Providian = bad!

[skreidle]

For the last several months, I've been getting mail from Providian, urging me to apply for their card and transfer my balances over there--0.00% for the first 6 months -or- 3.99% fixed on transfers, then 9.99% (variable). Great for transfers, pretty good regular rate--I have 7.99 and 8.99 on other cards, and ignore any offers over 9.99% anyhow.

Christine was leery, though--not due to anything negative she'd heard, but because she hadn't heard of this company before. So, before I considered them further, I asked Google about providian credit. And lo, what should over half of the first ten results be, but "predatory," "desperate? think twice", "Class action," "offer stinks," "proposed settlement," "consumer protection," and "consumer complaints!" Quality!

Yeah, I have a trash can full of Providian advertising now. Wonder if I can convince them to stop sending them?

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The rain looks like it's clearing up! (Huzzah! Weather.com seems to show it's moved on!)

Comments

[visgoth.livejournal.com]

My wife and I have a really good credit rating, own (jointly with the bank) our home, are in our early/mid 30's, &c..

She's taking classes at a state-sponsored university, so every week or two we get a credit card offer to "The parents of (her name)."

These companies are so formulaic that they just don't have any idea who their customers are as individuals.

As an immigrant, you aren't on enough lists. Until you've subscribed to some magazines, bought some stuff from a department store on a payment plan, &c., they think you don't exist. But once you exist, they don't care if you fit better in a different demographic. They just send you the stuff for every list you end up on.

For some reason, I keep getting solicitations to come and check out retirement villages and assisted-living facilities. I'm 34! *laugh*

[whytraven.livejournal.com]

Heh. If I'd relied on those kinds of things, I'd still not have a credit rating. (And payment plans/department store is all credit-building, just like owning and paying a credit card.)

The only way they could have found me was to query my social security number on a credit report.

So, I went ahead and got the secured credit card, and worked from there.

My husband's somewhat older than me (I'm 34 too), and for a while AARP thought I was the one turning 50 and I got all the solicitations. Made me laugh. ;-)

[visgoth.livejournal.com]

Certainly you're right about the department store thing being credit building, but more importantly, they will usually sell your info to the big banks as well, so you get on their mailing list at the same time.

Your method probably ended up being faster given your situation, I was just pointing out that for US citizens, your name usually starts getting passed around by the time you're 14 or 15, so by the time you hit 18 or 19, they're already slavering to collect those high-interest payments while you still don't have an extensive credit history. :)

[whytraven.livejournal.com]

Gottit :-)