Providian? I am just curious what Providian card they seem to be buying and closing. I have a Providian Platinum card and the Providian MC. I got an increase notice on the MC but I will have a grace period now with it too, not a big deal, I rarely use the card. But I don't want it to be cancelled, it has a 5050 dollar limit so it helps with my ratios immenselty. If Merrick bought it, and they check TU, my TU scores are by far the worst of them all. This is the only bureau I can't get stuff to budge from I use my Platinum Visa from them all the time. Providian is making me so nervous
I've read that the "higher-risk" accounts are going to Merrick - that is IF Merrick accepts them, based on TU. It's puzzling because I have a Visa Gold card with Providian, over 2 years old with a $5K cl. The account which just closed was originally a GetSmart card, but after the first year it became Visa Gold upon renewal. I had that card for 15 months with a $1K cl. How can one account be "higher-risk" while the other remains??? Of course, both accounts are spotless in terms of history. Providian tells me that my older account is fine, and should stay there - but you never know from one day to the next with them! I'm in the same boat as you with my TU score. If only they'd pulled EQ! Check your TU report for and AR inquiry from Merrick - sometime in August. If you see one, then Providian is definitely looking at transferring your account...
Okay so it looks like the GetSmart cards are getting bought by Merrick. But why is Merrick buying these high risk accounts if they are just turning around and closing them. My letter stated that they are increasing rates because of my Experian report. I haven't checked my report in over a month but I was reading some other stuff and my account is up for it's annual renewel in November just when the rate increases and I too got the 19.24% rate if I pay the minimum monthly payment for 12 consecutive months and if our review of your credit history satisfies us that you manage your credit relationships responsibly and the review will take place in dec 2003 and if eligible your rate will be reduced in the statement billing date Jan 2004. Okay so onto, what if I don't carry a balance at all for the entire 12 months? Will that not be taken into account to get the rate lowered? Or will I have to have monthly payment activity and usage on the account. I wonder. Anyway, my terms on my platinum are still the same and I am scared to get my mail these days from them. Everyone share what providian cards you have that are having their interest rates raised or cancelled? I would like to know.
Back in December I received a noticed that Providian was raising my rates to 29.99% because I had been late (just a few days) two times over the past 24 months. I called and talked with a customer service rep and explained that I had lost my fiancee and daughter in a car accident in July 2000 and the two late payments were after that date. They didn't care and said that the rate change stays. So I told them to close the account and I'll pay the balance off over the next year. I had a $8300 balance at the time, it's now at $2700 and will be paid off before the end of the year. They did me a great favor by raising my rate. BTW...Once I cancelled the card the rate reverted back to the previous interest rate. Ex-683 FICO 10/5
