How to get approved for Elan Financial business credit card

[Bladematthewslp]

Hello. I know that smaller banks and credit unions partner with Elan Financial to offer credit cards to their banking customers. When it comes to business credit cards serviced through Elan Financial, how can I increase my chances of getting approved? Do I have to have a checking account with the financial institution or can I be approved without any previous relationship? 

[jaxstraw]

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@Bladematthewslp wrote:

Hello. I know that smaller banks and credit unions partner with Elan Financial to offer credit cards to their banking customers. When it comes to business credit cards serviced through Elan Financial, how can I increase my chances of getting approved? Do I have to have a checking account with the financial institution or can I be approved without any previous relationship? 

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I'd be more concerned with how they report.

As far as I know we have no data points for Elan issued biz CC's.

I would inquire with any lender institution to see if it s a true biz card before applying.

https://ficoforums.myfico.com/t5/Business-Credit/Which-Bank-Biz-Cards-Report-To-Biz-Credit-Reports/t...

[Bladematthewslp]

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@jaxstraw wrote:

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@Bladematthewslp wrote:

Hello. I know that smaller banks and credit unions partner with Elan Financial to offer credit cards to their banking customers. When it comes to business credit cards serviced through Elan Financial, how can I increase my chances of getting approved? Do I have to have a checking account with the financial institution or can I be approved without any previous relationship? 

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I'd be more concerned with how they report.

As far as I know we have no data points for Elan issued biz CC's.

I would inquire with any lender institution to see if it s a true biz card before applying.

https://ficoforums.myfico.com/t5/Business-Credit/Which-Bank-Biz-Cards-Report-To-Biz-Credit-Reports/t...

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I already contacted both the financial institution that partners with Elan to issue credit cards and Elan customer service directly. It is really a business credit card. They report to Dun and Bradstreet. They prefer the business to be in operation for 2 years, but not required. They require PG. They say that  they randomly pull from one or more personal credit bureaus, but do not report the business card there. It would be good to have some data points from people who were approved for a Elan business card without having an account with the partnering financial institution, but as you said, there probably aren't any DPs yet. 

[wit2bees]

Hi I just recently (3/17/21) got approved for a card with Elan.  I got it thru my bank Flagstar.  I have had my business account with them for several years.   My personal Experian score was 693.  I have SEVERAL inquiries. And SEVERAL cards utilization about 10%.  Card doesn't report to personal credit.  I have a few business cards: AmEx Delta Gold, Costco Citi, Webstaurant, Capital One, Menards, Home Depot.  

You are approved for the Visa® Business Cash Card.

Here are a few things to know about your new card:

• Your credit line is $9,000.

• Your card should arrive via U.S. Postal Service in approximately four days.

• If you requested a balance transfer, you will receive a letter in the mail with information regarding your request.

Thank you for being our customer!

[Bladematthewslp]

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@wit2bees wrote:

Hi I just recently (3/17/21) got approved for a card with Elan.  I got it thru my bank Flagstar.  I have had my business account with them for several years.   My personal Experian score was 693.  I have SEVERAL inquiries. And SEVERAL cards utilization about 10%.  Card doesn't report to personal credit.  I have a few business cards: AmEx Delta Gold, Costco Citi, Webstaurant, Capital One, Menards, Home Depot.  

You are approved for the Visa® Business Cash Card.

Here are a few things to know about your new card:

• Your credit line is $9,000.

• Your card should arrive via U.S. Postal Service in approximately four days.

• If you requested a balance transfer, you will receive a letter in the mail with information regarding your request.

Thank you for being our customer!

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Thanks for replying! This is very good information to know. Sounds like you have a long-established business relationship with Flagstar. I wonder if Elan actually checked with Flagstar to investigate your business banking activity and determined that for your approval, or if they simply based your approval on your personal credit and business credit. 

[wit2bees]

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@Bladematthewslp wrote:

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@wit2bees wrote:

Hi I just recently (3/17/21) got approved for a card with Elan.  I got it thru my bank Flagstar.  I have had my business account with them for several years.   My personal Experian score was 693.  I have SEVERAL inquiries. And SEVERAL cards utilization about 10%.  Card doesn't report to personal credit.  I have a few business cards: AmEx Delta Gold, Costco Citi, Webstaurant, Capital One, Menards, Home Depot.  

You are approved for the Visa® Business Cash Card.

Here are a few things to know about your new card:

• Your credit line is $9,000.

• Your card should arrive via U.S. Postal Service in approximately four days.

• If you requested a balance transfer, you will receive a letter in the mail with information regarding your request.

