World's Foremost Bank, a Division of Cabelas — credit card acct management practices
First, as general information about World's Foremost Bank, it is a wholely owned subsidiary of the Cabela's retail store, catalog, and online sales operation. Unlike other companies, Cabelas actually owns the bank that issues its own credit cards. This isn't like a Sears card that is issued by CitiBank.
Next, Cabelas primarily (almost exclusively) uses credit reporting information from Equifax and DOES NOT use all three (plus Experian and Transunion) and then average them together. So if your Equifax score is lower than Experian or Transunion, your credit with them will not be as good. This is assuming that your information with Equifax is accurate as well because they will update or even verify any credit information without pulling a report which counts as a "hard hit" on your credit record.
Equifax information is considered significantly more important than your own account history with this bank. Meaning if you have a good history with them, but have inaccurate or negative information with another bank, it DOES NOT factor into actions they take on your account.
Lastly, and this is the basis for my complaint, by the admission of several representatives of the bank, they "are a small bank" and this is their excuse/explanation of why they can't or won't offer any customer service.
Over the last several months, Cabelas and their bank has demonstrated a pattern of conduct that indicates to me that my business is not important to them. They have always received every cent that I charged plus interest and any associated fees. There has NEVER been an issue of non-payment, but this isn't important to them.
On several occasions over the last 6 months, I have received letters saying that my credit limit is being reduced. Coincidentally, it was always right after I made a payment and my balance less than or starting to approach less than 50% of my limit. But then they would reduce my limit making my card appear "maxed out" which is a "negative factor" on a credit score. This happened again when I paid off nearly 90% of my balance and they lowered my limit to just a few dollars above my balance. The credit reporting agencies don't care that the amount is relatively low, it just shows that I have a card where the balance is at the limit.
My limit is now nearly at Cabela's own account minimum credit limit. The fact that at one time I had a credit limit that was over 30 TIMES what is now is meaningless.
The Cabelas card is also a "points card" where you earn points towards their merchandise. They are earned at a rate of 1 cent for every dollar put on the card, 2 cents for every purchase made at Cabelas. They also keep a running total of your points. I currently have over $700 in points if that is any indication of what kind of customer that I am, that equates to over $70, 000 in purchases that have been paid for.
The sad part is that I really like Cabelas and their merchandise. I used my Cabelas club card as my primary card just so that I could earn points. I even used it for automated payments for things I would have written a check for normally like utilities. Either way, they made a fair amount of money from me via interest and such.
I know the economy is in a sad state and banks are failing left and right and I can understand wanting to protect your business. But why do they have to damage to my credit history every time.
I'm sorry, but the Cabela's Club just doesn't feel like much of a club anymore.
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