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
.@NJCUL encourages #creditunions to join the #Movember2014 movement.
6 minutes ago
.@USATODAYmoney @fileneresearch pre-retirement capability study http://t.co/xvXqwKEbjj. See #NewsNow for report recap http://t.co/pUXrSQFlju
1 hours ago
.@fairwindscu @UCF neck and neck in @OBJUpdate #BrandMadness http://t.co/D8YrKamEX7
1 hours ago
.@TheNCUA to consider separate IRR proposal in response to RBC comments See #NewsNow http://t.co/m7fJcPCmzQ
1 hours ago
You get an extra hour this weekend. How to use it? Try these 12 money tasks via @MainStr http://t.co/wtv5qDkELD
2 hours ago