I have not completed this process yet, simply documenting my journey through applying for this credit union and their card.
Applying to the FCU: Application was fairly straightforward, I am outside the geofence so I called in to ask what the process would be.
CSR told me it was not a problem and first asked if I was familiar with "Rural King" Rural King has a special relationship with the FCU and will pay your initial account fees. I am not near a Rural King so the rep gave me a list of service agencies I could make a donation. I ended up donating to a nonprofit for people with special needs... however they asked for no proof and when I asked the CSR about this was told "we take your word for it". (Use as you will)
I applied on Friday was approved for the credit union on Sunday, called in Monday to get my member number to sign up for online banking.
Because my end goal was the Credit Card I asked to be transferred to the credit products department...
Applying for the credit card: initially was told I couldn't apply yet because my membership was still being processed I asked a few pertinent questions, what model what CRA, DTI limits etc.
Rep told me CRA was Experian, Fico9, criteria was standard length of time at job, DTI, income, relationship to the credit union etc. said score was not necessarily a factor. This leads me to believe it is amanual review as opposed to computer algorithm.
Minimum credit limit is 5k and max is 10k one thing of note you have to give them a requested amount and if denied call back within 24 hours to ask for a lower amount they will not counter with a lower offer.
15 minutes later was called by the credit department stating my membership had cleared and did I want to apply?
Upon applying I was told I would hear back in 2-3 days by email after underwriters had a chance to review, I do not know if that was SOP or a soft denial by the CSR. I did ask if that was normal or if a non instant approval was a denial? He said it was normal and needed UR review. I asked if I should gather up pay stubs or not and was told that was not needed they had what they needed.
my credit stats:
experian f9c/bc 776/783 (I don't know which was used)
accounts lol/24
inqueries lol/24
DTI: 12%
Income: 91k
TCL: ~80k
Active loans: Auto 18.2k/24.5k
I asked for 10k current status: "pending"
Final thoughts extremely friendly CSR staff typical of small credit unions, like a step back in time with many aspects of account management still done in part by hand. Several errors related to invalid links in the online application process.
link to card applied for: https://www.redfcu.org/personal/credits-cards/
@Beefy1212 wrote:I have not completed this process yet, simply documenting my journey through applying for this credit union and their card.
Applying to the FCU: Application was fairly straightforward, I am outside the geofence so I called in to ask what the process would be.
CSR told me it was not a problem and first asked if I was familiar with "Rural King" Rural King has a special relationship with the FCU and will pay your initial account fees. I am not near a Rural King so the rep gave me a list of service agencies I could make a donation. I ended up donating to a nonprofit for people with special needs... however they asked for no proof and when I asked the CSR about this was told "we take your word for it". (Use as you will)
I applied on Friday was approved for the credit union on Sunday, called in Monday to get my member number to sign up for online banking.
Because my end goal was the Credit Card I asked to be transferred to the credit products department...
Applying for the credit card: initially was told I couldn't apply yet because my membership was still being processed I asked a few pertinent questions, what model what CRA, DTI limits etc.
Rep told me CRA was Experian, Fico9, criteria was standard length of time at job, DTI, income, relationship to the credit union etc. said score was not necessarily a factor. This leads me to believe it is amanual review as opposed to computer algorithm.
Minimum credit limit is 5k and max is 10k one thing of note you have to give them a requested amount and if denied call back within 24 hours to ask for a lower amount they will not counter with a lower offer.
15 minutes later was called by the credit department stating my membership had cleared and did I want to apply?
Upon applying I was told I would hear back in 2-3 days by email after underwriters had a chance to review, I do not know if that was SOP or a soft denial by the CSR. I did ask if that was normal or if a non instant approval was a denial? He said it was normal and needed UR review. I asked if I should gather up pay stubs or not and was told that was not needed they had what they needed.
my credit stats:
experian f9c/bc 776/783 (I don't know which was used)
accounts lol/24
inqueries lol/24
DTI: 12%
Income: 91kTCL: ~80k
Active loans: Auto 18.2k/24.5k
I asked for 10k current status: "pending"
Final thoughts extremely friendly CSR staff typical of small credit unions, like a step back in time with many aspects of account management still done in part by hand. Several errors related to invalid links in the online application process.
link to card applied for: https://www.redfcu.org/personal/credits-cards/
First off congradulations Redstone has been great to me so far. I also went through the process with them to get the card and it was not fun to say the least. Tax returns, bank statements, ID, etc... you name it I had to show it. For me it took almost 2 weeks to finally get approved. I asked for the 10K and they countered with 7.5K good enough. You should also know that 10K is the max period you can get and if they approve you for that amount it will never go up unless they decide to change there policies again which has happened in the past so ya never know. Best of luck to you I know you will enjoy the card whenever it is finally approved and you receive it. Word of caution like most CUs they suck in the technology field and you will find the app very cumbersome just a small annoyience but whos counting LOL.
@hawkins Well it appears I won the hassle free application lotto today then.
Just got my approval email for 10,000 and 16.5% apr no POI, no tax returns, Just had to click through an online docusign form.
