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 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 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.
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