Providian and raising APR
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Posted by Angie
(152.163.252.196) on July 28, 2004 at 18:41:36:
Does anyone know anything about Providian? I opened an account with them about four years ago. I received a solicitation for a credit card with guaranteed acceptance regardless of credit status (sounded good, because I have some old stuff from 1998 that should come of early next year). I have made two or three payments late (just by one day) over a year ago and boy did I pay the price because they raised my APR to 29.99 and charged me a $29.00 late fee! Although I wasn't happy, I understood because I defaulted.
It has been over a year since I have made a late payment and I just received a letter from them stating that they are raising my APR again. I'm not sure, but possibly due to something on my credit report. I have current copies of my credit reports and the only derogotory information is accounts that date back to 1998.I am going to send them a letter along with my cards to cancel the account. At least the APR won't increase. These sleezy credit card companies lure you in with guaranteed approval regardless of credit and use it against you to make more money!
So, basically I would just like to know if anyone else has experienced anything similar and if this is legal? Thanks for any input you may have!
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