topic Re: Max Cash Preferred Card 7-10 Day Message in Credit Card Applications

Max Cash Preferred Card 7-10 Day Message. Secured Card Route?

Credit_Master — Thu, 07 Apr 2022 03:12:38 GMT

Hi my fellow MyFICOers,

So I applied for the Max Cash Preferred credit card through one of my local banks. I received the ole 7-10 day message. Here is to preparing for the worse and hoping for the best. I applied knowing that I have a pretty good chance of it being a denial and figured I would at least know what I needed to work one for the next time I apply. I have two local banks that offer this card and I am hoping to get them both. My bankruptcy discharge may not be old enough and/or too many inquires in the past 6 months who knows what they will come back with.

Credit_Master

Re: Max Cash Preferred Card 7-10 Day Message

DakotaM — Fri, 18 Mar 2022 03:33:36 GMT

I applied for them recently with some new inquiries/cards a few months prior. Mine went pending and they approved me a couple days later for $2,000. I don't know how they view bankruptcy discharge though.

Re: Max Cash Preferred Card 7-10 Day Message

bigseegar — Fri, 18 Mar 2022 12:04:53 GMT

Of course none of us work for them or have a crystal ball, and while not alwasy of course, but the 7-10 Day message is more times than not the kiss of denial death. Especially with a prior BK still showing and a lot of INQ in a short period as it looks like credit seeking behavior to the lender. Good luck though, you never know!

Re: Max Cash Preferred Card 7-10 Day Message

Credit_Master — Mon, 21 Mar 2022 21:36:57 GMT

Update:

So I called customer service to see if their was any information on the status on this application. The representative very politely informed me that it was denied due to bankruptcy. I had a strong feeling this was going to be the case but after asking about the length of bankruptcy she told me that it had to be no less than 4 years old. I'm not sure if that is also true if you included them in the bankruptcy. I then inquired about the secured version of this card and she told me that as long as I didn't include them in the bankruptcy I would be eligible for the card. I still do not have any alerts pertaining to a hard pull from them. I may close my last secured card ($500 CL) and use that money to apply for this secured card. The rewards appear to be the same for the secured card and it fits my spend the best of any of my other cards. I failed to ask if the secured card graduates like the US Bank Cash+ secured card does.

Credit_Master

Re: Max Cash Preferred Card 7-10 Day Message

FinStar — Mon, 21 Mar 2022 21:42:23 GMT

@Credit_Master wrote:
Update:
So I called customer service to see if their was any information on the status on this application. The representative very politely informed me that it was denied due to bankruptcy. I had a strong feeling this was going to be the case but after asking about the length of bankruptcy she told me that it had to be no less than 4 years old. I'm not sure if that is also true if you included them in the bankruptcy. I then inquired about the secured version of this card and she told me that as long as I didn't include them in the bankruptcy I would be eligible for the card. I still do not have any alerts pertaining to a hard pull from them. I may close my last secured card ($500 CL) and use that money to apply for this secured card. The rewards appear to be the same for the secured card and it fits my spend the best of any of my other cards. I failed to ask if the secured card graduates like the US Bank Cash+ secured card does.

Credit_Master

Not many DPs on secured ELAN CCs and/or graduations. But, if you decide to go the US Bank route, their secured cards graduate. Examples include Cash+ (secured), AltitudeGO (secured), etc. Any graduation reviews/requests are typically HP btw.

As far as CR alerts, some can be delayed -- ELAN has been known to pull any of the 3, just like US Bank.

Re: Max Cash Preferred Card 7-10 Day Message

Remedios — Mon, 21 Mar 2022 22:22:43 GMT

US Bank is 5 years post filling for unsecured accounts. I'd imagine Elan would be same.

Secured cards, I don't know if there is any waiting period but you have to have significant improvement before they unsecure, and getting them to unsecure requires HP.

I don't know if presence of BK would delay that process since they won't even consider applications for unsecured product for 5 years

Re: Max Cash Preferred Card 7-10 Day Message

increasingmyfico — Mon, 21 Mar 2022 23:49:57 GMT

@Credit_Master wrote:
Update:
So I called customer service to see if their was any information on the status on this application. The representative very politely informed me that it was denied due to bankruptcy. I had a strong feeling this was going to be the case but after asking about the length of bankruptcy she told me that it had to be no less than 4 years old. I'm not sure if that is also true if you included them in the bankruptcy. I then inquired about the secured version of this card and she told me that as long as I didn't include them in the bankruptcy I would be eligible for the card. I still do not have any alerts pertaining to a hard pull from them. I may close my last secured card ($500 CL) and use that money to apply for this secured card. The rewards appear to be the same for the secured card and it fits my spend the best of any of my other cards. I failed to ask if the secured card graduates like the US Bank Cash+ secured card does.

