topic Elastic LLC Line of Credit, worthwhile? in Rebuilding Your Credit

Elastic LLC Line of Credit, worthwhile?

Anonymous — Mon, 18 May 2015 18:29:56 GMT

I am rebuilding my credit after a huge hit in 2008 with medical issues with my wife while I wasn't working..

We have pretty much weathered the storm and the baddies are dropping off and will be almost all gone by Feb 2016.

I have 5 small CCs now and my scores are in the mid 600 range.

I have received two letters from Elastic Llc saying I am pre-selected for a line of credit of 2500. I cant find out what the interest rate is without applying and the only thing on the letter that looks ominous is the last sentence that says 'this is an expensive form of credit and should not be used as a long term solution'.

I do not have a LOC and I am wondering if it is a good idea to have one to improve my scores. I do not intend to use the LOC for anything except improving scores.

I did have a small loan for a used car for three years that I successfully paid off with zero lates or problems, however, it was from a small mom and pop car lot that did not report to the CRAs.

Thanks for any advice.

Re: Elastic LLC Line of Credit, worthwhile?

gdale6 — Thu, 21 May 2015 02:16:21 GMT

@Anonymous wrote:
I am rebuilding my credit after a huge hit in 2008 with medical issues with my wife while I wasn't working..
We have pretty much weathered the storm and the baddies are dropping off and will be almost all gone by Feb 2016.
I have 5 small CCs now and my scores are in the mid 600 range.
I have received two letters from Elastic Llc saying I am pre-selected for a line of credit of 2500. I cant find out what the interest rate is without applying and the only thing on the letter that looks ominous is the last sentence that says 'this is an expensive form of credit and should not be used as a long term solution'.

I do not have a LOC and I am wondering if it is a good idea to have one to improve my scores. I do not intend to use the LOC for anything except improving scores.

I did have a small loan for a used car for three years that I successfully paid off with zero lates or problems, however, it was from a small mom and pop car lot that did not report to the CRAs.

Thanks for any advice.

I would pass based on that alone, it would report as a revolving account and you already have revolvers. If you want an LOC see about getting one from a local CU, much better rates.

Re: Elastic LLC Line of Credit, worthwhile?

Anonymous — Thu, 21 May 2015 03:27:49 GMT

@Anonymous wrote:
I am rebuilding my credit after a huge hit in 2008 with medical issues with my wife while I wasn't working..
We have pretty much weathered the storm and the baddies are dropping off and will be almost all gone by Feb 2016.
I have 5 small CCs now and my scores are in the mid 600 range.
I have received two letters from Elastic Llc saying I am pre-selected for a line of credit of 2500. I cant find out what the interest rate is without applying and the only thing on the letter that looks ominous is the last sentence that says 'this is an expensive form of credit and should not be used as a long term solution'.

I do not have a LOC and I am wondering if it is a good idea to have one to improve my scores. I do not intend to use the LOC for anything except improving scores.

I did have a small loan for a used car for three years that I successfully paid off with zero lates or problems, however, it was from a small mom and pop car lot that did not report to the CRAs.

Thanks for any advice.

I agree with gdale - stay away. For scoring purposes, if you need an installment account, just put $500 in SDFCU and get a secured personal loan. You'll get just as much FICO mileage from it for 14 bucks a month.

Re: Elastic LLC Line of Credit, worthwhile?

Anonymous — Thu, 21 May 2015 03:58:06 GMT

Yea, I'd steer clear of that offer. Straight to the shredder. It reminds me of that TV commercial for Western Sky Financial $10,000.00 loan. If you read the fine print, you're monthly payments were almost $800.00 a month with a total payback of just under $65,000.00 !!!!!! If you need to 10K THAT BAD, I'd doubt you'd be able to make the almost $800.00 monthly payments. This ad made that same statement concerning "this is an expensive form of credit blah, blah, blah". These are basically legal loan sharks who prey on the poor and vulnerable.

Look at the facts:
1. They are a 100% Native American-owned business operating on a Native American Reservation (sovereign ground) so they are not bound by normal laws of whatever state they are in.

2. Their current commercial has been edited to remove the “Sure it’s expensive” from it.

3. The APR for a typical loan of $10,000 is 89.68% with 84 monthly payments of $743.99.
Lets look at the figures: Almost 90% for a loan! Really, in any other place besides sovereign ground (ie: Native American Reservation) that would be illegal.

So lets say you are desperate enough to use them here are the real figures:

$10,000.00 Loan

APR – 89.68% (.32% less than 90%)

84 monthly payments = 7 years

monthly payments of $743.99

if you take the $743,99 x 84 months = $62,495.16 pay back for a $10,000 loan.
$62,495.16 to pay a $10,000 loan.

