Hi my fellow MyFICOers,
So I applied for the Max Cash Preferred credit card through one of my local banks. I received the ole 7-10 day message. Here is to preparing for the worse and hoping for the best. I applied knowing that I have a pretty good chance of it being a denial and figured I would at least know what I needed to work one for the next time I apply. I have two local banks that offer this card and I am hoping to get them both. My bankruptcy discharge may not be old enough and/or too many inquires in the past 6 months who knows what they will come back with.
Credit_Master
I applied for them recently with some new inquiries/cards a few months prior. Mine went pending and they approved me a couple days later for $2,000. I don't know how they view bankruptcy discharge though.
Of course none of us work for them or have a crystal ball, and while not alwasy of course, but the 7-10 Day message is more times than not the kiss of denial death. Especially with a prior BK still showing and a lot of INQ in a short period as it looks like credit seeking behavior to the lender. Good luck though, you never know!
Update:
So I called customer service to see if their was any information on the status on this application. The representative very politely informed me that it was denied due to bankruptcy. I had a strong feeling this was going to be the case but after asking about the length of bankruptcy she told me that it had to be no less than 4 years old. I'm not sure if that is also true if you included them in the bankruptcy. I then inquired about the secured version of this card and she told me that as long as I didn't include them in the bankruptcy I would be eligible for the card. I still do not have any alerts pertaining to a hard pull from them. I may close my last secured card ($500 CL) and use that money to apply for this secured card. The rewards appear to be the same for the secured card and it fits my spend the best of any of my other cards. I failed to ask if the secured card graduates like the US Bank Cash+ secured card does.
Credit_Master
@Credit_Master wrote:Update:
So I called customer service to see if their was any information on the status on this application. The representative very politely informed me that it was denied due to bankruptcy. I had a strong feeling this was going to be the case but after asking about the length of bankruptcy she told me that it had to be no less than 4 years old. I'm not sure if that is also true if you included them in the bankruptcy. I then inquired about the secured version of this card and she told me that as long as I didn't include them in the bankruptcy I would be eligible for the card. I still do not have any alerts pertaining to a hard pull from them. I may close my last secured card ($500 CL) and use that money to apply for this secured card. The rewards appear to be the same for the secured card and it fits my spend the best of any of my other cards. I failed to ask if the secured card graduates like the US Bank Cash+ secured card does.
Credit_Master
Elan cards can be unsecured. I called in and requested it in Jan. They pulled my credit and gave me same limit as my secured card ($5000). My card was just shy of four years when I called.
So I called Elan Financial Services this evening to enquire about using the same pull (Equifax) for the banks secured version of the Max Cash Preferred Card and the representative said they would use the same pull up to 3 months. I have heard of financial institutions using the same pull up to 30 days but never 3 months. Of course this was just coming from one representative so who knows if that is actually the case. Thought I would share the data point just the same. Oh and I have pretty much talked myself out of getting the secured card even though it would fit my spend like a glove unless somone can convince me to do otherwise. I was planning on getting a $1,000 SL and possibly going for two cards instead of just one.
I will be getting a bonus check the end of this month and may use some of it to see if the same pull for 3 months is actually a thing.
Credit_Master
Hello everyone,
Trying to decide if it is worth going after this card since I am currently not eligible for the unsecured version due to BK7. Anyone have this card or have had it and can voice their opinion on it. I understand that opinions are subjective to say the least but according to a CSR with Elan Financial I still have 3 years before I am eligible for the unsecured version. I figure I could get this card to show credit worthiness in hopes of getting one when the time comes. As best as I can tell the secured version is no different from a rewards standpoint than the unsecured version.
Best,
Credit_Master