Credit_Master

Elan cards can be unsecured. I called in and requested it in Jan. They pulled my credit and gave me same limit as my secured card ($5000). My card was just shy of four years when I called.

Re: Max Cash Preferred Card 7-10 Day Message

Credit_Master — Mon, 04 Apr 2022 23:56:13 GMT

So I called Elan Financial Services this evening to enquire about using the same pull (Equifax) for the banks secured version of the Max Cash Preferred Card and the representative said they would use the same pull up to 3 months. I have heard of financial institutions using the same pull up to 30 days but never 3 months. Of course this was just coming from one representative so who knows if that is actually the case. Thought I would share the data point just the same. Oh and I have pretty much talked myself out of getting the secured card even though it would fit my spend like a glove unless somone can convince me to do otherwise. I was planning on getting a $1,000 SL and possibly going for two cards instead of just one.

I will be getting a bonus check the end of this month and may use some of it to see if the same pull for 3 months is actually a thing.

Credit_Master

Secured Elan Max Cash Preferred Card

Credit_Master — Wed, 06 Apr 2022 23:33:07 GMT

Hello everyone,

Trying to decide if it is worth going after this card since I am currently not eligible for the unsecured version due to BK7. Anyone have this card or have had it and can voice their opinion on it. I understand that opinions are subjective to say the least but according to a CSR with Elan Financial I still have 3 years before I am eligible for the unsecured version. I figure I could get this card to show credit worthiness in hopes of getting one when the time comes. As best as I can tell the secured version is no different from a rewards standpoint than the unsecured version.

Best,

Credit_Master

Re: Secured Elan Max Cash Preferred Card

azpro — Thu, 07 Apr 2022 02:06:02 GMT

Not sure

@Credit_Master wrote:
Hello everyone,

Trying to decide if it is worth going after this card since I am currently not eligible for the unsecured version due to BK7. Anyone have this card or have had it and can voice their opinion on it. I understand that opinions are subjective to say the least but according to a CSR with Elan Financial I still have 3 years before I am eligible for the unsecured version. I figure I could get this card to show credit worthiness in hopes of getting one when the time comes. As best as I can tell the secured version is no different from a rewards standpoint than the unsecured version.

Best,
Credit_Master

For me, it wasn't worth it. I already have US Bank. With Elan Max I got a very low limit unsecured. It's not even 2% of the limit of my highest credit card. Not sure if unsecured cards are denied. I'm using my unsecured card as a secured card, most frustrating part is that they hold on to clear excess payments for about 5 days.

Re: Secured Elan Max Cash Preferred Card

Credit_Master — Thu, 28 Apr 2022 15:26:43 GMT

Yet another update:

Just received two emails on approvals for the Secured Max Cash Preferred credit cards. SL of each are $1,000 and will group the categories to get the most out of each card. So far their were no hard pulls for the cards so the 90 days to use a pull seems to be legit. I am just at 1 year post discharge so will hold on to see if I can get these unsecured around the 4 or 5 year mark. I have no plans to apply for anything else in the distance future.

Credit_Master

Re: Secured Elan Max Cash Preferred Card

Credit_Master — Sat, 30 Apr 2022 00:19:19 GMT

So it would appear that I was given incorrect information from the rep I spoke with in reference to him stating that I could use the first hard pull for up to 90 days. Received a hp on Transunion on March 15th for the unsecured Max Cash Preferred card and then another for the two secured cards on April 19th. I will place a call and see if the 90 day rule is in effect and if so see about getting the 2nd hp removed. If I am unsuccessful it won't really be that big a deal as I plan to garden for a while now.

Credit_Master

Re: Max Cash Preferred Card 7-10 Day Message. Secured Card Route?

gdale6 — Sat, 30 Apr 2022 17:37:21 GMT

As OP has now been approved this thread is closed to further comment. Approval thread can be found here

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Secured-Max-Cash-Preferred-Approvals/td-p/6528884