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Old 06-22-2007, 06:45 AM   #41
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I wonder if I dodged that credit check/tax return hoo ha because I had a CD there? They never asked for that stuff from me.
I have a 100k worth of cd's there. Another reason it shocked me they wanted the additional info. Also, the first time they called to follow up on my application they wanted to know if I had someone I would like to list as a co-signer. I said no and should have stopped the process at that point but I just thought maybe that was a standard question they ask.

I wish I had a dollar for every pre-approved credit card application that has been mailed to me over the years. Oh well........I will continue to use my GM card. Never had a problem with them. The only reason I wanted to change is because I haven't bought a new car in years and figured I may not use the credit I have accumulated. Maybe I will splurge in my old age and buy something new one day. I'd just as soon do business with someone that wants my business anyway.
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Old 06-22-2007, 08:28 AM   #42
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Oh yeah, one other thing I liked about them.

Customer service on the phone 24x7. And they encouraged me to call late at night because the lines are pretty well open. None of that BS where you call them at 5 or 6 pacific time and hear "Our business hours are 11-2, monday through friday, eastern time..."
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Old 06-22-2007, 11:08 AM   #43
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I have a 100k worth of cd's there. Another reason it shocked me they wanted the additional info. Also, the first time they called to follow up on my application they wanted to know if I had someone I would like to list as a co-signer. I said no and should have stopped the process at that point but I just thought maybe that was a standard question they ask.

I wish I had a dollar for every pre-approved credit card application that has been mailed to me over the years. Oh well........I will continue to use my GM card. Never had a problem with them. The only reason I wanted to change is because I haven't bought a new car in years and figured I may not use the credit I have accumulated. Maybe I will splurge in my old age and buy something new one day. I'd just as soon do business with someone that wants my business anyway.
Hey Dawg - don't take it too personally. When we bought up a bunch of the certificates earlier I got all honeymooney in luv with Penfed. Requested a credit card at a normalish to low limit. Then set as many of our bills as possible to autopay with the card. Then thought - hey! I should have asked for a higher limit to keep our credit utilization low and to befit my fantasy of being a high roller. Asked for a higher limit and the request just sat there till I enquired and got this note:

"Thank you for contacting Pentagon Federal Credit Union.

We can not consider your wife's income without her being added as a joint. All
information is based on your income alone versus your personal debt.

If you wish to add an additional person(s) to the application, please have that
person contact a Member Service Representative at 1 800 247-5626 or 510 376-7328
from a Class A DSN phone line at any time.

If you need further assistance, please contact us.

Sincerely,

Katrina Santoro
Pentagon Federal Credit Union

Original Message Follows:
------------------------

Date and Time Problem Submitted = 6/8/2007 1:35:28 PM EST

SECTION 1 - MEMBER INFORMATION

Name: ***
Email: calmloki***Phone (between 8AM - 8PM Eastern): ***Description: Requested a credit limit increase to $*0,000 to keep my
credit utilization ratio low. Please note that I have $***,000 in savings
certificates with PenFed. Our income is mostly from our rental
properties, grossing over $**,000/month. This gave ** and I
each an AGI of over $**,000 and $***,000 respectively last year. Our
credit history and score should be outstanding. For some reason the card
limit has not been increased yet, with "additional income to consider" in
the comments area. Is there some problem I'm unaware of?"

I emailed back and told them to just consider my income and the card limit was increased. Penfed is treating us better than the small town bank we have used for over 20 years.
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Old 06-22-2007, 03:45 PM   #44
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Yeah, it really left a bad taste in my mouth.
Most banks do that nowadays.........
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Old 06-22-2007, 03:47 PM   #45
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Nobody cares about expense ratios in a rising market, and nobody cares about anything else in a dropping market.
Nords, you forgot the disclaimer: "Unless you're a member of the Early Retirement Forums"..............
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Old 06-23-2007, 04:27 PM   #46
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Yeah, it really left a bad taste in my mouth.
I hope you don't take my reply as opening a debate, because I appreciate and respect your point.

That said, however, my own position is that I am glad that PenFed is a pretty tough customer when it comes to ensuring they have good info on creditworthiness of their customers, because I want them to hold their default and collection rates low, so that I can get both the best rates of return and also the highest security.

