Hello PenFed, Goodbye NFCU

[Spotsy]

Recent approvals from PenFed...so I moved my entire banking relationship from NFCU!

AutoReFi from NFCU @ 4.01% to PenFed @ 0.99% <early 2016>
HELOC from NFCU @ 5.40% to PenFed @ 3.75%
PLOC from NFCU @ 16.9% to PenFed @ 10.24%

[Anonymous]

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@Spotsy wrote:
Recent approvals from PenFed...so I moved my entire banking relationship from NFCU!

@AutoReFi from NFCU @ 4.01% to PenFed @ 0.99% <early 2016>
@Anonymous from NFCU @ 5.40% to PenFed @ 3.75%
@PLOC from NFCU @ 16.9% to PenFed @ 10.24%

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Congrats! I love Penfed!!!

[CreditMagic7]

Congratulations!

Some really big difference there worth noting.

[Appleman]

How about Hello PenFed and we can still be friends NFCU....

[Spotsy]

It's a strained friendship with that kind of spread on rates. My advice to anyone with any bank...shop the rates and don't just blindly take what your bank gives you.

[Aduke1122]

Congrats , is there any other reason besides the better rates that you are saying goodbye?

[Siopao]

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@Spotsy wrote:
Recent approvals from PenFed...so I moved my entire banking relationship from NFCU!

@AutoReFi from NFCU @ 4.01% to PenFed @ 0.99% <early 2016>
@Anonymous from NFCU @ 5.40% to PenFed @ 3.75%
@PLOC from NFCU @ 16.9% to PenFed @ 10.24%

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Congrats!

How recent is recent?  Just wondering if you got in before PenFed started tightening up.

[Spotsy]

HELOC and PLOC are from last week.

Those rate spreads on 3 major loan types is a significant factor. I am not saying everyone should consider switching, but should be informed of what options are out there.

I hope to keep a relationship with NFCU...the ball is in their court.

[Anonymous]

Very nice, congrats 

[Spotsy]

Also....I did send a message to NFCU about the rate differences...I got a response, not an awful response, but could definitely use improvement. They miss the point that PenFed has less experience with me then NFCU...AND my history with both CUs has been 100% perfect...all things being equal on credit reports since they both use Equifax.

***Thank you for your eMessage. Navy Federal recognizes that all members do not have the same credit history. In addition, the commitment to repay loans can vary from member to member. We are committed to serving all of our members, including those whose credit history may be less than perfect and who may not have alternatives available to them; however, Navy Federal is charged with the responsibility of protecting the Credit Union’s assets and ensuring that all loans are made in the best interest of the entire membership as well as the individual member. Therefore, we must charge an appropriate rate to cover the anticipated costs of making the loan. If you have further questions, please let us know. ***

I see varying interpretations from their response.