Morning all,
Well I decided I would attempt to see where I stand with trying to get the Redstone VS card because my Capital One Walmart Mastercard's annual promo ran out last month. I was using Walmart Pay at their gas pumps to receive 5% cash back and made over $400 in the year using it in conjunction with the promo.
I forgot I had my Experian report frozen and was asked to unlock it. I did so and the following day received a denial email and now I am waiting on the letter to arrive to see what the reason(s) were. I honestly wasn't expecting an approval and was wanting to see what I needed to secure one of these cards so it really wasn't a surprise. I also decided to apply for my other goal card (Apple Card) that I have been trying to acquire for 2 years now and was approved for $1,500 SL but haven't accepted the offer yet. I am kind of stuck between accepting the current offer and waiting to see if I can secure a higher starting limit. Open to suggestions on this matter and can post datapoints if needed.
Thanks,
Credit_Master
The Citi Custom cash is a good alternative to the Redstone CC. You will get 5% cash back up to $500 spent each month on gas or other categories. They give 5% back on which ever category is used the most each month.
So if you spent more in gas this month. That's where the 5% back would come from. If it were restaurants. Then that is where your 5% would calculate from.
@Credit_Master wrote:Morning all,
Well I decided I would attempt to see where I stand with trying to get the Redstone VS card because my Capital One Walmart Mastercard's annual promo ran out last month. I was using Walmart Pay at their gas pumps to receive 5% cash back and made over $400 in the year using it in conjunction with the promo.
I forgot I had my Experian report frozen and was asked to unlock it. I did so and the following day received a denial email and now I am waiting on the letter to arrive to see what the reason(s) were. I honestly wasn't expecting an approval and was wanting to see what I needed to secure one of these cards so it really wasn't a surprise. I also decided to apply for my other goal card (Apple Card) that I have been trying to acquire for 2 years now and was approved for $1,500 SL but haven't accepted the offer yet. I am kind of stuck between accepting the current offer and waiting to see if I can secure a higher starting limit. Open to suggestions on this matter and can post datapoints if needed.
Thanks,
Credit_Master
Sorry for the denial, I really like their card.
However, I wouldn't wait for the letter call them back today. Judging by the AppleCard offer I would guess you didn't qualify for the minimum visa signature limit of 5k. I would see if you could sweet talk them into reconsidering, the thing is you have to ask again the same day or they will consider it a second hp, or at least that is what they told me.
At the very least I would see if you could get them to issue you the non rewards card to at least salvage the hard pull.
Looking through your current card lineup, there are only a couple of cards that have a $5000 limit or more. The Visa Signature requires at least a $5000 limit as someone else pointed out. I was initally approved for less than $5000 and they offered me their lower tier card, but I called back and asked for reconsideration and they did end up approving me for a $10k Visa Signature instead.
It's worth a call to find out, since the hard pull has already happened.
@firefox100 wrote:I would not except the offer from Apple getting more cards with low limits will hurt in the long run. If you don't mind what is your income.
Sorry for the late reply. My current income is 46K but will soon go to 50K in a couple months.
Update:
Got the letter in the mail over the weekend and just now have had time to sit down and type this out. Full time job, part time student, and all other duties that come along with a single dad putting a 23 year old daughter through college just seems to get in the way 
. Letter states the following:
DESCRIPTION OF ACTION TAKEN
Requested Credit Denied
PRINCIPLE REASON(S) FOR CREDIT DENIAL...
Bankruptcy, Deliquent Credit History, Frequency of Financing
They pulled Experian (654) not sure which score. So I took the liberty of calling them today and spoke to a very nice lady in the loan department. I asked her if there was a rule with the institution on how long one must be from discharge if there was a bankruptcy reported. She placed me on hold so that she could ask one of the their credit analyst for clarification. She came back about 5 minutes or so later and stated that she was informed that my bankruptcy factored in to the denial along with the other reasons but there was not a rule per se with just a bankruptcy alone. She also stated that with my bankruptcy I can have no more than 2-3 inquiries (not sure what timespan). So it would appear that they are somewhat inquiry sensitive when it comes to bankruptcy.
Has anyone been approved with a bankruptcy on their report? Mine was a chapter 7 that was discharged in April 2021 so I am right at the 2 year mark that I know some institutions require you to be at before they will consider any approvals. Of course all this is from just one representative but she seemed pretty confident in what she was relaying to me from the credit analyst. So off to the garden I go in hopes that I can grab this card before it gets nerfed or disappears. I missed out on the AOD card so I am really hoping to not miss out on this one.
Regards,
Credit_Master (<- still really just a novice)
EX Inquiries = 0/6, 2/12, 6/24
@Guyatthebeach wrote:Credit_Master,
I was approved for my Rural King Visa with Redstone at around year 7 or 8 post chapter 7 bankruptcy. When I applied for the Redstone VS, I had 8 inquiries and 12 new account on my CR's.
I would let the delinquent payment history drop of your CR's before applying for any new credit. I think once you are showing a few years of positive payment history will help you obtain higher limit and lower APR cards.
Guyatthebeach
Thing is I don't have any delinquent payment history. Everything that was included in bankruptcy was paid up to date when I filed. I know the bankruptcy itself is a derog but think the payment history reason was just another excuse to add because of not wanting to just cite the bankruptcy. It will probably be discontinued or nerfed with my luck by the time I attempted another application for the card.
Credit_Master