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Stay away from Providian/WaMu


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I have a Providian card with a $1750 balance that I've had for almost 4 years now. About a year ago, I was short on cash and had a big snafu with a couple of bill payments online that double paid my mortgage and car. This caused me to obviously overdraft my account and lack of funds to even make a minimum payment on my account. I wasn't even 30 days late-it was a payment after the due date by a couple of weeks I think. They jacked my rate up from 14.9% to 31.49%. I've made payment in full payments every month for over 6 months(on over $1k balances each month) and haven't been late otherwise.

So today I call to request a lower APR. The "best" he could do was a 24.9% variable. I hung up on him. I sent them a message from my account online and told them they need to match my other cards (Capital One 9.9% and my Citi is 13.9% after a full year at 0%) or I will never use their card again. I'd cancel it, but why would I want to increase my utilization?

Aholes anyway.

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  • 3 weeks later...

Utilization is the amount of your available credit that you are using. So if the credit card has a $10,000 credit limit and you charge something for $9000, you are using %90 of your available credit. The more of your available credit you use increases your utilization. I think less than 30% utilization is good.

With that said, if you pay off the $9000 on the card and then close the card then your overall/total utilization increases if you have balances on other cards. All this affects your FICO score.

In addition the age of your accounts play a role in your fico score, so if you pay off and close a card with a long history you may also decrease your score because you are losing history as well. I just lost 2 fico points because I closed a credit card that was only 6 months old(I think an older credit card would cause more damage) all my other positive CC accounts are only 3 months old.

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And there's no need for people to "stay away from Providian/WaMu." Nearly every CC company will ratejack you if you pay two weeks late.

I got a $3,000 auto CLI after 6 months with my card. I didn't "stay away," I opened another card with them!

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And there's no need for people to "stay away from Providian/WaMu." Nearly every CC company will ratejack you if you pay two weeks late.

I got a $3,000 auto CLI after 6 months with my card. I didn't "stay away," I opened another card with them!

I'm happy with them too! They ratejack like others but their card was free, the limit was high (far higher than any other card), and their online payment system & free monthly FICO score is an added bonus.

But I will never, and I mean NEVER carry a balance with these SOBs. The interest rate is ridiculous, they charge a 3% fee for cash advances that they charge 24.99%apr on, and they don't allow cardholders to request CLIs.

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Everyone has different experiences and I think it's good to hear BOTH sides to the coin. It's a good eye opener. If you're someone whose in a place FICO score wise to nag about the interest rates, than consider yourself credit repaired and feel free to move on up to better cc's. I wouldn't hang on to the crappy ones if I didn't have to though. But that's just me. I like to save money along with improving my credit. Than again, I can understand completely hanging on to a CC that treated ya right and gave ya a chance when nobody else would.

Elyse

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Everyone has different experiences and I think it's good to hear BOTH sides to the coin. It's a good eye opener. If you're someone whose in a place FICO score wise to nag about the interest rates, than consider yourself credit repaired and feel free to move on up to better cc's. I wouldn't hang on to the crappy ones if I didn't have to though. But that's just me. I like to save money along with improving my credit. Than again, I can understand completely hanging on to a CC that treated ya right and gave ya a chance when nobody else would.

Elyse

Absolutely! But "I paid two weeks late and got penalized for it... so everyone should stay away from this horrible company!!!!" is a little over-the-top.

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Absolutely! But "I paid two weeks late and got penalized for it... so everyone should stay away from this horrible company!!!!" is a little over-the-top.

Most CC's do this to, right? Common practice all of us need to be cognizant of.

If you're late, they reserve this "right" to penalize the CRAP out of you. Jack up your interest rate on the remaining balance, charge a late fee, charge an over limit fee, report negatively on your CR's..

What needs to be understood in this whole game is that there is PLENTY of punishment for credit mistakes. Hell, they punish us 5 different ways for ONE mistake. Mind you, doing something good--like paying on time offers almost NO reward (unless ya nag 'em for a CLI, lol)...so, just take that into consideration when throwing your hat into the game of credit and you'll be fine.

I agree w/ you wholeheartedly and I'm so glad for this board because I wouldn't have known the above had it not been for this place! :)

Elyse

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Most CC's do this to, right? Common practice all of us need to be cognizant of.

If you're late, they reserve this "right" to penalize the CRAP out of you. Jack up your interest rate on the remaining balance, charge a late fee, charge an over limit fee, report negatively on your CR's..

What needs to be understood in this whole game is that there is PLENTY of punishment for credit mistakes. Hell, they punish us 5 different ways for ONE mistake. Mind you, doing something good--like paying on time offers almost NO reward (unless ya nag 'em for a CLI, lol)...so, just take that into consideration when throwing your hat into the game of credit and you'll be fine.

I agree w/ you wholeheartedly and I'm so glad for this board because I wouldn't have known the above had it not been for this place! :)

Elyse

The whole game is tipped in their favor. They screw up, they say "sorry for the inconvenience!" and that's supposed to be good enough. But you screw up and you'll pay the price for years.

The OP's late payment wasn't his fault, but that still doesn't make Providian/WaMu a company for everyone to avoid. They behaved no differently from how most other companies would have.

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The whole game is tipped in their favor. They screw up, they say "sorry for the inconvenience!" and that's supposed to be good enough. But you screw up and you'll pay the price for years.

The OP's late payment wasn't his fault, but that still doesn't make Providian/WaMu a company for everyone to avoid. They behaved no differently from how most other companies would have.

Yes, exactly! They mess up and a simple apology is what we get...do we get to LOWER our interest rate when we're on time???? LOL....yeah, each month I'm on time I want my interest rates lowered...oh and I want my fee's waived to...why? Because, I'm on time man!!!

Elyse

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Well, I have 0% APR for 6 months with Wamu, so it's going to take me on vacation next month, and maybe buy me a new pair of sneakers. :)

Cool!! Hey, can I ask a favor? When you go on vacation, think of me...? I'd appreciate it because I haven't been on vacation in YEARS and probably won't be for awhile.

Elyse

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Ihate e'm..Ihate e'm they are the devil.....They are my last two baddies and they have screwed me for 6 yrs. They have lied to the BBB and the FTC and have jacked my accounts up as well. The problem is that they just totally ignore me and have broken probably every FCRA and FDCPA law you can think of. If it wasn't for them I would have perfect credit...:twisted:

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