topic Re: Redstone FCU Visa Signature - Counter Offer in Credit Card Applications

Redstone FCU Visa Signature - Counter Offer

DatBoiQuick — Mon, 05 Feb 2024 21:59:18 GMT

Applied for a membership and was accepted. In the same day I checked my Pre qualified offers and saw "Your chance of approval is excellent" (seen in the screenshot attached to this post) so, I applied for the Visa Signature. After applying for the card I was given a counter offer for the Traditional Visa card with Redstone FCU. I already called recon and they re-reviewed my application. They got back to me in the same day and said the counter offer still stands.

I plan to re-apply for the card in the future. Since they already pulled my credit I am contemplating taking the counter offer.Could it be helpful to accept the counter offer, use their card, pay it off in full, and apply a year or two down the road?

They pulled Experian for the card app.
Experian 736 -
Inquires: 4/6 | 9/12 | 16/24
AAoA: 2y, 10m
AoOA: 15y
No derogatory marks / missed payments

Re: Redstone FCU Visa Signature - Counter Offer

SouthJamaica — Mon, 05 Feb 2024 21:45:41 GMT

@DatBoiQuick wrote:
Applied for a membership and was accepted. In the same day I checked my Pre qualified offers and saw "Your chance of approval is excellent" (seen in the screenshot attached to this post) so, I applied for the Visa Signature. After applying for the card I was given a counter offer for the Traditional Visa card with Redstone FCU. I already called recon and they re-reviewed my application. They got back to me in the same day and said the counter offer still stands.

I plan to re-apply for the card in the future. Since they already pulled my credit I am contemplating taking the counter offer.Could it be helpful to accept the counter offer, use their card, pay it off in full, and apply a year or two down the road?

They pulled Experian for the card app.
Experian 736 -
Inquires: 4/6 | 9/12 | 16/24
AOOA: 2y, 10m
Oldest Account: 15y
No derogatory marks / missed payments

IMHO that's not a bad card. It's got a lower interest rate, and no balance transfer or cash advance fees. I would grab it in a heartbeat.

Re: Redstone FCU Visa Signature - Counter Offer

DatBoiQuick — Mon, 05 Feb 2024 22:00:28 GMT

@SouthJamaicaYeah I would agree with you but unfortunately, I don't utilize interest rates, balance transfers, or cash advances. The only reason I consider grabbing it is for better approval odds in the future and to justify my hard pull.

Re: Redstone FCU Visa Signature - Counter Offer

GZG — Mon, 05 Feb 2024 22:28:03 GMT

@DatBoiQuick wrote:
@SouthJamaicaYeah I would agree with you but unfortunately, I don't utilize interest rates, balance transfers, or cash advances. The only reason I consider grabbing it is for better approval odds in the future and to justify my hard pull.

I'd fear the added account + the TCL you take on from them will make any future visa signature application harder as opposed to easier

I wouldn't accept and I'd keep trying to request a manual reconsideration

Re: Redstone FCU Visa Signature - Counter Offer

DatBoiQuick — Tue, 06 Feb 2024 01:15:19 GMT

@GZG

I already requested a manual reconsideration. They came back and said the counteroffer still stands. I will request another one but I don't think they will approve my request, unfortunately. I will probably end up denying the counter request and applying down the road.

I see on your signature you have the RFCU Visa Signature. How has your experence been with the card and credit union? Additionally, Do you have any data point for your approval?

Re: Redstone FCU Visa Signature - Counter Offer

GZG — Tue, 06 Feb 2024 04:57:18 GMT

@DatBoiQuick wrote:
@GZG

I already requested a manual reconsideration. They came back and said the counteroffer still stands. I will request another one but I don't think they will approve my request, unfortunately. I will probably end up denying the counter request and applying down the road.

I see on your signature you have the RFCU Visa Signature. How has your experence been with the card and credit union? Additionally, Do you have any data point for your approval?

