topic Re: Fidelity rewards/Elan financial approval😡😔 in Credit Card Approvals

Fidelity rewards/Elan financial approval😡😔

shirleyland — Wed, 18 May 2022 21:21:11 GMT

I decided to apply for the card since I have a Brokerage account with Fidelity and to use the 2% rewards toward my account.

I applied and approved for $1000. Not that I'm not thankful but I haven't had a limit that low in 25 years.
All scores are over 815, dtr 6%, multiple top tier cards with large limits. Household income over $250,000. Available credit well over $650,000. I use my cards and pay balances off before closing of the statement date of each month.

I even have a BMW card issue by Elan financial with an ok limit of 16,000. I've had this card for 10 yrs.

I call for a recon on the limit, Rep states” we would have to pull another credit report”

No thank you ma'am, I'm livid!

What gives you guys??

Re: Fidelity rewards/Elan financial approval😡😔

CreditAggie — Wed, 18 May 2022 21:30:47 GMT

Congratulations on your Fidelity Rewards approval!

Re: Fidelity rewards/Elan financial approval😡😔

gdale6 — Wed, 18 May 2022 21:38:34 GMT

Grats on getting the Fidelity card approved

This is US Bank, the low approval is possibly due to them wanting to see how you do with the card since you have so much available credit. Elan is conservative like US Bank.

Re: Fidelity rewards/Elan financial approval😡😔

cashorcharge — Wed, 18 May 2022 21:42:18 GMT

That's terrific!! Congratulations on your Elan Approval!! 🎉🥂👏

Re: Fidelity rewards/Elan financial approval😡😔

CreditMagic7 — Wed, 18 May 2022 22:17:50 GMT

Congratulations on the Fidelity Rewards approval!

Re: Fidelity rewards/Elan financial approval😡😔

Yasselife — Wed, 18 May 2022 22:51:14 GMT

Congratulations for your overall success. 🤓

Re: Fidelity rewards/Elan financial approval😡😔

FinStar — Wed, 18 May 2022 23:04:15 GMT

@shirleyland wrote:
I decided to apply for the card since I have a Brokerage account with Fidelity and to use the 2% rewards toward my account.
I applied and approved for $1000. Not that I'm not thankful but I haven't had a limit that low in 25 years.
All scores are over 815, dtr 6%, multiple top tier cards with large limits. Household income over $250,000. Available credit well over $650,000. I use my cards and pay balances off before closing of the statement date of each month.
I even have a BMW card issue by Elan financial with an ok limit of 16,000. I've had this card for 10 yrs.
I call for a recon on the limit, Rep states” we would have to pull another credit report”
No thank you ma'am, I'm livid!
What gives you guys??

Not sure there'd be a reason to be livid, tbh. While the SL wasn't what you expected and somewhat of a disappointment, they did offer an option (which is very common with US Bank and ELAN) to re-review or have the SL reconsidered manually, albeit with another HP.

It appears algorithms evaluated your TCL, overall profile and current ELAN exposure to determine $1K was a suitable credit limit. How much are you even running through the BMW card? It almost sounds like you're not even using much of the $650K+ and if you're not letting some balances report, then AI/algos are likely not seeing much activity run through your existing tradelines.

Re: Fidelity rewards/Elan financial approval😡😔

KingRue8500 — Wed, 18 May 2022 23:12:36 GMT

Congrats on your Fidelity Rewards approval

Re: Fidelity rewards/Elan financial approval😡😔

Spotsy — Wed, 18 May 2022 23:41:55 GMT

it sounds like you are using the AZEO method to manage your credit profile, if you are paying off balances before the statement cuts. That may be what is hurting you, not necessicarily from a credit score perspective. I am guessing, but they are not seeing utilization of those limits and may be leary of plunking a new fat CC in your lap as they see it as not it being used, therefore not very profitable.....but I am just guessing.

You have stellar credit and income...at least they said yes! Did they give you a good interest rate? The CL will grow with usage...but let balances report...especially if they are under 10% utilization of the cards limit. Even under 30% utilization is not going to hurt your score too terribly bad...they can at least see utilization. Carrying a high balance month after month will hurt some though. They can see the past reported balances....but if they are always zero....

my 3 cents...

Re: Fidelity rewards/Elan financial approval😡😔

PapaTunde — Wed, 18 May 2022 23:48:22 GMT

Congrats !!! .... I suppose

Re: Fidelity rewards/Elan financial approval😡😔

shirleyland — Thu, 19 May 2022 01:57:11 GMT

“Livid” was an emotion I experienced briefly when I saw my credit limit.Tbh, emotions are perfectly normal and I'm over it now. I use all my cards regularly, and pay them off. I keep all my cards active to avoid closure. Thank you so much for your feedback.

Re: Fidelity rewards/Elan financial approval😡😔

babygirl1256 — Thu, 19 May 2022 04:37:28 GMT

Congrats on your Fidelity rewards approval.

Re: Fidelity rewards/Elan financial approval😡😔

Danmae777 — Thu, 19 May 2022 10:23:19 GMT

Congratulations on your new approval.

Re: Fidelity rewards/Elan financial approval😡😔

Mdowning30 — Thu, 19 May 2022 11:24:27 GMT

Im glad i switched from Fidelity to Charles Schwab, i thought about getting that 2% card. Im still in shock that AmEx started me with $6K for their Investor Card, i was expecting less.

Re: Fidelity rewards/Elan financial approval😡😔

Tbonetonyr — Fri, 08 Jul 2022 01:37:12 GMT

Wow 🥺 I know you are pissed. I would be too. The positive is at least you didn't waste an inquiry. You were approved, but I definitely understand your frustration especially with scores over 800.

I just got their offer to apply. I think I will pass this go around. I have a Brokerage account with them as well.

Re: Fidelity rewards/Elan financial approval😡😔

sjt — Fri, 08 Jul 2022 18:15:52 GMT

You can contract the recon/credit analysis department and ask for a reconsideration of your initial credit line. If its within 30 days, they will NOT pull another credit report.

I think the reason for the low credit line is your available credit.

Re: Fidelity rewards/Elan financial approval😡😔

calisig — Fri, 08 Jul 2022 18:25:47 GMT

Another member posted a low CL approval for a US Bank Corp card recently, and I think it had to do with high x/6 and x/12. He was 7/12. In the past, US Bank has flat out declined 4 or 5 /12, but I have been seeing data points recently that suggest that instead of declining, USBC has been approving higher x/6 and x/12, but with low limits.

I wonder if your low limit is related to your x/6 and or x/12?

If you don't mind, could you please share your x/6 and x/12 (x=number of new accounts opened / last 6 and 12 months)? These are critical data points for US Bank, and since Elan is owned by US Bank Corp, it will be interesting and useful for our community to develop these data points for Elan and see how similar they are to US Bank.

Congratulations on your new Fidelity / Elan card!