Someone else mentioned some issues with establishing a high enough credit limit, and my point applies there, too. I make very little use of credit myself, and am willing to have very low limits, as long as it translates to lower cost/higher security.

I think this is somewhat topical, because I have been putting a lot of money lately into a couple of MM funds, as well as the CDs, as part of my cash planning. I love the idea of a high rate of return, but with the issues on the horizon with the huge sub-prime loan frenzy now coming apart, default rates on the rise, I don't want that money backed by a ton of mortgage backed securities that are composed of 'liar loans' and ARMS with stratospheric rates about to hit...
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Old 06-24-2007, 06:02 PM   #47
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I hope you don't take my reply as opening a debate, because I appreciate and respect your point.

That said, however, my own position is that I am glad that PenFed is a pretty tough customer when it comes to ensuring they have good info on creditworthiness of their customers, because I want them to hold their default and collection rates low, so that I can get both the best rates of return and also the highest security.
I'm glad they want good info on the creditworthiness of their customers too. I guess their criteria was a little less when they decided to accept my 100k deposit as opposed to issuing me a credit card.
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Old 06-26-2007, 10:01 AM   #48
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Easy answer Bob...most of penfeds customers are heavily armed, including bombers and even nuclear weapons.

Not really the sort of people you're going to want to piss off by giving half assed service to.
...
Thanks for giving me my laugh of the day!

Right now, we have a $100k IRA CD at the 6.00% APY, very good service. Last I heard, PenFed rated 3 stars and a "3" for financial strength, which is good (but not outstanding). The NACU (?) insures that up to $250k, so we should be safe to add another $100k when the rates go back up. But still, I like to be diversified; I don't trust anyone's financial insurance. How would you folks feel about having $200k of IRA at PenFed? That would be about 20% of our fixed-income portfolio. Do you have someplace else that typically has similar rates?
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Penfed and USAA
Old 06-26-2007, 11:14 AM   #49
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Penfed and USAA

I use both.

At USAA I have:
my main checking account
a credit card
my auto insurance
my homeowners insurance

At PenFed I have:
a piddly savings account (required first account)
the PenFed 5%/1.25% Visa


At USAA I used to have:
an umbrella policy

At PenFed I used to have:
a second mortgage

Both have been great. I think USAA has the better website. My mutual funds are all at Vanguard.

2Cor521
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Old 06-27-2007, 09:03 PM   #50
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...
Right now, we have a $100k IRA CD at the 6.00% APY, very good service. Last I heard, PenFed rated 3 stars and a "3" for financial strength, which is good (but not outstanding). The NACU (?) insures that up to $250k, so we should be safe to add another $100k when the rates go back up. But still, I like to be diversified; I don't trust anyone's financial insurance. How would you folks feel about having $200k of IRA at PenFed? That would be about 20% of our fixed-income portfolio. Do you have someplace else that typically has similar rates?
No comments or suggestions from anyone?
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Old 06-27-2007, 09:49 PM   #51
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No comments or suggestions from anyone?
I think everyone's pretty much accepted that this year the highest legitimate CD rates, in American dollars from an American insurable institution, are at PenFed.

If you're saying that $200K is 20% of the million dollars you have stashed away in the fixed-income portion of your balanced asset allocation, then I suspect that what you're hearing is "stunned silence"...
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Old 06-27-2007, 10:15 PM   #52
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...
If you're saying that $200K is 20% of the million dollars you have stashed away in the fixed-income portion of your balanced asset allocation, then I suspect that what you're hearing is "stunned silence"...
Your math is correct, but I'm 62 and have only a small fixed pension, so have a greater portion in fixed-income than you lucky folks who are retired around 40 with a reasonable COLA pension.
Advanced Firecalc blesses my allocation, so I sleep well at night... except for the effects of a very interesting but stressful second career. Second retirement planned within the year!
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Old 06-28-2007, 07:40 AM   #53
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Current highest (if you can call them that) rates for CD's are (as I write) at Navy FCU and VyStar CU. PENFED must be having some problems getting that money we sent earlier loaned out.
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Old 07-06-2007, 03:36 PM   #54
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Well I have just had a negative experience with PenFed. I applied for a cash rewards visa card that had been discussed earlier here. I was just told that I would have to provide them with 2 years worth of tax returns and all the supporting documents related to my income. Apparently they do not like the fact that I am retired with no pension and that I am relying on dividends and interest to live on. I told them to shove it as I have never had to provide such detail with respect to a frigging credit card. I'm sure they requested a credit report on me and I know that checked out fine. Never been past due on anything. I'll just keep on using the one I have. Chaps me though.

