Elan Financial Visa - very low limit

[dlister70]

I live near Busey Bank, and they have Visa cards that are backed by Elan Financial.  I applied for their platinum card which is basically just a balance transfer card that has 20 months of 0% interest with a 3% transfer fee.  

I was approved, but for only a $600 limit.  I have a $27,000 Discover card limit, $17,000 AMEX, $15,000 Rural King card (lol!), and most of the rest of my cards are in the $3,000 - $5,000 range.  I don't think that I've seen a $600 card in my lineup in over twenty years.  

My utilization is up a bit at 15% overall, and I have one individual card at 92%, which is the card that I wanted to transfer the balance of because my 0% is running out on that card.  They pulled Transunion, which is my lowest score (I think it's right at 700 at the moment).  Experian is 728.  I'm not sure what my real Equafax is, but it's always higher than my Transunion.

I called the backdoor number for Elan and asked if they could reconsider the limit because I just wouldn't even use a $600 card.  They said they could submit a credit limit increase request, but they'd have to hard pull again!  I reminded them that it was just pulled last week, and it's not going to be different this week, is that really necessary?  They said they had to, and I went ahead and allowed it.  Now I'm regretting even applying for this card at all.

Hopefully they come back with a useable limit as a result of my two hard pulls.  

[M_Smart007]

Congrats on your Elan approval, sorry about the low SL

[gdale6]

Hope you can get that limit reconned, good luck with it and grats on the approval

[ChargedUp]

Having a card literally maxed out on your reports isn't going to bode well with most FI's when app'ing. Your overall utilization isn't bad, but not optimal (< 8.9%).  These are things you may get a CU to overlook but most banks will frown at. 

On the bright side, you were approved! Wait at least 6 months between CLI requests and they'll likely be soft pulls. These cards do grow as your profile improves and Elan will allow PCs 😎👍

[Rebuild2019]

Congrats 🎉🎈🎊 on your Elan approval.

[CreditMagic7]

I also do hope Elan does something better for you than that low SL after taking another stamp in your INQ column. Wouldn't blame ya either way you decide. If it's any consolation.

Keep us updated, and hang in there. 

[Ilinferno]

Hopefully the recon is successful!

[4sallypat]

I know the feeling - at least @dlister70 you got $600 SL.

I got $500 SL on my Tomo card which really annoyed me as they kept debiting every single week like a charge card and my utilization was high due to the low SL.

After a year of not getting a CLI, I cancelled the account and left some feedback on their social media pages.

Now my score has improved since cutting out the lowly Tomo card.

Currently using the X1 Card with $21K SL and most months never hit 5% utilization....

[TSlop]

Congrats on your approval!

[Trini88]

Congrats on your approval. When I saw low limit I thought you were going to say around 5k but $600.....wow. Hopefully recon goes in your favor.