X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

I wanted to compliment Mike Welch on his April 20 column, “Credit Unions Do a Lot Right But Not Everything.” I particularly agreed with his pointabout credit unions’ very low delinquency rates, yet with loan denials as high as 46%. A major contributing factor to the lowest delinquency rates and high loan denials are credit unions’ inability to differentiate between `no credit’ and `bad credit.’ Case in point – my friend has a 3.96 GPA in college and has so many scholarships he makes money going to school. On top of that he is working at an engineering internship making $15-20 an hour. Upon completion of his undergrad, he is going to Duke to get a masters in law. He will be among the top 1% of earners within 10 years. He is 20, and when recently applying for a credit union’s credit card, was turned down due to no credit. Congratulations on a new year of low delinquency rates. Guess where he won’t be going for future financial products. Oh yeah, he just got a credit card with Capital One. Bryan Sims CEO brass

Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.