... that I'm young, is it?
😎 Asked these questions yesterday: 1) Why is a newly minted N.C. teacher assumed to be "guilty until proved innocent" in terms of credit at SECU?** 2) Why does "the Board" assume that all young people are not creditworthy and stick them with the worst SECU loan rates? 3) Do you as a member support this policy?
** Under the new SECU 3-tier risk-based lending policy, members with "no credit score" receive the highest loan rate ("C"-tier). Borrowers with "no credit score" are usually folks just starting out in life - young people who haven't had access to credit. Young folks need a lot of stuff - a car, furniture, rental deposit, for example - and of course a credit card!
😎 Another question: Which generation has the lowest credit score? (Here are some straight answers from one of the largest lenders in the U.S.)
How Does My Age Affect My Credit Score?
"As of 2022, the generation with the lowest credit score is Gen Z (18-25). That said, the generation with the lowest credit score is almost always going to be the youngest generation of adults. That’s because credit history is an important factor in credit scoring."
"Technically, age is not a factor in determining your credit score. You can be young and have a high credit score and vice versa. The reason credit scores tend to trend upward as you age is tied to the length of your credit history. The longer your credit history, the better your credit score."
✅ Leigh Brady, the current CEO at SECU, knows full well that SECU's risk-based lending practices (whether 3-tiers or 5-tiers!) are unjust and discriminatory against younger members. Ms. Brady acknowledged the unfairness publicly at a 2023 SEANC Board meeting [link] - be sure to reread this story! At the meeting, before the full SEANC leadership, Ms. Brady cheerfully reported that her new college-grad daughter had been rated as a "risky borrower" under the SECU 5-tier RBL system. Under the "new, improved" 3-tier RBL system, Momma would still have to cosign.
Folks at SEANC weren't impressed then and would imagine they still aren't now.
✅ As a member-owner of SECU, you do have a choice and a voice in how young, SECU borrowers are treated at your Credit Union. These young adults are not only your fellow members; they are your co-workers, your friends, your neighbors, your children, your grand-kids - SECU's future!
... when will you stand up and speak out for "SECU's future"?
What will it take?
Bring us your momma has a whole new meaning now ...
ReplyDeleteWhat credit score would you give the US government (congress, those who hold the purse)?
ReplyDeleteOur government would be E tier. Crazy enough is…they are the richest, but far the most incompetent!
DeleteLife isn’t fair, and then you die.
ReplyDeleteWhat will happen when the board members are replaced in October and Brady is fired? How quickly can these changes be reversed?
ReplyDeletecan't wait to find out ...
DeleteSadly, it's going to be very difficult, if not impossible, to reverse some of these things. SECU has lost a great deal of institutional knowledge, and cultural rot has set in.
DeleteIt's far easier (not easy, but easier) to preserve existing organizational principles and values than it is to restore them once they've been lost. The latter is near impossible.
Get 'em out, we'll take care of the rest!
DeleteCan the board be held criminally responsible for these actions?
Delete@9:34 there’s as much of a chance of that as the commenters on this blog going down for slander
DeleteSlander-the action or crime of making a false spoken statement damaging to a person's reputation. I for one don't see anything false
DeleteLook at the spending. How much money has been spent on new hires the last few years? How many people have gotten positions there was someone more qualified for? Green team, DEI, Marketing are 3 examples. How much has been spent just on these 3 departments? Are they really needed?
ReplyDeletePenalizing young people when they need help most is not only unfair it is absolutely stupid marketing. Don't need to be your brain surgeon, nothing to operate on with this crowd
ReplyDeleteLife is tough get a helmet. Just like a career you start at the bottom and work your way up. Everyone wants the best right away now. Society was better when you had to earn it. At the same time this board and executive team sucks!
ReplyDelete