Complaint Review: Elan Financial - They don't list it Internet
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- Author Not Confirmed
- Elan Financial Internet United States of America
- Phone: 1.800.523.5354
- Web: elanfinancialservices.com
- Category: Credit Card Processing (ACH) Companies
Elan Financial Subsidiary of US Bank Lowered my credit limit by $4,700 as punishment for not using the card for a long period of time They don't list it, Internet
*Consumer Comment: YOU need to reread it, Michael88
*Consumer Comment: No kidding.
*Author of original report: Response
*Consumer Comment: They're telling you why.
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I had a credit card through this company from 10/08 until 3/11. During that time, I NEVER ONCE had a late payment and my highest balance on the card was $4170. I managed to pay off my balance in early 2010, and then decided to set the card aside to use for emergencies. After I paid off my balance, there was an issue with a finance charge appearing on my ZERO BALANCE account, but after speaking with multiple employees and becoming irate, the charge was removed.
I checked the account online recently to make sure everything was still OK. This is when I noticed that my credit limit had been dropped from almost $5000 to $300. No, I did not forget a zero. I contacted the company through their online messaging system. An employee responded:
"We understand your concern with your credit limit, Michael. Our records indicate that we decreased the credit limit to $300.00 on your account on January 11th, 2011 because of a review of all your relationships, including those with other creditors. Based on this information, we adjusted the credit limit on your account. However, we will continue to
review your account and, after six months, you may request to have your credit limit increased again."
As a person with near-perfect credit and no late payments on ANY lines of credit, I freaked out and pulled my full credit report immediately. Everything was fine, but I did notice an obscene amount of inquiries by an institution called "US BANK" - upon a little research.... that's Elan Financial. WOW.
I responded and asked that my account be close immediately, due to the fact that I have absolutely no need for a $300 line of credit. They obliged.
My complaint is that I'm pretty sure they lowered my credit limit as punishment for the fact that I had not used the card for a very long time after paying it off. I was completely baffled that they would want to lose a customer who had racked up quite a high amount of credit and then diligently paid it off!
I will never deal with this company AGAIN.
This report was posted on Ripoff Report on 03/22/2011 11:23 AM and is a permanent record located here: https://www.ripoffreport.com/reports/elan-financial/internet/elan-financial-subsidiary-of-us-bank-lowered-my-credit-limit-by-4700-as-punishment-for-n-709024. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#4 Consumer Comment
YOU need to reread it, Michael88
AUTHOR: I am the law - (USA)
SUBMITTED: Thursday, March 24, 2011
My last post said, I guess you never considered the fact that your credit standing with other creditors might effect this credit card, huh?
and...
You said that the response from USB was, "We understand your concern with your credit limit, Michael. Our records indicate that we decreased the credit limit to $300.00 on your account on January 11th, 2011 because of a review of all your relationships, including those with other creditors."
Thus, my post wasn't wrong at all. I dont give a tinkers d**n what you think your credit score is. Apparently, you botched something with one or more other creditors and its effecting your standing with USB. Were not talking rocket science here.
Might I suggest going to Sylvan Learning Center to brush up on your reading skills?
#3 Consumer Comment
No kidding.
AUTHOR: Flynrider - (USA)
SUBMITTED: Tuesday, March 22, 2011
"My complaint is that I'm pretty sure they lowered my credit limit as punishment for the fact that I had not used the card for a very long time after paying it off."
That's your complaint? Are you aware that banks have drastically reduced the amount of outstanding unsecured credit they offer? If you are not using a credit line, you should not expect it to remain forever. That may have been true in the free and easy credit days before 2008, but it's not anymore.
This is not a ripoff, since your agreement with the bank says that they can review the credit line and adjust it however they see fit.
#2 Author of original report
Response
AUTHOR: michael88 - (United States of America)
SUBMITTED: Tuesday, March 22, 2011
As I noted, my credit is 700+ and I am in perfect standing with my creditors. Maybe a more thorough read of my report is in order for you.
#1 Consumer Comment
They're telling you why.
AUTHOR: I am the law - (USA)
SUBMITTED: Tuesday, March 22, 2011
I guess you never considered the fact that your credit standing with other creditors might effect this credit card, huh? I would've thought anyone with an IQ over a mustard jar would know that, but I guess I was wrong.
The bank employee is telling you flat out that because your credit sucks, they're lowering your limit.
Seems pretty cut and dry to me. Try not botching your credit next time and maybe your limit won't be lowered.
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