topic Re: Upgrade card approval in Credit Card Approvals

Upgrade card approval

C6 — Sat, 16 Jul 2022 18:00:29 GMT

The Good: $25,000 limit, 2.2% cashback, soft pull only, early pay (pay entire balance within 2 days of statement date to avoid interest)

The Bad: 15.9 interest (Has anyone ever been offered 8.99?)

The Ugly: I clicked through a link on credit karma to get this offer. They also mentioned a $400 bonus for opening a new checking account. After applying and being approved there was no mention of the checking account or bonus. I went back and clicked a link to apply for the checking account and check out their requirements:

Welcome to Rewards Checking! There are just a few quick steps to unlock all the features of your new Rewards Checking account.

If we need documents or information from you to finish opening your account, they are listed below:

Most recent two years federal tax return
W-2
4506-T Upgrade will follow up with you via email on next steps for submitting your 4506T form
Photo of Yourself (Use Mobile Device)
Government Issued ID - Back (Use Mobile Device)
Government Issued ID - Front (Use Mobile Device)

I withdrew the checking account application as I could tell they were doing everything they could to keep from giving out that $400...LOL

TU soft pull, 755, 1/24

Re: Upgrade card approval

Anonymous — Sat, 16 Jul 2022 18:30:31 GMT

@C6 You are going to love your new Upgrade credit card. I have one myself and I love it too. The Upgrade credit card is actually a line of credit, and that's how it will report on your credit report. Even though it's a line of credit, it is accessible to you at any time by using your card. Furthermore, if you don't want to use the card, you can simply transfer cash directly into your checking account. Upgrade is reliable and prompt in regards to reporting accurately to all three credit bureaus. The app is simple and easy to use. As you use your card, or transfer cash like I mentioned, Upgrade just updates the balance owed on your line of credit. This Upgrade credit card is a must have for anyone. I highly recommend it.

Re: Upgrade card approval

Matt9543 — Sat, 16 Jul 2022 20:15:16 GMT

@Anonymous wrote:
@C6 You are going to love your new Upgrade credit card. I have one myself and I love it too. The Upgrade credit card is actually a line of credit, and that's how it will report on your credit report. Even though it's a line of credit, it is accessible to you at any time by using your card. Furthermore, if you don't want to use the card, you can simply transfer cash directly into your checking account. Upgrade is reliable and prompt in regards to reporting accurately to all three credit bureaus. The app is simple and easy to use. As you use your card, or transfer cash like I mentioned, Upgrade just updates the balance owed on your line of credit. This Upgrade credit card is a must have for anyone. I highly recommend it.

Just to clarify some questions regarding this: Once you use the money, and pay it off, it does not add that amount back to the available amount to use, correct? Also, somebody else mentioned that it would create a bunch of separate loans on your credit report, it sounds like it doesn't do that either. Thanks for the info in advance, always been curious to get more datapoints regarding this card

Re: Upgrade card approval

CreditMagic7 — Sat, 16 Jul 2022 20:30:08 GMT

Congratulations on your Upgrade Card approval!

Re: Upgrade card approval

nuohlac — Sat, 16 Jul 2022 20:35:24 GMT

Congratulations on your approval!!!

Re: Upgrade card approval

Danmae777 — Sat, 16 Jul 2022 21:02:52 GMT

Congratulations on your new approval

Re: Upgrade card approval

KingRue8500 — Sat, 16 Jul 2022 21:55:57 GMT

Congrats on your Upgrade Visa approval

Re: Upgrade card approval

Anonymous — Sat, 16 Jul 2022 22:20:42 GMT

@Matt9543 When you use the card, the credit limit on the card is actually the credit limit on your Upgrade line of credit. I know it's a Visa credit card. But it's not really a credit card. And it's not really a line of credit. It's both rolled up into one. It's a hybrid. I know the concept can sound confusing. It's best to look at the Upgrade card as a line of credit. And the line of credit is easily available for you to use 24 hours a day by using the card. And if you don't want to use the card, you can simply log into your Upgrade account and transfer funds from your line of credit to your checking account at another bank. So no matter if you use the card, or you transfer funds into your checking account, it operates exactly the same because it's a line of credit. The line of credit is available to you forever, as long as you still have an account with them. So let's say your limit on your new Upgrade card is $25,000 and you use the card to buy a new Rolex for $10,000. Your new balance on your line of credit is $10,000 and your available limit will be $15,000. Then you buy something else for $5,000. Now your Upgrade balance is $15,000 and your available limit will now be $10,000. Now let's say you want $10,000 cash to party in Vegas, and you transfer $10,000 from your Upgrade account into your checking account at USAA. Now you are maxed out. Your balance is $25,000 and your available limit is zero. You have just used the card two times, and you used a transfer one time. But you will not have three separate loans. You will simply have $25,000 charged on your Upgrade line of credit. Every month you can pay your Upgrade minimum payment, or pay more, or pay in full. And as you pay what you owe on this $25,000 balance, you will then have that amount available to you to use again anytime you want because it's a revolving line of credit. The Upgrade card is quite unique.

