a major cc would come in handy. Any opinions would help. Thanks.
I closed a providian card and it does take points off your score, of course mine was doubly worse because I wasn't aware you have to pay the full secured amount of the savings deposit as well as paying off your debit in order to close the account... so I ended up 120 days late on a closed account.
My card is an unsecured card, I have never missed a payment on it. I just think that the annual fee thing sucks. I called them threaten to cancel the card, but they did not seem to care. I have had the card now for 4 years. I want to cancel, but I don't want it to damage my score.