Thank you for being our customer!

I don't think they was very concerned because they offered me a card on my new business I just opened that account this year.   I didn't want an additional pull but the age of the account didn't matter.  They actually offered a card with the account opening.  

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@Bladematthewslp wrote:

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@wit2bees wrote:

Hi I just recently (3/17/21) got approved for a card with Elan.  I got it thru my bank Flagstar.  I have had my business account with them for several years.   My personal Experian score was 693.  I have SEVERAL inquiries. And SEVERAL cards utilization about 10%.  Card doesn't report to personal credit.  I have a few business cards: AmEx Delta Gold, Costco Citi, Webstaurant, Capital One, Menards, Home Depot.  

You are approved for the Visa® Business Cash Card.

Here are a few things to know about your new card:

• Your credit line is $9,000.

• Your card should arrive via U.S. Postal Service in approximately four days.

• If you requested a balance transfer, you will receive a letter in the mail with information regarding your request.

Thank you for being our customer!

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Thanks for replying! This is very good information to know. Sounds like you have a long-established business relationship with Flagstar. I wonder if Elan actually checked with Flagstar to investigate your business banking activity and determined that for your approval, or if they simply based your approval on your personal credit and business credit. 

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@Bladematthewslp wrote:

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@wit2bees wrote:

Hi I just recently (3/17/21) got approved for a card with Elan.  I got it thru my bank Flagstar.  I have had my business account with them for several years.   My personal Experian score was 693.  I have SEVERAL inquiries. And SEVERAL cards utilization about 10%.  Card doesn't report to personal credit.  I have a few business cards: AmEx Delta Gold, Costco Citi, Webstaurant, Capital One, Menards, Home Depot.  

You are approved for the Visa® Business Cash Card.

Here are a few things to know about your new card:

• Your credit line is $9,000.

• Your card should arrive via U.S. Postal Service in approximately four days.

• If you requested a balance transfer, you will receive a letter in the mail with information regarding your request.

Thank you for being our customer!

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[Anonymous]

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@Bladematthewslp wrote:

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@wit2bees wrote:

Hi I just recently (3/17/21) got approved for a card with Elan.  I got it thru my bank Flagstar.  I have had my business account with them for several years.   My personal Experian score was 693.  I have SEVERAL inquiries. And SEVERAL cards utilization about 10%.  Card doesn't report to personal credit.  I have a few business cards: AmEx Delta Gold, Costco Citi, Webstaurant, Capital One, Menards, Home Depot.  

You are approved for the Visa® Business Cash Card.

Here are a few things to know about your new card:

• Your credit line is $9,000.

• Your card should arrive via U.S. Postal Service in approximately four days.

• If you requested a balance transfer, you will receive a letter in the mail with information regarding your request.

Thank you for being our customer!

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Thanks for replying! This is very good information to know. Sounds like you have a long-established business relationship with Flagstar. I wonder if Elan actually checked with Flagstar to investigate your business banking activity and determined that for your approval, or if they simply based your approval on your personal credit and business credit. 

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This is why it's a good idea to have good Personal Credit when persuing Biz Credit, because when they perform a HP and it doesn't look good it may not go in your favor. Your PG often is what determines getting approved and even what your SL is, aside from what you report as the Biz Revenue and other factors. And i'm sure Elan has the financial data on the account to help assist in their decision so it can be helpfull if you apply as an existing customer with a certain Lender rather than cold apping. 

[WayneSki]

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@Anonymous wrote:

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This is why it's a good idea to have good Personal Credit when persuing Biz Credit, because when they perform a HP and it doesn't look good it may not go in your favor. Your PG often is what determines getting approved and even what your SL is, aside from what you report as the Biz Revenue and other factors. And i'm sure Elan has the financial data on the account to help assist in their decision so it can be helpfull if you apply as an existing customer with a certain Lender rather than cold apping. 

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Very well written Janus!!

[Bladematthewslp]

So I received answers from the source for the questions I asked in the original post. Overall, they consider your entire credit and banking profile. Basically, if you don't have a banking relationship with the financial institution that you are applying for a business credit card through, then having a strong Dun and Bradstreet profile will help you get approved. They want to make sure you don't have any major delinquencies and other derogatories on your D&B profile. If you don't have a strong D&B profile, then they consider your banking relationship with the financial institution. None of these are guaranteed approvals, of course. They still consider your entire credit profile, so your personal credit profile has to be to their satisfaction as well. 

[Credit4Growth]

@Bladematthewslp 

Thank you for the time you put in to obtain this information!