Re: Upgrade card approval

Matt9543 — Sat, 16 Jul 2022 23:35:30 GMT

@Anonymous wrote:
@Matt9543 When you use the card, the credit limit on the card is actually the credit limit on your Upgrade line of credit. I know it's a Visa credit card. But it's not really a credit card. And it's not really a line of credit. It's both rolled up into one. It's a hybrid. I know the concept can sound confusing. It's best to look at the Upgrade card as a line of credit. And the line of credit is easily available for you to use 24 hours a day by using the card. And if you don't want to use the card, you can simply log into your Upgrade account and transfer funds from your line of credit to your checking account at another bank. So no matter if you use the card, or you transfer funds into your checking account, it operates exactly the same because it's a line of credit. The line of credit is available to you forever, as long as you still have an account with them. So let's say your limit on your new Upgrade card is $25,000 and you use the card to buy a new Rolex for $10,000. Your new balance on your line of credit is $10,000 and your available limit will be $15,000. Then you buy something else for $5,000. Now your Upgrade balance is $15,000 and your available limit will now be $10,000. Now let's say you want $10,000 cash to party in Vegas, and you transfer $10,000 from your Upgrade account into your checking account at USAA. Now you are maxed out. Your balance is $25,000 and your available limit is zero. You have just used the card two times, and you used a transfer one time. But you will not have three separate loans. You will simply have $25,000 charged on your Upgrade line of credit. Every month you can pay your Upgrade minimum payment, or pay more, or pay in full. And as you pay what you owe on this $25,000 balance, you will then have that amount available to you to use again anytime you want because it's a revolving line of credit. The Upgrade card is quite unique.

Interesting. Thanks for the info on this. It seems that the card actually functions differently than I previosly read. Seems like a good deal, besides the high APR.

Re: Upgrade card approval

CreditAggie — Sat, 16 Jul 2022 23:52:22 GMT

Congratulations on your Upgrade card approval!

That's a lot of documents to open a checking account. Yikes! None of my checking accounts required tax documents in order to open them.

Re: Upgrade card approval

C6 — Sun, 17 Jul 2022 00:14:15 GMT

Thanks for the congratulations. I read the terms before I accepted. It is a personal line of credit with a fixed interest rate and a 60 month term. While the rate is a little higher than what I could get from my credit union I wouldn't get 2.2% cash back. Overall I'm pleased. As far as the checking I really had no interest other than the $400. No way would I submit two years of tax returns and the 4506 so they could access my tax returns for a silly checking account.

Re: Upgrade card approval

Anonymous — Sun, 17 Jul 2022 00:27:32 GMT

@C6 I didn't sign up for the checking account either.

Re: Upgrade card approval

babygirl1256 — Sun, 17 Jul 2022 01:31:28 GMT

Congrats on your upgrade card approval.

Re: Upgrade card approval

NalekSok — Sun, 17 Jul 2022 14:47:41 GMT

Congratulations on your approval and really nice SL! 🎉

Re: Upgrade card approval

cashorcharge — Sun, 17 Jul 2022 22:52:51 GMT

WooHoo!! Congratulations on your Upgrade Approval!!👏🏼🍾🥂

Re: Upgrade card approval

MCM1 — Tue, 19 Jul 2022 22:32:18 GMT

Did you have to furnish any docs for the LOC/Credit Card?

Re: Upgrade card approval

Anonymous — Tue, 19 Jul 2022 22:38:17 GMT

@MCM1 wrote:
Did you have to furnish any docs for the LOC/Credit Card?

No. Upgrade approved me with their prequalification tool. Then when I accepted their offer, they did a hard pull. They never asked me to provide any documentation.