Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
IWSJI reader denied bank credit gets CU OK
NEW YORK (3/12/09)--A Wall Street Journal reader was denied a credit card by Bank of America, but was pre-approved for an auto loan after joining a credit union, according to a letter Wednesday. Morgan Myrmo of San Diego wrote in response to an op-ed by Bank of America CEO Kenneth D. Lewis titled “Some Myths About Banks.” Lewis said in his op-ed piece that it is not true that banks aren’t lending. Federal Reserve data shows “bank credit has actually increased over the course of this recession,” he said. Myrmo writes: “I was denied a credit card from his bank on March 2. I was a bit surprised since I have an Equifax credit score of 750 and a solid credit history. I wonder why the bank would not want to extend credit to a healthy borrower with no debt and taxable income of $50,000 per year. Perhaps the banks are in bigger trouble than we think. “After joining a local credit union I was pre-approved for an auto loan. I know where my deposits are now headed. Do you?” Myrmo added.
Other Resources

RSS





print
News Now LiveWire
Registration lottery for #CreditUnion #CherryBlossom Ten Mile Run opens Monday, Dec. 1 http://t.co/AGkKPof5Fy. Race is April 12
1 Day ago
The turkey hasn't even been served and #creditunions are already making plans for #GivingTuesday
1 Day ago
.@bankofamerica's $16.65 billion 'toxic mortgage' settlement finalized http://t.co/BIq1QyImXG
1 Day ago
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
1 Day ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
1 Day ago