Re: Elastic LLC Line of Credit, worthwhile?

Anonymous — Thu, 21 May 2015 05:13:52 GMT

Thanks for the information and advice about the Elastic offer.

I agree and will not be using them at all. They must be relatively new because I cant find much even through google.

I went to their website to look around but didnt click on anything or register. Even that much makes me want to give my browser a shower now, lol.

I will check out the sdfcu site and consider it for the future.

Re: Elastic LLC Line of Credit, worthwhile?

Anonymous — Sun, 14 Jun 2015 21:07:00 GMT

They approve everyone. There is no APR. I have used "Plain Green Loans" in the past for medical bills as well and they're APR had me paying three times as much as I was lent and it took a year contract. With Elastic, for whatever amount you want to borrow or is left in your "account", which means your remaining balance, they charge you a set fee. For example: borrow 20$ no fee. borrow 21-50$ and it's a $1 fee. borrow 200-300$ and it's a 25$ fee etc. you can borrow up to 2,500$. If you no loger need the remainder of the money you simply pay it back. I hope this helps in case you have an emergency financial situation.

Re: Elastic LLC Line of Credit, worthwhile?

Anonymous — Mon, 15 Jun 2015 02:19:12 GMT

indigohazey - thanks for the info, very helpful.

I dont have an exact need or demand for money now, just trying to maximize my credit scores right now.

I dont have an auto loan now and it will be several months until I can buy a car.

I was looking for an installment loan to satisfy the elusive and mystical fico algorithms.

your information is good to know though.

Re: Elastic LLC Line of Credit, worthwhile?

Anonymous — Thu, 13 Aug 2015 10:01:31 GMT

I'm hoping that ELASTIC is worthwhile because I was approved for 3500 and only requested 500 of the 3500. i did see the statement (this is an expensive line of credit) but I really over looked it because I have never seen a statement on any term&condition on any letter for a line of credit or loan that I've gotten before. So as of now I'm waiting to receive the $500 its been like 3 days of waiting as of now. i will keep you posted regarding me getting the money an how expensive it is...

Re: Elastic LLC Line of Credit, worthwhile?

Anonymous — Thu, 13 Aug 2015 16:23:37 GMT

Run. Run far, run fast.

If you want to improve credit mix with an installment loan, open an account with SDFCU and get a $500 secured loan with 3 year terms as 3.99%.

Re: Elastic LLC Line of Credit, worthwhile?

Anonymous — Sun, 06 Sep 2015 01:40:35 GMT

Do you mind me asking what was the enrollment code for elastic?

Re: Elastic LLC Line of Credit, worthwhile?

J91605 — Sun, 06 Sep 2015 07:58:31 GMT

I have to agree with gdale and Norman. With a statement like that they are basically stating they are going to rob you. Definitely payday loan status.

Re: Elastic LLC Line of Credit, worthwhile?

Anonymous — Mon, 07 Sep 2015 04:11:25 GMT

The letter with my offer has long been destroyed, sorry.

I suspect they are coded to a specific individual and cant be transferred.

You might try just looking raound on their website.

hth

Re: Elastic LLC Line of Credit, worthwhile?

Anonymous — Wed, 18 May 2016 14:46:46 GMT

This no longer holds true. the government cahnged this in 2013. they no longer have immunity.

Re: Elastic LLC Line of Credit, worthwhile?

Anonymous — Mon, 25 Sep 2017 18:11:32 GMT

Miss Byrne,

the response you give is awesome. I was about to do the same thing not build my credit but to catch up with bills. You are right, you can't response to negative thoughts. If you do you get a negative result.

Re: Elastic LLC Line of Credit, worthwhile?

Anonymous — Mon, 25 Sep 2017 19:13:06 GMT

"'this is an expensive form of credit and should not be used as a long term solution'."

That should tell you everything you need to know. Run fast, run far.

If you need an installment loan for score purposes do a small share secured loan from SDFCU or other similar CU.

Re: Elastic LLC Line of Credit, worthwhile?

Anonymous — Tue, 14 Nov 2017 18:38:20 GMT

T9F6J4

Re: Elastic LLC Line of Credit, worthwhile?

Anonymous — Mon, 19 Mar 2018 21:18:54 GMT

I actually don't think it's that bad of a loan option if your credit isn't that great. I also was offered $2500 line of credit. Took $700 advance & pmts are $75 every 2 weeks (my paydates) . By the time I've paid off the loan it will cost $900. Money was deposited next day. Payments taken from my chk. Acct.