topic Re: How is Elan about CLIs? in Credit Cards

How is Elan about CLIs?

Anonymous — Sat, 12 Nov 2016 03:48:11 GMT

I don't read too much about Elan here (owned by US Bank), but I have a CC from my local bank that is done through Elan. It's a student card with a $500 SL that I got approved for 7 months ago. I activated it right away but didn't actually make any purchases with it during my first month, so really I have six months of usage with it now.

I had called a CSR three months ago about CLIs, and she said it's a hard pull and that I should wait until six months. Right now I have three pulls on EQ, three on TU, and at least one on EX. I will be applying for a Chase Freedom and Amex BCP sometime in the next couple months, so I don't want to waste inquiries here and make my report look like I'm too desperate.

I have PIF and paid on time every month. No baddies, no issues. Does Elan actually give decent increases, or should I not bother taking the hard pull? I don't want to burn a hard pull for a measly $200 increase or something. Would having a higher limit with an extra inquiry look better to Chase and Amex than my current limit on the card with on less inq? I only have two cards on total, my other being a QS MC that also has a $500 limit. The CapOne CLI is a soft pull and I will be requesting a CLI on that one later this month after my third statement comes out and gets paid.

Re: How is Elan about CLIs?

Anonymous — Sat, 12 Nov 2016 07:07:12 GMT

I am also curious about increases from Elan, it is awful that they hard pull for increases!

I will not be much help sadly.

I have had my card through Elan since July, I have never requested an increase or considered asking for one they gave me $4,800 with 6 months of credit history, I was in shock, to say the least. The fact that they have a minimum amount of points you need before you can cash out your cashback keeps me from using the card.

Personally, I would not waste a hard pull for a credit limit increase but that is probably because I have many cards that do soft pull increases....

I had no clue they were owned by USBank

Re: How is Elan about CLIs?

mattmyFIC0 — Sat, 12 Nov 2016 14:13:17 GMT

From my understanding elan == us bank. I think they use the same UWs. Anyway, this thread might be helpful even though it is dealing with us bank info: http://ficoforums.myfico.com/t5/Credit-Cards/Question-about-US-Bank-CLI/td-p/4609667

Re: How is Elan about CLIs?

CreditCuriosity — Sat, 12 Nov 2016 14:27:40 GMT

Alot of Us Bank/Elan CC's although uncertain about student cards see a SP CLI on the 9th statement. Something to keep in mind.

Re: How is Elan about CLIs?

bldmt — Sat, 12 Nov 2016 14:45:50 GMT

I can second CC's reply. I was approved for the Elan Fidelity Visa back in January. In October, they auto CLI'd me +$2.5K.

CC, question for you. Is this an every 9 month occurence?

Re: How is Elan about CLIs?

jason86423 — Sat, 12 Nov 2016 15:05:36 GMT

I have two Elan issued cards. It seems about every 13 months they send a notice on my statements that I'm eligible to increase my CL with no pull. Just have to enter my current income and it comes back in about 5 seconds with a "congrats" message.

Like clockwork, its usually about 25% of my current credit line.

One card started off at $500 about 10 years ago, that is now at $13,500

The other card started at $2500 about 6 years ago, that one is now at $17,500

Re: How is Elan about CLIs?

Anonymous — Sat, 12 Nov 2016 16:11:15 GMT

Thanks for the info guys. Guess I'll hold off and see if the 7th statement auto CLI happens and go from there. Seems like this card will grow very slowly.

Re: How is Elan about CLIs?

MugenCivicSi83 — Sat, 12 Nov 2016 16:32:04 GMT

@bldmt wrote:
I can second CC's reply. I was approved for the Elan Fidelity Visa back in January. In October, they auto CLI'd me +$2.5K.
CC, question for you. Is this an every 9 month occurence?

woohoo auto CLI! I just got the Elan Fidelity Visa Signature $7.5k SL. so that would be me at 10k in july '17!

Re: How is Elan about CLIs?

creativeZero7 — Fri, 18 Nov 2016 17:06:38 GMT

I currently have two Elan issued cards through my local bank. A Visa Signature and a Visa Business card both issued in late 2011. Both started out at $7,500 limits and have never grown past that. I get offers now and again to apply for CLI's but have never seen an auto increase. It is an application for additional credit with a hard pull for me.

My experience has been mostly positive with Elan but nothing exciting. My limits were fine when I opened the cards so it doesn't really bother me. I'm not too sure exactly how their relationship goes back to the local banks in the sense that it could be a policy of not to auto CLI for some instituations, etc.