I paid Advanta $3,600+ in July 2008 after an 18% APR hike which sent APR 36%+ after numerous requests for APR of 10% or less to expedite repayment of balance; instead Advanta closed my account after I stated that charging a business 36% is not good business sense.

After paying $3,600 lump sum balance, Advanta chose NOT to report my account to Experian (or other credit bureaus) which would enhance my credit score even after I requested my account be reported. I have consumer rights and Advanta is infringing on my rights by keeping my credit report incomplete. Was informed Advanta reserves the right to report (business) accounts; Advanta will report any business account defaults (which mine was not). I also paid beyond the minimums every month and was in good standing (paid as agreed) but Advanta is not allowing this account to reflect on my credit history.


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1. Written by Terri, on 29-10-2009 19:19

Now that Advanta is out of business, can they still report a deliquency to your credit report? Since they are screwing me on the interest, I'm thinking about low balling them if it's not going to effect me.

2. Written by Maryshka, on 22-02-2009 20:33

Yes as you said, Advanta initially used my personal credit record to open my *business* account. And yes, Advanta used my personal credit history to take advantage of my *business* credit account (APRs, etc.) but uses the excuse not to report my account in good standing with the significant payment made in July 2008 by telling me that Advanta reserves the right to report/not report *business* accounts. 

No wonder the corporate banks are failing -- we are getting taken twice. Once, when banks will not work on an individual basis with each customer and twice, by being bailed out with customer-taxpayer TARP!  

I am shocked that Advanta can keep important credit information from MY credit history!! Advanta even told me that due to NO activity on my account, my account was closed by Advanta! I asked what constitutes *no activity* because paying over $3,600 indicates account activity!!

3. Written by , on 22-02-2009 11:51

Advanta claims to be a business account, but they are actually a glorified personal credit card hiding behind the name business card. They use your personal FICO score and personal credit history in the first place when you opened the account. They only report to your personal credit record when you stop paying them or go negative. They don't report the positive as you say.  

 

I am working with attorney Alan Finkel in Commack, NY who is working with other class action law firms to try and seek justice against Advanta. E-mail me at (dec) (@) (msn.com) if interested in participating. We have quite a sizeable group.

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