Providian credit card - account sold to Aspire and Aspire closed account

# 27 for August 13, 2003

Complaints.com received the following consumer message on August 12, 2003:

From:

RE: Providian credit card - account sold to Aspire and Aspire closed account

I've had my Providian Credit card since 1998 and have enjoyed the service they have provided me. I have been very careful to pay far more than the minimum payment each month, and my credit limit has steadily increased. Most recently my credit limit was up to $4,000, and my balance was around $1,600.00.

I received a letter in the mail on August 8, 2003 from Aspire Credit stating that my Providian account has been sold to them, and effective August 31, 2003, my account will be closed. Furthermore, effective August 1st, my credit limit was reduced to $1450.00. If I wanted information why my account was closed, please call the 800 number provided.

I called the 800 number only to be told that my payment history was reviewed and the account closed. When I explained that I have never missed a payment and always pay more than the minimum amount due, I was told the decision was final. Period. Paragraph.

The worst part of the situation, was since my current balance is now higher than the credit limit imposed on August 1st (without my knowledge), I was now being accessed over limit fees according to my contract with Providian.

Aspire's customer service was the pits and they had no valid reason for canceling my account, much less reducing my limit and charging me erroneous fees. It's amazing that as a self-employed professional in the mortgage industry with perfect credit, I am suddenly not worthy of Aspire's credit. I don't get it...

Thanks