Elan Financial Approval??

[MsLayo34]

I am in the process of rebuilding my credit. After receiving several "pre approval" letter in the mail and quickly being denied....  I decided to apply for a secured credit card through my Credit Union. The credit is through Elan Financial. I applied on 06/20/15 online and received he 7-10 day message. I checked my bank account this evening and noticed that Elan Financial has withdrawn the secured deposit out of my account. Does this mean that I was approved for the secured line of credit? 

Thanks!

[Skye12329]

It sounds like an approval. They are owned by US bank and still do manual reviews.

[Jeff532003]

Yup sounds like approval. I have one through my CU also. Unsecured and 500 limit. I don't use it as it's not practical. Requested a CLI once and was denied. You can definitely tell its U.S. Bank backed.

[MsLayo34]

What's wrong with US Bank?

[Skye12329]

Nothing is wrong with them. They can just be a little on conservative side for credit lines and increases. It took my Élan card 2 years to even get an increase from 500 > 2000

[MsLayo34]

Oh okay.. lol. It's a beginner card for me int I can qualify for something else.

[Anonymous]

They also give more wiggle room on approvals if you have a relationship with the CU or bank they (Elan) are representing.  

They are usually friendly on the phone too.