Keep at it with the manual reconsideration, if this user got approved, I can't see why you can't, you'll prob need to provide docs (paystub or tax returns):

denial thread: https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Redstone-Visa-Signature-DENIED-Then-3-cards-approved-in-1-hour/m-p/6731699

recon approval thread: https://ficoforums.myfico.com/t5/Credit-Card-Approvals/5-cards-approved-almost-at-the-same-time-with-just-14-months/td-p/6736202

my approval thread: https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Redstone-FCU-Visa-Signature-Approval-5k/td-p/6713996

TLDR:

wait for a pre-approval in the "pre-approved loans" section

if you get one there, it's no HP, no docs.

cash back works great, not as seamless to redeem as say cap1 or something, but still simple enough to transfer to savings which you can transfer right back out.

support is US based, but not as good as discover/navy

card is ugly in mobile wallets

great card overall, hopefully if there's ever a nerf we just get granfathered in or they phase out the SUB instead of nerfing the categories themselves.

Re: Redstone FCU Visa Signature - Counter Offer

Beefy1212 — Tue, 06 Feb 2024 19:32:36 GMT

@DatBoiQuick wrote:
@GZG

I already requested a manual reconsideration. They came back and said the counteroffer still stands. I will request another one but I don't think they will approve my request, unfortunately. I will probably end up denying the counter request and applying down the road.

I see on your signature you have the RFCU Visa Signature. How has your experence been with the card and credit union? Additionally, Do you have any data point for your approval?

My DP from 9 months ago...

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Redstone-Visa-Signature-App-Process/m-p/6661009/highlight/false#M320162

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Redstone-Visa-signature-approval-10k/m-p/6661029

Re: Redstone FCU Visa Signature - Counter Offer

Meanmchine — Fri, 09 Feb 2024 04:52:36 GMT

@GZG wrote:
@DatBoiQuick wrote:
@SouthJamaicaYeah I would agree with you but unfortunately, I don't utilize interest rates, balance transfers, or cash advances. The only reason I consider grabbing it is for better approval odds in the future and to justify my hard pull.
I'd fear the added account + the TCL you take on from them will make any future visa signature application harder as opposed to easier

I wouldn't accept and I'd keep trying to request a manual reconsideration

Yup Yup

Do this

Good luck

Re: Redstone FCU Visa Signature - Counter Offer

keluric — Sun, 11 Feb 2024 04:49:16 GMT

How did you request the manual recon? By email? After going through this on a starting CL recon (unsuccessful, I ultimately took the $5k), I can tell you I didn't actually get a manual recon until I called and spoke to a member service rep.

Re: Redstone FCU Visa Signature - Counter Offer

DatBoiQuick — Sun, 11 Feb 2024 16:24:54 GMT

@keluricI was concerned I wasent actually getting a manual reconsideration as you cant speak to underwritting(credit analyst) and need to comunicate through the credit department at the extention 4857. I requested a recon both by email and phone and was denied 3 times.

Re: Redstone FCU Visa Signature - Counter Offer

keluric — Sun, 11 Feb 2024 17:28:56 GMT

Did they send you a counteroffer letter? I'm not sure they would under your circumstances but I didn't get an actual manual review until I explained the illegitimacy of the reasons in their CL counteroffer letter. If you could do that, maybe you'd stand a better chance of a manual review (assuming one hasn't really been done yet). Otherwise, I'd just wait it out and reapply like you said.

Re: Redstone FCU Visa Signature - Counter Offer

DatBoiQuick — Fri, 16 Feb 2024 22:19:00 GMT

They only sent me a counteroffer after the initial review of my application. The only reason for my denial was "Frequency of Financing" and said this was because I had too many credit cards in the last 6 months. I believe they sent my application to recon, I just dislike how they don't allow you to speak to underwriting and you must go through the credit department.

The only way I will re-apply for this card is if they offer me a pre-approval without a hard pull.