Redstone FCU mixed results - need advice

[Kersplaz]

Recently applied for the Redstone FCU Visa card. Got approved but not for the Visa signature (the good one) but for the Traditional (the worthless one). Credit Limit of $1K.

They pulled Transunion and said my score was 768 in the approval email. My credit file is thin and I have gotten some credit cards this year. I don't have any black marks on my file and I have a decent income.

I asked for reconsideration and sent paystubs and was denied - they just re-offered the first approval.

I want to know if anyone's had luck getting a CLI from Redstone FCU. Worried about getting bucketed. Any advice on if it's worth it to use this basically worthless card for a few months? Considering not taking the card.

[4100maddog]

Weird. When I called for recon, they approved. I have a low 700, high 600 fico.

Have you consider posing your question in the r/HuntsvilleAlabama subreddit?

I was able to get most of my questions answered by longterm customers of rfcu.

[Kersplaz]

Thanks for the reply.

When I called for recon, I talked to a person for like a minute - they said they would email me. Then I had to submit some paystubs and photo ID.

I'm not from Alabama, I used the Financial Fitness Association as a work-around, but I will ask in r/HuntsvilleAlabama.

[Guyatthebeach]

@Kersplaz ,

Welcoome to the forum. 

I joined Redstone from getting a Visa through Rural King and also I don't live in Alabama. When I joined the CU my chapter 7 bankruptcy was still on my CR at the time I joined. When I got the Redstone VS, my bankruptcy had already fallen off my CR.

I do know from reading on other forums, that Redstone has started tightening their underwriting. You indicated your CR is thin. How thin is it? You may need to improve your DTI. Redstone looks at that too. 

From my point of view, Redstone does not bucket their card, but also they will not let you do product changes either. I would keep the card and utilize their Brighter Days savings. Once your accounts age and your address the DTI, then reapply.

Guyatthebeach 

[Kersplaz]

Thanks for the reply.

My DTI ratio should be good? Monthly, I take home $3K (after taxes/health insurance/retirement contributions) and pay $1K in rent. I have no debt except a student loan - $2K and 7 years old - that I can pay off but helps my average age of accounts. My file is pretty thin but I had no issues with other lenders. My average age of accounts is 3 years old. I recently got into credit cards and have gotten 3 this year - 1 in January, 2 in February. My oldest credit card is 4 years old. Those 5 things - 4 cards and the student loans - are the only debts/financial things I have.

"they will not let you do product changes either" - does that mean that I cannot get a CLI that will upgrade me to the Visa Signature card? I haven't signed the paperwork for the card and am feeling very frustrated and just want to cut my losses. I'm not going to use the Traditional card at all because there's no benefits to the card.

[Tcal]

---

@Kersplaz wrote:

Recently applied for the Redstone FCU Visa card. Got approved but not for the Visa signature (the good one) but for the Traditional (the worthless one). Credit Limit of $1K.

They pulled Transunion and said my score was 768 in the approval email. My credit file is thin and I have gotten some credit cards this year. I don't have any black marks on my file and I have a decent income.

I asked for reconsideration and sent paystubs and was denied - they just re-offered the first approval.

I want to know if anyone's had luck getting a CLI from Redstone FCU. Worried about getting bucketed. Any advice on if it's worth it to use this basically worthless card for a few months? Considering not taking the card.

---

That's very peculiar because I got $5k recently after a pretty significant spree, and with a worse FICO score. 

Either they indeed are tightening underwriting, or there's something in your profile that's spooking them. 

The only thing that might be different is that I didn't app right away after joining; I waited 1-2 months first.

It also might be the thin profile. I have a lot of ~9 year old closed loans buffing up my age of accounts.

[SouthJamaica]

---

@Kersplaz wrote:

Recently applied for the Redstone FCU Visa card. Got approved but not for the Visa signature (the good one) but for the Traditional (the worthless one). Credit Limit of $1K.

They pulled Transunion and said my score was 768 in the approval email. My credit file is thin and I have gotten some credit cards this year. I don't have any black marks on my file and I have a decent income.

I asked for reconsideration and sent paystubs and was denied - they just re-offered the first approval.

I want to know if anyone's had luck getting a CLI from Redstone FCU. Worried about getting bucketed. Any advice on if it's worth it to use this basically worthless card for a few months? Considering not taking the card.

---

I have a hunch, and it's only a hunch, that the "good" card from Redstone will wind up being nerfed at some point, for the same reason they're "tightening their underwriting" for it. By my calculations it's just not profitable.

[hawkins]

Thats the thing when you apply you dont get a choice about which one they approve you for. It is very annoying Im sure but I will tell you to take it and hang tight with them. Redstone has been a great credit union for me and I am sure they will for you too. They can be very picky with the VS I had to go through alot to get it myself but managed to get it. That card is a money making machine I use it for alomst everything now and have made a pantload of cash back since I got the card back in February. It might take you a while longer to get it but if you hang in there it will happen. After about 3 months with them I had all sorts of preapprovals for loans, cars, etc... I even took the personal loan offer from them all they asked was how much I wanted and where to send it. I had the money in my account the same day. I cannot speak highly enough about them. Hang in there it will happen. As to tightening UW standards it would not at all surprise me. The economy is not all that great so most if not all FIs would be or should be doing the same. Best of luck to you whatever you decide.

[DatBoiQuick]

They are prob realizing the card isnt profitable