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
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
11 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
12 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
14 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
16 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
16 hours ago