01-05-2010 06:55 PM
Hi there! Long time listener, first time caller.
I opened a Nordstrom Visa account in 2006 when I worked for them and have been in good standing the entire time (not even so much as a late payment.) I got my most recent statement and noticed that my interest rate has split in two parts: 18% for all Nordstrom purchases, and 22% for all other purchases. Both of these are not only much higher than my original rate of 12.9%, but they pulled my EQ report in November and it dinged my score!
I'm going to call customer service tomorrow, but has anyone else had this experience with Nordstrom or any other company? I have a total of 5 cards and have never had this happen to me. Also, can any of my credit card companies legally pull my reports at anytime without authorization?
Any advice is greatly appreciated!
01-05-2010 08:10 PM - edited 01-05-2010 08:12 PM
Hey there, to answer your question: yes, Nordstrom, as well as all your creditors, are legally permitted to pull your report without your authorization. However, what is odd about your situation is that it appears they performed a "hard" inquiry--meaning, an inquiry that usually should only occurr when applying for new credit. They should've "softed" you instead.
If you pulled your credit reports using the myfico.com web site, chances are that only hard inquiries are listed and not the soft ones. If you pull your reports from the bureaus themselves (experian.com; truecredit.com [TransUnion]; equifax.com), you will see that all of them will list both soft and hard inquiries. You will likely notice that for the last five years, all of your credit card companies have been "softing" you at one point or another just to see how you're doing with your other financial obligations.
The best advice I can give you is to contact Nordstrom and explain to them that they pulled a hard inquiry when it should've been a soft one. You need to speak to someone who knows what you're talking about. Try speaking to a manager or account supervisor or a credit analyst. Equifax is the ONLY bureau that permits you to dispute inquiries using their web site. You can dispute by mail for Experian and TransUnion, but you have an uphill battle ahead of you.
01-05-2010 09:18 PM