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
Refinance your auto loan at a #creditunion? Save big bucks, says @daily_finance author http://t.co/jUP8Yl894T
27 minutes ago
.@TheCCUL rolls out @CUaware sessions next week http://t.co/rmhCDfGldW
1 hours ago
Faces, stories begin to fill @CUNA's #100M membership website http://t.co/eIlG4IR4Gv
1 hours ago
News reports say House side of U.S. Capitol is closed due to "industrial spill," unclear how will effect day's proceedings.
3 hours ago
Reminder: @TheNCUA's Listening Session tomorrow in Chicago. Capacity crowd expected for meeting at 1 p.m. CT. http://t.co/FYYuoHCdVJ
17 hours ago