I guess the moral to the story is if you want a new credit card, you better get it before retirement while you have a 'normal' income.
UPDATE: Just logged on to PenFed to see if I had any interest from cd's credited to my account. When I did, a screen popped up telling me I had been approved for 3 different credit offers, one being the credit card I had applied for as stated above. Just for the hell of it, I follow the directions and proceed with the credit card application. Just basic info already filled in on the application. I pushed the button to finalize the application and it showed I had been approved for a credit limit 3 times the amount I applied for just a couple of weeks ago. Also said my card would be mailed to me within 3 business days.

Now is that weird or what??:confused::confused: Just 2 weeks ago they wanted 2 years worth of tax returns. Now they act like no problem.....just tell them how much credit I need. Who knows?
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Old 07-06-2007, 05:05 PM   #55
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Now is that weird or what??:confused::confused: Just 2 weeks ago they wanted 2 years worth of tax returns. Now they act like no problem.....just tell them how much credit I need. Who knows?
I guess Chertoff finally got around to reviewing this thread and told PenFed that there's nothing on you in Homeland Security's files...
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Old 07-06-2007, 07:38 PM   #56
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Dawg --

Are you telling me you didn't notice the guys in black suits at the golf course?
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Old 07-06-2007, 09:17 PM   #57
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Current highest (if you can call them that) rates for CD's are (as I write) at Navy FCU and VyStar CU. PENFED must be having some problems getting that money we sent earlier loaned out.
Ive been very pleased with PenFed since being introduced to them via this forum during that 6.25 CD promo. I was just about to look for an alternative to my variable rate home equity loan when PenFed offered 5.99% fixed for 20yrs....That doesn't quite cover the nut on my CD, tho!
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Old 07-06-2007, 09:49 PM   #58
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UPDATE: Just logged on to PenFed to see if I had any interest from cd's credited to my account. When I did, a screen popped up telling me I had been approved for 3 different credit offers, one being the credit card I had applied for as stated above. Just for the hell of it, I follow the directions and proceed with the credit card application. Just basic info already filled in on the application. I pushed the button to finalize the application and it showed I had been approved for a credit limit 3 times the amount I applied for just a couple of weeks ago. Also said my card would be mailed to me within 3 business days.

Now is that weird or what??:confused::confused: Just 2 weeks ago they wanted 2 years worth of tax returns. Now they act like no problem.....just tell them how much credit I need. Who knows?
Not sure I'm following your saga accurately, but maybe they didn't
realize how much money you had on deposit (in the CDs) when
they were being pissy. I applied for the credit card AFTER I'd
opened many $10K's of CDs, and it took about 10 minutes for
me to get approved. All they had time to do was to pull my
credit report and look at the CDs I'd funded.
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Old 07-10-2007, 01:55 AM   #59
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Dawgm
I did the same thing -- had the CD first, then got the Visa card in a snap. It did take me awhile to get approval for a higher credit line, though. Here's why I needed it -- a classic case of Penfed is different":

I always pay my card off in full (well almost always -- I was leaving Citi in a huff because of their late fees for being a day late, but in principal I always pay it off)

Therefore I figured I needed a credit line of one average month plus some of the next month, plus a cushion.

Got an over-limit call from Penfed soon after getting the card. Reason? They have such a long billing cycle (i.e. extra time with free credit) that I was running up more than two full months of charges before they withdrew the money from my account to cover the bill from two months prior.

Thus, the need for a bigger credit limit. Classic Penfed... Still, no late fees (because I have them debit my account) and no finance charges, plus 1.25% cash back and two months of free credit = one happy customer...

Now with the 1.25% back we charge virtually everything in sight, so need a little more which they promptly gave.
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Old 07-10-2007, 07:06 AM   #60
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No comments or suggestions from anyone?
Missed that. The last time I looked at Pen Fed's financials, they looked quite healthy, nicely profitable, and well capitalized. Credit quality is particularly good which must not be too tough when most of your borrowers have guaranteed incomes from gummint jobs.

I'd have no worries about putting my money with them up to the FDIC limit.
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