     billsteves | Wednesday, December 01, 1999 - 12:10 pm 
I have a Providian visa and it is not secured. I recently took a look on my credit report and Providian reports this account as a "secured credit card". I have always paid on time and they are always raising my credit limit, but I'm upset about this. I know that alot of actual secured cards don't even report as secured on the credit report! I didn't have any credit problems, I was just a late bloomer with credit cards (my first card at 30 years old). I had always paid cash for everything, then when we bought our house, our mortgage broker had to use our utility payments for credit references, because all I had on the credit report were paid off car loans. She suggested I get some cards and build a credit history in case I decided to buy another house or get a home equity loan in the future. So I got the Providian card (and I had no idea of the company's reputation) and a few department store cards. I charged a little, paid them off, and then qualified for some good cards with low interest rates. I'm wondering how I can get this off my credit report. I actually just want to close this Providian account, as I would never use the card again with the ridiculous interest and no grace period, but I'm afraid if I cut the card up and send it to them, they'll report this card as secured forever. I'm afraid it will look bad on my credit report forever and will hurt my chances at getting further real estate loans.
Any advice would be appreciated.
Thanks! |
