Elan Secured Visa

[smush24]

http://www.elancard.com/cgi_w/cfm/Elancard...578&theme=elan0

 

They say that "you are conditionally approved unless your credit bureau reflects a bankruptcy, you are younger than 18 years of age or if your enclosed cashier's check or money order is less than $300".

 

Called and spoke to their CSR and they say that they report as a regular revolving account, not as a "secured" account.

 

For anyone that uses them...are they consistent with their reporting?

 

How is their customer service?

 

I did a search and found no real info on this.

 

TIA!

[smush24]

They also say:

 

When you have managed all of your credit obligations responsibly for 18 months, we may be able to continue your card membership without requiring you to secure your credit line.

[OklaHoma Sooners #1]

Everyone seems to think national city or bank of america are the best, but:

 

I asked my local Credit union about a secured card, and they offer one with no fees, plus only 9.9% rate, compared to 14.9% for national city. Also national city charges 3 dollars a month.....

 

So you might check a local credit union....plus they said they would most likely go unsecured within 6 months with good payments.........

[smush24]

Everyone seems to think national city or bank of america are the best, but:

 

I asked my local Credit union about a secured card, and they offer one with no fees, plus only 9.9% rate, compared to 14.9% for national city.  Also national city charges 3 dollars a month.....

 

So you might check a local credit union....plus they said they would most likely go unsecured within 6 months with good payments.........

<{POST_SNAPBACK}>

I am already very happy with my bank, and there are no local credit unions that I can join around here. So, I can't go that route. I also already have Orchard, National City and Bank of America.

 

There is nothing wrong with what I am reading on the site for the Elan card. I am just trying to see what anyone with any experience with this card thinks about it?

[OklaHoma Sooners #1]

have you tried patelco or dcu.......i havent heard anyone mention anything about a secured card, but im sure they have one, and anyone can join.......

[smush24]

Just an FYI...I sent in my app for this card today. $600

 

I'll update the thread when I get the card and let you know how it is reporting. They have online access for it and the CSRs have all been very nice.

 

[dermont]

Please keep us posted as I'm really interested in this onw, as long as it doesn't report as secured to CRA's....

 

Thanks Mate!!!

[smush24]

The CSR told me that they report as "Unsecured"

[smush24]

Just an update. A friend of mine is the person who told me about this card and she just pulled her TC reports for today. This card reports as an UNSECURED revolving account.

 

 

My app was received and I should have my card in about 2 weeks, according to the CSR I just spoke to.

[smush24]

Just a shameless bump for those looking for another secured card.

Edited September 23, 2005 by minimurph24

[jaslken]

did they pull a hard?

[smush24]

did they pull a hard?

<{POST_SNAPBACK}>

Just as National City, BofA and Orchard/HSBC did...yes. They checked to make sure there were no BKs.

[smush24]

Duh, they ARE BK friendly as long as the BK has been discharged at least TWO years. New info I was just given.

[Amia]

Minimurph, what do you think of the card?

[frontrunner57]

Hey minimurph,

 

your public records are they paid off?

 

Just wondering if bofa gives card to unpaid off judgements.

[reedee2]

Minimurph,

Have you received your card? I would like to know how this turn out for you. I may look into this card for the "unsecured" tradeline. Thanks

[livefreaks]

Smush24, just as a follow up, how do you like you card so far? Is it reporting as "unsecured"? I know you said it did on your friends report, but i'd like to hear it from you.

[lbjones]

I'm just going to say it once... reporting secured / unsecured isn't a huge deal. It won't change how FICO views your report, it "might" count in a manual review. I certainly wouldn't pay extra for it.

 

That said, Elan is US Bank. They should be on the up and up.

 

Also, Union Plus is another secured card that reports unsecured.

[livefreaks]

Thanks lbjones. i know it doesn't realy matter, but I just wanted to close the picture.

[smush24]

Sorry I haven't posted. The card reports as unsecured and its been a pleasure. It started reporting the first week of November.

[soccrstar]

added this card to my list of secured cards to get, now its just a matter of how long it'll take for me to get the funds to fund the account :-/

Edited November 21, 2005 by soccrstar

[dindy]

Oklahoma,

Tell me about your credit union secure card , does it report to all 3 cra's and what's the min. deposit for the card? How do I join, do they have a website?

Thanks

[belleama]

Smush/minimurph

 

Any updates? Anybody else got any updates on this card? I'm thinking about adding it to my list of to get cards.

[smush24]

I already updated. The card is great.

[Denise1]

I printed off the application. Is the address you send it to: Elan Financial services PO Box 6363 Fargo ND 58125.

 

I saw where it says bring it to your financial isntution for processing. What does that mean? I need to bring it to my bank?