|
|
PROVIDIAN CLOSED MY ACCOUNT IN GOOD STANDING
[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]
Posted by ABB (68.3.147.101) on October 14, 2002 at 00:47:20:
Has anyone else had their account closed as of 10/9/02?
I had recently paid off the total balance of $1000.00 on my card in July/August time frame. I might add I was paying a very hefty percentage on interest. Let me also add that I got this credit card approved and issued shortly after my BK in 1998. I went to use my card with this zero balance today only to be told the card would not go through. Well after 10 minutes on hold to their no customer service line I was directed to call another toll free number for an explanation as to why my card had been cancelled. I phoned the number, still at the retail store counter (now we are talking 15 minutes) only to be told the company answering the phone was MERIT BANK. I was informed after some prompting that this bank had purchased 1 million accounts from Providian and closed 15% of the accounts it aquired. Is this legal? I know it isn't ethical. Providan and other credit card companies had no problem sticking it to me at a very high interest rate the last 4 years when all my balances were close to their limits, now that the interest rate has fallen very low (even though they are allowed to tack on a healthy percentage) it seems they wish to get out of this credit lending business. My credit is better now and improving monthly as I pay things off than it has ever been. This new bank, Merit said that there must be a credit reason I was one of the 15% of accounts that were closed. I intend to write to the congressmen and attorneys of my state to ask them to investigate this practice of selling off accounts and closing them forthright even though in good standing. I believe we as Americans should show these credit cards companies who is boss for a change, pay cash for everything and let them get a taste of their own medicine. Please respond if you have been recently closed by Providian and if you are interested in starting a class action lawsuit providing their are grounds to do so.
Follow Ups:
Post a Followup
|
