Not in any disagreeing with the fact they can raise rates with a late and then lower back down after 6 months. I was just answering the OP question if anyone had heard anything about accounts being reviewed. The past few post don't reflect my situation was my only point. I had no idea about the review until I ran into my only problem ever with NFCU just recently. To clarify here's is my situation.
Paid off all CC and felt since I was in a better place FICO wise I should get a better rate now. I was told that the same way they can't raise rates that they cannot lower them under the same law. Was told only way to lower rate was to apply for a second CC with NFCU and in the loan app they would note what I was trying to accomplish. Got a call from them, CSR said I would be approved for a second card and I told them that was not what I was trying to accomplish. She called CC approval Dept and explained what I was trying to do and they pulled my app (after hard inq) and gave me the option to move from a Nrewards card to a standard platinum card and they would lower me to 13.99. Since my rewards were only 1% I figure it was worth it. A week later I got my Plat card in the mail with a 17.99 rate so I called and ask what the? They can find no notes in my account as to what rate I was offered only the fact they withdrew my loan app. They said the would only lower my rate to 16.99 if I switched to plat card and it would stay the same if I didn't do the product change or my account was due to go under review in Feb in accordance with the law since they raised my rate prior to he enactment of it. They also told me that the CSR that originally changed interest rate incorrectly entered information in the system. Long story short I was livid and ask why would I even do something as stupid as that because it makes no sense to lose rewards at 1% to lose 1% on my rate. Ask that my case be sent back to approvals and sent up to supervisor level two weeks ago. Called this week and the CSR said she sees my discussion in my account and it is in the management level inbox and to expect a call in the next few days. That's where it is at now. I just want what was offered to me without another hard inq on my report. Once I get the resolution I will post in this forum for all to know.
Hope this clarifies! Thanks!
Just in case anyone was interested in this, it is still going on as I type. I have called NFCU about 6 or 7 times complaining about this situation. Finally I think I made progress. They refused to gave the rate they quoted me and actually told me that they had no proof of that rate. I gave up on getting the better rate for the most part and switched focus to getting the hard pull off my report. Called back and they told me the would not remove the hard pull because I applied for the credit and that I just did not accept the terms. I'm completely pissed and explained the situation again to this CSR. CSR goes through the standard thing I heard the previous 6 times and told him just try and explain to me as a customer how I'm wrong. I suggested that I do not like being called a liar about them offering me a rate and them saying they didn't and they needed to review my account again for proof. He put me on hold and talked to supervisor. He then advised me that his sup would go through the recorded phone calls from the beginning of the affair. Low and behold I got the call from the supervisor yesterday advising me that she found the phone call that they offered me the lower rate and was sorry for the mix up! She still had to submit everything to the approval dept and I probably won't know anything till Tuesday. Sad as it sounds, I'm just happy that they actually acknowledged they offered me a lower rate!
I figure at this point they have no option but to give me the rate they offered and another apology! Will know on Tuesday and will update then. Feels good to know that a pissed off consumer still has a little power in the world.