Providian credit cards

Providian credit cards were once a large lender in the United States. The company's credit card offers often included options for those who had bad credit or less than perfect credit scores. For many people who were in a bad credit situation, this company providing a way to rebuild and to eventually get into better credit cards. Unfortunately, the company no longer is available to consumers.

What Happened to Providian Credit Cards?

Providian Financial Corporation was sold to Washington Mutual in October of 2005. The sale of Providian to WaMu cost the company an estimated US $6.5 billion. The company operated out of its San Francisco, California offices where it employed 13,000 people who helped to serve the company's 10 million cardholders.

In October of 2005, Providian's sale to Washington Mutual was a way for the company to get much needed funding to keep accounts liquid. The sale did dissolve the company's credit card line. Those who had Providian credit cards were able to use Washington Mutual branded credit cards. You may have seen your accounts simply change names.

Headed to Chase?

Due to the financial grip on the nation, Washington Mutual began to struggle and, in September of 2008, the FDIC in the United States put the company into receivership. Later, the FDIC sold much of Washington Mutual to JPMorgan Chase, for US $1.9 billion. The move is not fully settled in that the company has filed a lawsuit against the FDIC for illegal seizure, and JPMorgan Chase has filed a counter lawsuit.

What This Means for Borrowers

If you had a Providian credit card, you may be wondering what you should be doing now. You likely received a new card issued by Washington Mutual shortly after the buyout. Then, you may have received a JPMorgan Chase credit card when Washington Mutual was bought out. In any of these situations, it is no longer possible to obtain a new line of credit from either of these lenders, though Chase has become one of the largest credit card issuers in the country today.

Finding Credit Cards for Those with Less Than Perfect Credit

If you do have poor credit or even bad credit, you still may qualify for a new credit line. To find out if you do, take the time to compare the credit card offers currently available. You will find a number of different offers available from numerous lenders who want to help you to rebuild your credit.