Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Old 06-22-2007, 05:45 AM   #41
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,067
Quote:
Originally Posted by ESRBob View Post
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.
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
Dawg52 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-22-2007, 07:28 AM   #42
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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..."
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Old 06-22-2007, 10:08 AM   #43
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 7,280
Quote:
Originally Posted by Dawg52 View Post
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.
calmloki is offline   Reply With Quote
Old 06-22-2007, 02:45 PM   #44
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,483
Quote:
Originally Posted by Dawg52 View Post
Yeah, it really left a bad taste in my mouth.
Most banks do that nowadays.........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 06-22-2007, 02:47 PM   #45
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,483
Quote:
Originally Posted by Nords View Post
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"..............
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 06-23-2007, 03:27 PM   #46
Full time employment: Posting here.
DRiP Guy's Avatar
 
Join Date: Nov 2006
Posts: 548
Quote:
Originally Posted by Dawg52 View Post
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...
DRiP Guy is offline   Reply With Quote
Old 06-24-2007, 05:02 PM   #47
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,067
Quote:
Originally Posted by DRiP Guy View Post
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.
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
Dawg52 is offline   Reply With Quote
Old 06-26-2007, 09:01 AM   #48
Full time employment: Posting here.
 
Join Date: Aug 2005
Location: Far NW 'burbs of Chicago
Posts: 898
Quote:
Originally Posted by cute fuzzy bunny View Post
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?
Gearhead Jim is offline   Reply With Quote
Penfed and USAA
Old 06-26-2007, 10:14 AM   #49
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
SecondCor521's Avatar
 
Join Date: Jun 2006
Location: Boise
Posts: 7,865
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
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is offline   Reply With Quote
Old 06-27-2007, 08:03 PM   #50
Full time employment: Posting here.
 
Join Date: Aug 2005
Location: Far NW 'burbs of Chicago
Posts: 898
Quote:
Originally Posted by Gearhead Jim View Post
...
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?
Gearhead Jim is offline   Reply With Quote
Old 06-27-2007, 08:49 PM   #51
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
Quote:
Originally Posted by Gearhead Jim View Post
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"...
__________________
*

Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."

I don't spend much time here— please send a PM.
Nords is offline   Reply With Quote
Old 06-27-2007, 09:15 PM   #52
Full time employment: Posting here.
 
Join Date: Aug 2005
Location: Far NW 'burbs of Chicago
Posts: 898
Quote:
Originally Posted by Nords View Post
...
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!
Gearhead Jim is offline   Reply With Quote
Old 06-28-2007, 06:40 AM   #53
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Old 07-06-2007, 02:36 PM   #54
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,067
Quote:
Originally Posted by Dawg52 View Post
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?
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
Dawg52 is offline   Reply With Quote
Old 07-06-2007, 04:05 PM   #55
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
Quote:
Originally Posted by Dawg52 View Post
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...
__________________
*

Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."

I don't spend much time here— please send a PM.
Nords is offline   Reply With Quote
Old 07-06-2007, 06:38 PM   #56
Thinks s/he gets paid by the post
wildcat's Avatar
 
Join Date: Feb 2005
Location: Lou-evil
Posts: 2,025
Dawg --

Are you telling me you didn't notice the guys in black suits at the golf course?
__________________
"These walls are kind of funny. First you hate 'em, then you get used to 'em. Enough time passes, gets so you depend on them"
wildcat is offline   Reply With Quote
Old 07-06-2007, 08:17 PM   #57
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,309
Quote:
Originally Posted by R Wood View Post
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!
jazz4cash is offline   Reply With Quote
Old 07-06-2007, 08:49 PM   #58
Full time employment: Posting here.
 
Join Date: Sep 2006
Posts: 608
Quote:
Originally Posted by Dawg52 View Post
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.
JohnEyles is offline   Reply With Quote
Old 07-10-2007, 12:55 AM   #59
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 1,318
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.
ESRBob is offline   Reply With Quote
Old 07-10-2007, 06:06 AM   #60
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Mar 2003
Posts: 18,085
Quote:
Originally Posted by Gearhead Jim View Post
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.
__________________
"All animals are equal, but some animals are more equal than others."

- George Orwell

Ezekiel 23:20
brewer12345 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Automatic payment option for Penfed ( Pentagon Federal ) Visa calmloki FIRE and Money 2 04-20-2007 10:40 AM
Hyperactive thyroid/treatment - worth a 2nd opinion? ERD50 Health and Early Retirement 11 03-16-2007 03:41 PM
Another opinion needed from doctors and patients on the board Surfdaddy Other topics 17 05-23-2006 08:49 PM
Penfed Rates for Jan 27-Feb 23 ESRBob FIRE and Money 13 01-28-2005 04:33 AM
Penfed Heads-up Bob_Smith FIRE and Money 8 02-26-2004 01:33 PM

» Quick Links

 
All times are GMT -6. The time now is 09:11 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.