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PSECU: Thanks for the changes!

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PSECU: Thanks for the changes!

Been trolling and I don't make a lot of post, but I had to comment on the changes at PSECU!

 

First off, I'm from out of state and was approved for membership in April under the parks and recreation. I originally joined because I wanted my EX FICO score. My plan was also to transfer funds into the checking/savings on a monthly basis and eventually apply for a combo when I was ready. For me, this is a good savings approach, because of PSECU being out of state and limited access to the account. 

 

I certainly don't mean to knock anyone, but what happen to members of this board being financially and ethically responsible  when dealing with PSECU?

 

Just because they will give out a 10k or 20k combo doesn't mean that you should request it. I'm not saying that everyone can't afford a 10k or 20k combo, but if you can't pay for it..........then is it financially responsible to request it? Also, is it fair to other members in or out of state, if you take a less that ethical approach to attaining membership? Ultimately, who is liable if someone fails to pay? 

 

Also, it seems to me that a lot of people want to increase their Utilization rate by adding a big revolving account, but in doing so it doesn't necessarily give a realistic picture of what a person can afford. To me, it seems similar to the crash of the housing market!

 

In my opinion, I think it's good to see that PSECU is putting tighter controls on the membership process and limiting their liability. I'm truly sorry for those that want to get in but can't now. It only takes one bad apple to ruin it! And I think there has been more than a few lately. Just my 2cents! 

Message 1 of 27
26 REPLIES 26
Valued Contributor

Re: PSECU: Thanks for the changes!

Good points there GB.

I joined right around the same time and have nearly the same plans and thoughts for my relationship with PSECU. I was also drawn by the FICO, the fact my funds would be a bit harder to access than with my big bank, and their credit card/ PSL combo down the line.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 730 08/15 (PSECU), TU08 710 08/15
Goal Score: 725+ across the board


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Message 2 of 27
Contributor

Re: PSECU: Thanks for the changes!


@GB44 wrote:

Been trolling and I don't make a lot of post, but I had to comment on the changes at PSECU!

 

First off, I'm from out of state and was approved for membership in April under the parks and recreation. I originally joined because I wanted my EX FICO score. My plan was also to transfer funds into the checking/savings on a monthly basis and eventually apply for a combo when I was ready. For me, this is a good savings approach, because of PSECU being out of state and limited access to the account. 

 

I certainly don't mean to knock anyone, but what happen to members of this board being financially and ethically responsible  when dealing with PSECU?

 

Just because they will give out a 10k or 20k combo doesn't mean that you should request it. I'm not saying that everyone can't afford a 10k or 20k combo, but if you can't pay for it..........then is it financially responsible to request it? Also, is it fair to other members in or out of state, if you take a less that ethical approach to attaining membership? Ultimately, who is liable if someone fails to pay? 

 

Also, it seems to me that a lot of people want to increase their Utilization rate by adding a big revolving account, but in doing so it doesn't necessarily give a realistic picture of what a person can afford. To me, it seems similar to the crash of the housing market!

 

In my opinion, I think it's good to see that PSECU is putting tighter controls on the membership process and limiting their liability. I'm truly sorry for those that want to get in but can't now. It only takes one bad apple to ruin it! And I think there has been more than a few lately. Just my 2cents! 


It's not really the same as the housing crash, at least not for everyone. The problem with the housing crisis was that people were taking out massive loans beyond their means, AND USING THEM.

 

Having 10k or 20k in available credit hurts no one. Whether or not someone chooses to use that credit responsibly is an entirely seperate issue.

 

Somone earning 200k a year can just as easily rack up 20k in debt and not pay it as someone making 30k a year. And it very well could be that the person earning 30k a year manages their money substantially better and makes all of their payments without issue.

 

I will agree that if you are a person who KNOWS they don't have the self control to not max out a credit card, then yes, going and apping for 10-20k is irrisponsible. I do not think this is why they are tightening their standards... I think they were having issues with fraud.


Starting Score: EX FICO: Unknown EQ FICO: 717 TU (CreditKarma): 713
Current Score: EX FICO: 737 EQ FICO: 752 TU (CreditKarma): 717
Goal Score: EX FICO: 760 EQ FICO: 760 TU (CreditKarma): 760


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Message 3 of 27
Valued Contributor

Re: PSECU: Thanks for the changes!

