I received this 'pre-approved' offer ($500 limit and 25 days grace period) from them in my mail box. I'm trying to find any info on them, but can't find their website. Do they have one? Here is my questions : Do they report as unsecured? If not, is having their secured card still helpful for me (I have no credit) to build credit? Thank you!
http://WWW.PROVIDIAN.COM/index.htm They also issue ARIA. PRE-APPROVED means NOTHING...they will pull a credit report...
Hi Pat! Their website can be found at www.providian.com. I have heard that their secured accounts are reported as secured. I believe that even though it reports as secured, the account can be very helpful in building your credit portfolio. I have been with Providian since 1996. As long as you pay on time and do not go over your limit, they are very generous with credit limit increases. My initial limit was something like $700. It has since grown to $8,000. Their initial interest rate is high (23.99%), but if you pay in full or keep a low balance, this shouldn't affect you too much. You will also be able to negotiate the rate after at least 6-12 months. Although there have been some negative experiences reported, mine has been nothing but positive. Customer service has been very polite and helpful when I have had to call on them. Unless they upgrade me to a platinum card soon, I may either close the account or use it infrequently as my credit has improved enough that I will be able to receive prime cards soon. However, they have been very helpful for me in building my credit portfolio. Eventually, your account will become unsecured if handled properly and will be reported as such with all three CRA's. Hope this helps you some. Good luck with your decision!
Also, if you're thinking about going secured, try Capital One. They have a lower interest rate, grace period, and report to all three credit bureaus as unsecured. However, Capital One has been known to be a bit stingy when it comes to increases, as where Providian has been very generous. Either way, both of these cards are good for building or re-building your credit. Just remember to be responsible with them and you should be on your way! Considering you use your cards wisely, you could expect to see much better offers in 6-12 months. Good Luck!
Hi Pat. I received a bunch of Providian 'pre-approved' applications and finally signed up for one. In less than a year, they increased my credit and I started getting offers from other credit card companies and loan companies. Since the only thing different was the Providian card, I'd have to say that having the card does help. My card was unsecured so I'm not sure if they show up as secured, but I don't think that's such a negative thing so long as you're paying on time and sticking to your limit. Here's their site address: http://www.providian.com/index.htm Good luck. Ryanne http://www.angelfire.com/biz6/consumerhelp
