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
US FCU, Burnsville, MN, will host an open house and social media seminar for small businesses on Aug. 12.
1 minutes ago
Operation Mis-Modification tabs 6 homeowner scams @FTC, @CFPB http://t.co/xWb4Yuz9z1
22 minutes ago
.@SenatorBegich says @TheNCUA risk-based cap. plan attempts 2 solve problem that does not exist, at expense of those served by CUs. Watch NN
1 hours ago
Target wants stay of discovery in class action suits in data security breach; plaintiffs disagree that it's needed http://t.co/GHqz2S4u5g
1 hours ago
New HUD Sec'y Julian Castro gets warm send-off from San Antonio's @alamofcu MT Thanks for all the hard work. http://t.co/peb8x4GSRq
2 hours ago