I have been a customer of providian for quite a while. I have NEVER been late (not even a day), NEVER gone over my limit, NEVER had a payment returned or refused, always pay more than the minimum, and I have great credit and the same track record with my other creditors.
I got my statement and included with it was some "important notice of changes" inserts. I'm anal about reading them. I was informed that my apr is increasing to 29.99%. It said if I wanted to know the reason I had to ask them in writing. However it outlined the 4 reasons above.
It then stated that if I choose not to ACCEPT these changes I could notify them in writing by a specified date (at a different address) and tell them that I want to close my account and keep the current terms.
That is the direction I want to go in. However, I'd like to hear from other former Providian customers on a couple things.
No offense to anyone but please don't reply if you were ever late, had hardships, or mail problems.
In reading a lot of the complaints people mentioned "emerge". My account hasn't been sold nor was any mention of that made.
Has anyone had this similar situation that chose to close and tried to send a certified letter to them? Did they accept it? Were you locked out of Providian's website after closing your account? Can they sell or transfer my account "legally" after it's closed? Did they raise your interest ANYWAY?
I'd like to send a certified/return receipt letter informing them of my decision and then make large payments to pay it off quickly. My fear is they will either deny receipt by the due date so they can still raise it or that they will sell/transfer and a new company will still raise it and try and hurt my credit.
Should I take and chance and do this? Or should I let them raise it, make huge payments to pay it off quickly, and then close it? My credit is just now getting amazing (yes Paul, I know I don't "NEED" credit) and I don't want them to hurt me.
What would you do? If I could pay it off tomorrow or transfer it I would but those aren't options. No one to borrow from either.
Please share your opinions and own horror stories with them if you think it will help.
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