1. Available credit is not equal to debt. My available revolving credit is more than $400k, my current revolving debt is $3.6K which can be paid in one payment but why to pay 0% balance.

 

2. System is not ethical with me, why should I be ethical with system?

IN VINO VERITAS.
Message 4 of 27
Super Contributor

Re: PSECU: Thanks for the changes!

 


@wmarat wrote:

1. Available credit is not equal to debt. My available revolving credit is more than $400k, my current revolving debt is $3.6K which can be paid in one payment but why to pay 0% balance.

 

2. System is not ethical with me, why should I be ethical with system?


Thanks for that comment!  Made my day!!

Message 5 of 27
Valued Contributor

Re: PSECU: Thanks for the changes!


@wmarat wrote:

1. Available credit is not equal to debt. My available revolving credit is more than $400k, my current revolving debt is $3.6K which can be paid in one payment but why to pay 0% balance.

 

2. System is not ethical with me, why should I be ethical with system?


That's a fascinating question.  An accepted definition of ethics is;  "the discipline dealing with what is good and bad and with moral duty and obligation."  Ethical generally means "conforming to accepted standards of conduct or behavior."  Please elaborate on how you believe the system is not ethical, or practicing good ethics.  Furthermore, please elaborate on why, if you believe that the system is unethical, it's right for you to behave or conduct business in an unethical manner.  

EQ Fico 8 - 846
TU Fico 8 - 848
EX Fico 8 - 836
Message 6 of 27
Frequent Contributor

Re: PSECU: Thanks for the changes!

Our credit score, which we are denied detailed information regarding how it is calculated, is heavily influenced by utilization rate.  We are penalized (I believe this is general consensus) for utilizing >10% of a credit line.  To revolve a balance of $1900, which is less than 4% of the median annual US household income [2006 census] , once would necessarily require a $20k+ credit line.  What's the issue?

 

Which is worse, I have a $20k credit line which the underwriters and actuaries at a bank calculate is a mathematically acceptable risk based on my income and credit history... and I use it responsibily... Or I get a $2500 credit line which is constantly past due, and I finally give up and default on?

 

What does the credit line have to do with it?

We are all responsible for our own actions, and our credit lines have nothing to do with our choice whether to pay or not.

 

Message 7 of 27
Valued Contributor

Re: PSECU: Thanks for the changes!

+1

Ray

** Every Card has a Job, and Every Card does its Job **
Message 8 of 27
Valued Contributor

Re: PSECU: Thanks for the changes!

1. There are tons of definitions of ethics. For example: the rules of conduct recognized in respect to a particular class of human actions or a particular group, culture. Please note the difference with your "accepted" definition.

2. All those forums (myfico, creditboards, fatwallet etc) full of sob stories how the system is unethical. I, myself, have bad habit of paying my debts, so from my prospective it is unethical:

a. To lower score for credit inquiry

b. To pull HP for utlity accounts

c. To pull credit for employment, even so it is legal

d. To punish people for low/high util.

e. To deal with all 3 CB is a full time job.

f. To sell my credit score to me.

g. To sell my info to third party without asking my permition and paying any royalties.

3. Though an idea of credit reporting has its advantages, the current practice is outrageous.

4. FICO and other scoring systems predict nothing, but rule our life.

So, I do believe, that all the above give me moral right to get large credit lines abd artifically keep my util low, to bump inquiries off my reports and manipulate the system as much as I can.

 

 

Ethics generally means nothing. Ethics are the set of moral norms, which coincedentally help leaders to keep plebs under the rule.

 

I am firm believer in lex talionis, quintessence of which is :an eye for an eye" and there is my right to treat system exactly same way as system treats me.

IN VINO VERITAS.
Message 9 of 27
Super Contributor

Re: PSECU: Thanks for the changes!

Also the CRA's are liers! Both Kroger and US Bank said they asked the CRAs if changing the opening dates on accounts affect consumers credit score. She said of course they said no. Thankfully, US Bank and Kroger listened to its cardmembers and agreed that changing opening dates can have an affect on ones credit score.
Message 10 of 27
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