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Frequent Contributor
Scuba
Posts: 449
Registered: ‎06-08-2008

Punked By Nationwide

I got a letter from Nationwide changing my interest rate from 7.24% to 15% and it changed due to economic conditions.

 

Gimmie a break - I got the card in the middle of the worst economic crisis in the last 40 years and 3 years later they want to increase the interest rate when times are better?     

 

It;s only a 6K CL and I rarely use the card because every time I want to make a larger ($3 to $4K) purchase they deny it.  Then I call in and they say "sorry" try now.   

 

What a tough company to get your hands around.  Its a card only good to go to McDonald's and I already have one for that :smileyvery-happy: 

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: Punked By Nationwide


Scuba wrote:

I got a letter from Nationwide changing my interest rate from 7.24% to 15% and it changed due to economic conditions.

 

Gimmie a break - I got the card in the middle of the worst economic crisis in the last 40 years and 3 years later they want to increase the interest rate when times are better?     

 

It;s only a 6K CL and I rarely use the card because every time I want to make a larger ($3 to $4K) purchase they deny it.  Then I call in and they say "sorry" try now.   

 

What a tough company to get your hands around.  Its a card only good to go to McDonald's and I already have one for that :smileyvery-happy: 


Time for the sock drawer.............

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
New Contributor
antae
Posts: 74
Registered: ‎07-15-2012

Re: Punked By Nationwide

Yea, sock drawer for sure.  Since you don't use it that much anyway, you won't be missing much.

Amex BCP 25k '11 - Amex PRG '11 - Chase Sapphire 17.5k '95 - Citi Platinum Select 11.5k '93
Valued Contributor
SnackTrader
Posts: 1,533
Registered: ‎09-15-2012

Re: Punked By Nationwide


Scuba wrote:

I got a letter from Nationwide changing my interest rate from 7.24% to 15% and it changed due to economic conditions.

 

Gimmie a break - I got the card in the middle of the worst economic crisis in the last 40 years and 3 years later they want to increase the interest rate when times are better?     

 

It;s only a 6K CL and I rarely use the card because every time I want to make a larger ($3 to $4K) purchase they deny it.  Then I call in and they say "sorry" try now.   

 

What a tough company to get your hands around.  Its a card only good to go to McDonald's and I already have one for that :smileyvery-happy: 


Do you have a letter that has the exact wording?  That wording doesn't strike me as something you would see in a notice to increase an APR and I think we could offer better insight with the exact wording.

In My Wallet: Amex BCP (12/12) $22.200, Chase CSP (4/14) $12,000, Barclaycard Arrival (5/13) $10,500, Citi Forward (12/12) $9,600, Cap1 Cash Rewards (6/12) $9,000, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Frequent Contributor
Scuba
Posts: 449
Registered: ‎06-08-2008

Re: Punked By Nationwide

I will dig out the letter and type it in here tomorrow.  I don't have the skill set to have it scanned in.  Economic conditions, gimme a break.

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: Punked By Nationwide


Scuba wrote:

I will dig out the letter and type it in here tomorrow.  I don't have the skill set to have it scanned in.  Economic conditions, gimme a break.


:smileyvery-happy:

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Valued Contributor
MrShush
Posts: 1,412
Registered: ‎04-18-2008

Re: Punked By Nationwide

I just got my letter today--increase from 7.24% to 13.24%. Chumps.

Valued Contributor
SnackTrader
Posts: 1,533
Registered: ‎09-15-2012

Re: Punked By Nationwide


Scuba wrote:

I will dig out the letter and type it in here tomorrow.  I don't have the skill set to have it scanned in.  Economic conditions, gimme a break.


At least you have a sense of humor about it!

 

If MrShush had the same problem, I'm interested to see if it happens to others. 

In My Wallet: Amex BCP (12/12) $22.200, Chase CSP (4/14) $12,000, Barclaycard Arrival (5/13) $10,500, Citi Forward (12/12) $9,600, Cap1 Cash Rewards (6/12) $9,000, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Established Contributor
ChesterPDexter
Posts: 618
Registered: ‎06-18-2007

Re: Punked By Nationwide

Oh, I got one of those letters from Barclay.  I found it the other day when I was cleaning, and I could not believe the wording (it was from about 1.5 years ago).  They said that due to the economy and also as a result of reviewing my credit (I had high utilization), they were adding an annual fee to my card, but the consolation prize was that there was now a 1% cash-back feature.

 

(rolling eyes.)  Barclay is a weird, weird bank.

_________________________________________________________
Too many accounts; too many debts; lots of open credit, and lots of utilized credit. Scores somewhere in the 600s - I have no earthly idea exactly what number, but not 700 like it was, briefly.

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