BMW World Elite MC

[blazerein]

Sharing my experience applying to BMW World Elite MC from Elan Financial Services. So after a long history with BMW Financial Services, I received this email invitation to apply. Since with the history with BMW 12+ years and counting I got cocky and did apply. DECLINED letter will be mail in 7-10 days…. ouch. Letter states the reason: “Too much trade lines in the past 12 months. I counted my new account in the past year and I only have 2. Called Elan backdoor number and try to explain and they told me that they are counting my Personal Loan as well so I’m 3/12 and per their rule they won’t approve anything with more than 2 trade lines in the past year as they want to see payment history. Crazy Elan lol. Anyways, just want to share my experience and I’m off to gardening till February for that Chase Freedom Flex.

[cashorcharge]

Sorry to hear about your decline.

BMW sold off the credit card business a few months ago...I want to say pre-Covid...to Elan which is owned by US Bank.  I think when it was BMW, you had more "wiggle room" than under US Bank since they are known to lean conservatively.  They did improve the rewards/redemptions when they took over the cards somewhat, but I am thinking if you did the math....you may find other options are comparable in paying you back (points or % cash back) versus simply applying the points/benefits to a BMW FS Lease/Loan or vehicle purchase.  I've had mine over 10 years and if you apply again in the future...best of luck.

[M_Smart007]

Sorry for your denial

Looks like Elan/US Bank rules 1/12 - 2/12 max.

[coldfusion]

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@M_Smart007 wrote:

Sorry for your denial

Looks like Elan/US Bank rules 1/12 - 2/12 max.

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0/12 OK.

1/12 you're skating on thin ice.

2/12 go spend your time instead visiting a Chase branch to ask if you have any preapprovals.

[M_Smart007]

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@coldfusion wrote:

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@M_Smart007 wrote:

Sorry for your denial

Looks like Elan/US Bank rules 1/12 - 2/12 max.

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0/12 OK.

1/12 you're skating on thin ice.

2/12 go spend your time instead visiting a Chase branch to ask if you have any preapprovals.

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I will go with door #3

[AllZero]

That is unfortunate about the denial. Thank you for sharing the data points.

[Anonymous]

While the denial is a bummer thanks for taking the DP hit for the rest of us! I was kind of interested on what changes might be in store for this product ever since it changed Lenders, after all BMW Financial was rather loose compared to a lot of other FI's. 

Not a big fan of Elan so i'll mos def avoid ever apping for any of their cards.