Hello PenFed, Goodbye NFCU

[CreditCuriosity]

Congrats quite a difference.. With that said I am guessing your BK from 09 played a bit of a role in what you got with NFCU and now you got with PENFED.  Assuming some time has passed and your credit has gotten better between when you applied for original NFCU loans and PenFed Loanns.  Is this a correct statement?  If so NFCU treated you pretty good and now that you are in a better place PENFED is giving you better rates.  Each CU has their benefits.  NFCU is very lenient w/regards to UW as we all know, not so much PENFED.   Each credit union is also better at certain things so use them as you find needed to best benefit you.

Ulimately you gotta do what is best for you and that you did.. Both are great CU's in my book

[Spotsy]

Thanks CreditCuriosity, but that is not entirely correct. Yes, BK from 2009 that was dismissed, so everyone was paid, but rates are from approvals last week, and the AiutoLoan refinance was from an original loan WITH a co-signer 8 months earlier to a new PenFed loan in my name only.

Yes, both CUs are excellent..actually the top 2 in the nation?! But, as I have said in a few posts here, always shop and compare rates. You may be surprised...I was!

[CreditCuriosity]

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@Spotsy wrote:
Thanks CreditCuriosity, but that is not entirely correct. Yes, BK from 2009 that was dismissed, so everyone was paid, but rates are from approvals last week, and the AiutoLoan refinance was from an original loan WITH a co-signer 8 months earlier to a new PenFed loan in my name only.

Yes, both CUs are excellent..actually the top 2 in the nation?! But, as I have said in a few posts here, always shop and compare rates. You may be surprised...I was!

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Thanks for the clarification.. Big difference if just from a week difference in times between the two CU's!  Good for you.  I agree rate shop whether it is loans, car insurance, savings accounts or whatever.  Kudos to you for such better rates.

[Gmood1]

Congrats on saving some money!! All for the shop around for rates. PenFed is my go to for Auto loans at the moment. Their rates are tough to beat.

[nrm]

Might as well have a drink? I just ditched NFCU, too.

[Spotsy]

Thanks everyone!

Just to clear, NFCU and PenFed ate great CUs. With the economy improving, banks are getting agresssive in attaining your business. Let's be real, banks make money by loaning it and charging interest. It's their job to get the most interest possible, and our job as consumers to save as much interest possible. So shop the rates to make sure u are getting reasonable terms and comminicate with your bank on alternative options. Sometime they compete, other times they fold.

[Spotsy]

P.S. Ate=are :-)

[Anonymous]

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@Spotsy wrote:
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.

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Seems to be a bit of a canned response!  Not what I would say as being specific and personal to you. 

Congratulations on saving money! 

[Anonymous]

Smart shopping for interest rates! I love both of those credit unions!

[Vegas4Play]

Congrats to you !!!