cancel
Showing results for 
Search instead for 
Did you mean: 

Elan "Max Cash" -vs- US Bank Cash+

Aim_High
Senior Contributor

Re: Elan "Max Cash" -vs- US Bank Cash+


@audioman00 wrote:

@Curious_George2 I have that Society of Decorative Painters card. But they are really hestitant to give me any CLIs and I feel like I've painted myself into a corner. 
Smiley Happy

 

@Curious_George2 wrote:

I can see why you would bristle at that, but try not to paint with too broad of a brush. I hope you won't let that color your view of all Elan offerings. 


As I canvas the latest postings in my thread, I am beginning to wonder if the discussion has gone in a direction which I cannot palette.  Perhaps it's time to reframe our perspective from Mon-et to Mon-ey. 

 

*You guys crack me up!  Smiley LOL

 

silly_face_emoji.jpg



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 28 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 71 of 900
Aim_High
Senior Contributor

Re: Elan "Max Cash" -vs- US Bank Cash+


@Curious_George2 wrote:

@joltdude wrote:

Elan has different underwriting standards depending on the financial insitutions requirements..... personal experience ... Soi can see how they could be less or more conservative than USBank....


Thanks for this info. Are you willing to share any more details?

 

I assume the differences relate to "hard" factors like scores, DTI and maybe inquiries, but not to softer things like relationship with the particular bank/CU/association whose location number you select (it looks like Elan calls them "partners").

 

If that's correct, and if all relevant partners have the same objective underwiting standards, then an applicant should have no better or worse chance of getting approved for a card with the location number of a random org like the Society of Decorative Painters than with a CU they've been a member of for ten years. That was the impression I got from Aim_High's posts at the beginning of this thread. 


I don't know for certain how it works from the "inside perspective" at the underwriter, but my guess is that the particular lender's assets which secure the credit limit may factor into the approval criteria and the starting limits.  I'm guessing that Elan just handles the card processing but from a finacial perspective, the size and strength of the lender may play a role.  I wouldn't think that Elan or US Bancorp financially supports all those lenders they are servicing.  So if I apply for a card, I may research a little into the relative size, reach, and strength of the financial institution.   There is a lot of difference in size and assets from my list.  Some are in multiple states and huge.  Others have only a location or two and may be very small.  



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 28 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 72 of 900
1GaDawg85
Valued Contributor

Re: Elan "Max Cash" -vs- US Bank Cash+

I took a chance and went for the Renasant Bank version of the card and was declined. Will have to see what the letter says when it comes. I was 2/12 (recently approved for AMEX Cash Magnet and PenFed PCR) and 36% utilization. I hate burning HP's but it isn't the end of the world. 



FICO 5 ,4, 2 - 9/2021

FICO 8 - 9/2021

FICO 9 - 9/2021
Message 73 of 900
Aim_High
Senior Contributor

Re: Elan "Max Cash" -vs- US Bank Cash+


@1GaDawg85 wrote:

I took a chance and went for the Renasant Bank version of the card and was declined. Will have to see what the letter says when it comes. I was 2/12 (recently approved for AMEX Cash Magnet and PenFed PCR) and 36% utilization. I hate burning HP's but it isn't the end of the world. 


 

Ah, maaannnn ... Smiley Sad  Sorry to hear that @1GaDawg85, but thanks for "taking one for the team" and sharing your data with us.

 

Your case sounds familiar to that earlier data points I posted since you were 2/6 and 2/12 both.  Maybe if the new accounts were 6-12 months or utilization lower, it might be different??  I'm hoping that the data won't show that Elan will be as strict with the Max Cash Preferred approvals as they are with Cash+, requiring no more than 1/12. 

 

Which bureau did they pull for you?



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 28 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 74 of 900
1GaDawg85
Valued Contributor

Re: Elan "Max Cash" -vs- US Bank Cash+


@Aim_High wrote:

@1GaDawg85 wrote:

I took a chance and went for the Renasant Bank version of the card and was declined. Will have to see what the letter says when it comes. I was 2/12 (recently approved for AMEX Cash Magnet and PenFed PCR) and 36% utilization. I hate burning HP's but it isn't the end of the world. 


 

Ah, maaannnn ... Smiley Sad  Sorry to hear that @1GaDawg85, but thanks for "taking one for the team" and sharing your data with us.

 

Your case sounds familiar to that earlier data points I posted since you were 2/6 and 2/12 both.  Maybe if the new accounts were 6-12 months or utilization lower, it might be different??  I'm hoping that the data won't show that Elan will be as strict with the Max Cash Preferred approvals as they are with Cash+, requiring no more than 1/12. 

 

Which bureau did they pull for you?


I haven't got an email yet for a pull 



FICO 5 ,4, 2 - 9/2021

FICO 8 - 9/2021

FICO 9 - 9/2021
Message 75 of 900
Slabenstein
Valued Contributor

Re: Elan "Max Cash" -vs- US Bank Cash+


@1GaDawg85 wrote:

I took a chance and went for the Renasant Bank version of the card and was declined. Will have to see what the letter says when it comes. I was 2/12 (recently approved for AMEX Cash Magnet and PenFed PCR) and 36% utilization. I hate burning HP's but it isn't the end of the world. 


whcjnTd.gif


Message 76 of 900
1GaDawg85
Valued Contributor

Re: Elan "Max Cash" -vs- US Bank Cash+


@Aim_High wrote:

@1GaDawg85 wrote:

I took a chance and went for the Renasant Bank version of the card and was declined. Will have to see what the letter says when it comes. I was 2/12 (recently approved for AMEX Cash Magnet and PenFed PCR) and 36% utilization. I hate burning HP's but it isn't the end of the world. 


 

Ah, maaannnn ... Smiley Sad  Sorry to hear that @1GaDawg85, but thanks for "taking one for the team" and sharing your data with us.

 

Your case sounds familiar to that earlier data points I posted since you were 2/6 and 2/12 both.  Maybe if the new accounts were 6-12 months or utilization lower, it might be different??  I'm hoping that the data won't show that Elan will be as strict with the Max Cash Preferred approvals as they are with Cash+, requiring no more than 1/12. 

 

Which bureau did they pull for you?


Happy to share DP's that might be beneficial for the community. They could have seen as high as 45% utilization. It depends on if my cards updated their balances. 



FICO 5 ,4, 2 - 9/2021

FICO 8 - 9/2021

FICO 9 - 9/2021
Message 77 of 900
1GaDawg85
Valued Contributor

Re: Elan "Max Cash" -vs- US Bank Cash+


@Slabenstein wrote:

@1GaDawg85 wrote:

I took a chance and went for the Renasant Bank version of the card and was declined. Will have to see what the letter says when it comes. I was 2/12 (recently approved for AMEX Cash Magnet and PenFed PCR) and 36% utilization. I hate burning HP's but it isn't the end of the world. 


whcjnTd.gif


it was definitely that type of day



FICO 5 ,4, 2 - 9/2021

FICO 8 - 9/2021

FICO 9 - 9/2021
Message 78 of 900
1GaDawg85
Valued Contributor

Re: Elan "Max Cash" -vs- US Bank Cash+

I am really hoping it isn't about not having a relationship with the particular bank. I am curious about their denial reasons now. 



FICO 5 ,4, 2 - 9/2021

FICO 8 - 9/2021

FICO 9 - 9/2021
Message 79 of 900
Anonymous
Not applicable

Re: Elan "Max Cash" -vs- US Bank Cash+

In the future I might suggest bringing your utilization to an ideal place prior to apping, just to remove that negative factor from the equation of possible denial reasons.

Message 80 of 900
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.