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Elan denied request to go unsecured :(


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3 replies to this topic

#1 KreditKid

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Posted 17 February 2012 - 11:34 PM

Got a $300 secured card with Elan last year when I was still deep in the repair process. Scores have improved significantly since then and are now in the low-to-mid 600's on all three CRAs. Elan rep claims I paid late one time (by 1 flipping hour!) and that was possibly the reason for denial. The letter I received says "derogatory credit records" (I do have a couple open medical collections on EQ, which is who they pulled) and "too many recent applications for credit," which is due to the # of INQs I have on EQ, which is a separate issue.

Even with those 2 factors working against me, I've paid on time with them (for the most part, at least) and kept my utilization low. I feel like I should qualify to go unsecured. Any magic bullets to force their hand? Should I just threaten to close and see if they offer me something?



#2 Mr. Media

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Posted 18 February 2012 - 12:22 AM

I don't know Elan or have any experience with them, so I'll speak kind of generically, but for the most part people view secured cards as serious rebuilders. Its not worth even having one if you run the risk of an occasional late, in my opinion, because may be causing more damage than good.

Low to mid 600s with a single late payment is enough. I have a secured card with a local CU right now who told me they want to see one solid year (12 full cycles) of flawless use and payment history before they'll consider unsecuring. Like you, my scores are up quite a bit since I got the card. Gotta mind those P's and Q's and make sure you run though it perfectly.

My suggestion would be to circle the calendar for 120 days from now, make sure you have NO more lates, and try again.

#3 fusioncredit

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Posted 18 February 2012 - 12:37 AM

Got a $300 secured card with Elan last year when I was still deep in the repair process. Scores have improved significantly since then and are now in the low-to-mid 600's on all three CRAs. Elan rep claims I paid late one time (by 1 flipping hour!) and that was possibly the reason for denial. The letter I received says "derogatory credit records" (I do have a couple open medical collections on EQ, which is who they pulled) and "too many recent applications for credit," which is due to the # of INQs I have on EQ, which is a separate issue.

Even with those 2 factors working against me, I've paid on time with them (for the most part, at least) and kept my utilization low. I feel like I should qualify to go unsecured. Any magic bullets to force their hand? Should I just threaten to close and see if they offer me something?




You need to shift your focus completely on cleaning up your credit report using the tactics mentioned on this board. To help minimize reading through so many threads...here are two that will help you immensely in removing those baddies. http://creditboards....1 and http://creditboards....1

The second thing you want to do is B* the inquiries from EQ and TU. After months of trial and error I finally achieved B* on EQ and TU using the following pullers MPM, USAA, EC

Depending on your budget and how quick you want to achieve B* while getting the baddies removed here is my recommendation.

Sign up for MPM through this link http://www.eliminate...l/signup15.aspx ($10.95/month) will need to call (866) 440-0461 after 48 hours for membership id

Sign up for USAA Credit Monitoring by becoming a member first https://www.usaa.com and then subscribe to the premium version ($12.25/month)

Sign up for EQ Complete Advantage https://www.navyfede...r-discounts.php ($12.95/month)

With these 3 daily pullers pulling everyday straight for 28 days you would get 84 pulls (make sure you are pulling EQ last each day)...if you need additional softs before possibly choppage here is a link to free trials to get additional softs in that time frame http://creditboards......20 trial&st=0

After you cleaned up your report and bumped off the inquiries I'd recommend to get your free EQ fico score from myfico if you haven't gotten it yet. If you have no worries...you can either apply for DCU membership to get your free EQ score or sign up for a checking account with MT Bank and a monthly EQ fico score only costs $2.99/month.

So just to recap...forget about the secured card with Elan and focus on cleaning up your report with the advice provided in the links and bump the inquiries. Once you achieve this then you will have higher scores and get approved for unsecured cards with credit unions and major banks. When you reach this milestone be sure to come back here and let us know your success. Posted Image

#4 fusioncredit

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Posted 23 February 2012 - 02:55 PM

Got a $300 secured card with Elan last year when I was still deep in the repair process. Scores have improved significantly since then and are now in the low-to-mid 600's on all three CRAs. Elan rep claims I paid late one time (by 1 flipping hour!) and that was possibly the reason for denial. The letter I received says "derogatory credit records" (I do have a couple open medical collections on EQ, which is who they pulled) and "too many recent applications for credit," which is due to the # of INQs I have on EQ, which is a separate issue.

Even with those 2 factors working against me, I've paid on time with them (for the most part, at least) and kept my utilization low. I feel like I should qualify to go unsecured. Any magic bullets to force their hand? Should I just threaten to close and see if they offer me something?




You need to shift your focus completely on cleaning up your credit report using the tactics mentioned on this board. To help minimize reading through so many threads...here are two that will help you immensely in removing those baddies. http://creditboards....1 and http://creditboards....1

The second thing you want to do is B* the inquiries from EQ and TU. After months of trial and error I finally achieved B* on EQ and TU using the following pullers MPM, USAA, EC

Depending on your budget and how quick you want to achieve B* while getting the baddies removed here is my recommendation.

Sign up for MPM through this link http://www.eliminate...l/signup15.aspx ($10.95/month) will need to call (866) 440-0461 after 48 hours for membership id

Sign up for USAA Credit Monitoring by becoming a member first https://www.usaa.com and then subscribe to the premium version ($12.25/month)

Sign up for EQ Complete Advantage https://www.navyfede...r-discounts.php ($12.95/month)

With these 3 daily pullers pulling everyday straight for 28 days you would get 84 pulls (make sure you are pulling EQ last each day)...if you need additional softs before possibly choppage here is a link to free trials to get additional softs in that time frame http://creditboards......20 trial&st=0

After you cleaned up your report and bumped off the inquiries I'd recommend to get your free EQ fico score from myfico if you haven't gotten it yet. If you have no worries...you can either apply for DCU membership to get your free EQ score or sign up for a checking account with MT Bank and a monthly EQ fico score only costs $2.99/month.

So just to recap...forget about the secured card with Elan and focus on cleaning up your report with the advice provided in the links and bump the inquiries. Once you achieve this then you will have higher scores and get approved for unsecured cards with credit unions and major banks. When you reach this milestone be sure to come back here and let us know your success. Posted Image


I wanted to add that you can get the first month free of EQ Complete Advantage with this link and before the 30 days is up you can call to cancel and may get an extra free month. If not given a free month ask them to reduce the rate to lowest possible which should be $12.95




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