topic Re: Upgrade Card - huge credit line decrease in Personal Finance

Upgrade Card - huge credit line decrease

Baywatch — Fri, 24 Mar 2023 02:29:54 GMT

I just got an email from Upgrade that my LOC was reduced from 10k to $500 due to the following (they cite Trans Union):

Usage of revolving accounts is too high
Recent increase in usage of accounts
Recent increase in utilization of bank-issued credit cards
High number of accounts recently opened

None of that seemed familiar to me, so I pulled my Trans Union report, and my utilization has gone down, not up.
TU Fico 8 is 735, and utilization is listed as 29%, which is higher than it actually is but whatever.

I was in the hospital briefly last month, so all my cards only got the default auto-payment, which may have briefly moved the dial on my utilization and score, but as soon as I got home I paid them off as I typically do each month.
A $500 limit serves me absolutely no utility.

I have never actually used the card, but I did have a loan from them last year for $17.5k, which I paid off in 2 months.

This card seems to have no phone number to call, what should I do, just say 'screw it', since I never used the and it's not reporting to any of the Credit Bureaus that I can notice?

It just feels pretty **bleep**ty to have them decrease my credit line so drastically. Even without this card, I still have a total line of credit of about $80k across all my other cards - should I care about the decrease here, should I try to ask them **bleep**?

Re: Upgrade Card - huge credit line decrease

TheRedHat — Fri, 24 Mar 2023 02:40:12 GMT

Are you or were you aware that the Upgrade Card isn't an actual credit card?

Re: Upgrade Card - huge credit line decrease

Baywatch — Fri, 24 Mar 2023 02:45:38 GMT

I know the structure is a bit different, but I guess it seemed good to have for a rainy day.

Are there any significant disadvantages to this card?

Re: Upgrade Card - huge credit line decrease

CCrew — Fri, 24 Mar 2023 03:00:45 GMT

@Baywatch wrote:
I know the structure is a bit different, but I guess it seemed good to have for a rainy day.

Are there any significant disadvantages to this card?

It reports as a personal line of credit rather than as a revolver so shouldn't factor into util, so it's basically noise. Couple of posts down you'll see they did me too, with a 761 FICO and virtually zero revolving debt. sock drawered card but still. I called and closed it. My $ is they're having probs and looking to reduce exposure. Certainly not worth taking it personally. My $ is on there's going to be a lot more of us.

Re: Upgrade Card - huge credit line decrease

Epiki71 — Fri, 24 Mar 2023 03:01:45 GMT

cancel the card, there are other lenders way better.

Re: Upgrade Card - huge credit line decrease

Jeffster1 — Fri, 24 Mar 2023 05:43:36 GMT

I don't ever use my Upgrade account, and had planned for months to close it. Another thread earlier reminded me that i really need to call to close. I'm on the West Coast and called shortly after 6:00 PM. Customer Service already closed. I'm calling at 5:00 AM tomorrow before the gym and finally getting rid of this thing.

Re: Upgrade Card - huge credit line decrease

FireMedic1 — Fri, 24 Mar 2023 10:28:09 GMT

@Baywatch wrote:
I just got an email from Upgrade that my LOC was reduced from 10k to $500 due to the following (they cite Trans Union):

Usage of revolving accounts is too high
Recent increase in usage of accounts
Recent increase in utilization of bank-issued credit cards
High number of accounts recently opened
None of that seemed familiar to me, so I pulled my Trans Union report, and my utilization has gone down, not up.
TU Fico 8 is 735, and utilization is listed as 29%, which is higher than it actually is but whatever.

I was in the hospital briefly last month, so all my cards only got the default auto-payment, which may have briefly moved the dial on my utilization and score, but as soon as I got home I paid them off as I typically do each month.
A $500 limit serves me absolutely no utility.

I have never actually used the card, but I did have a loan from them last year for $17.5k, which I paid off in 2 months.

This card seems to have no phone number to call, what should I do, just say 'screw it', since I never used the and it's not reporting to any of the Credit Bureaus that I can notice?

It just feels pretty **bleep**ty to have them decrease my credit line so drastically. Even without this card, I still have a total line of credit of about $80k across all my other cards - should I care about the decrease here, should I try to ask them **bleep**?

The way things are now. There you go. They arent the only one slashing CL's or closing accounts.

Re: Upgrade Card - huge credit line decrease

krmurrayjr10 — Fri, 24 Mar 2023 13:53:13 GMT

I got smacked with this e-mail last night: $1,500 > $500. I've never used it, so I have no problem closing it.

Actually closing it, however, is easier said than done. I tried calling in to CS last night, but the wait times to speak with someone approached an hour, which made me suspicious that a whole lot of people received similar emails. Not wanting to waste my valuable time on them, I sent an e-mail instructing them to close it, and am now waiting on a response.

Re: Upgrade Card - huge credit line decrease

Baywatch — Fri, 24 Mar 2023 14:12:59 GMT

I had the same experience and also sent an email asking them to either restore my LOC or close my account out.

as another user posted, I have a similar story where my scores and utilization was higher when I opened the account than what it is now.

not exactly sure what they expect, $500 limit, especially with this cards structure makes zero sense.

Re: Upgrade Card - huge credit line decrease

RSX — Fri, 24 Mar 2023 17:55:05 GMT

i feel for you - but had to jump in and say - sounds like they should rename to DOWNgrade card

close it or leave it open if no AF - if you weren't using it anyway, then any of the lenders can drop CL or close out entirely - this is not Upgrade specific activity

Re: Upgrade Card - huge credit line decrease

Jeffster1 — Fri, 24 Mar 2023 17:55:53 GMT

No CLD or AA on my Upgrade account at all but I've been meaning to close it anyway. I called this morning. Got right through and closed it.

Re: Upgrade Card - huge credit line decrease

CCrew — Fri, 24 Mar 2023 23:37:02 GMT

@Jeffster1 wrote:
No CLD or AA on my Upgrade account at all but I've been meaning to close it anyway. I called this morning. Got right through and closed it.

Annnnd, if you're like me you'll now get a message that due to changes in your credit report you can't make any transactions. And maybe even a second message inviting you to apply for their new credit card offering. Got both today after closing yesterday. Crazy, crazy I tell ya!

Re: Upgrade Card - huge credit line decrease

TryItAgain — Fri, 24 Mar 2023 23:45:33 GMT

Did they at least close it properly with the notation on your credit report? Saying closed by consumer so the credit line padding remains for years?

My wife has AN $18.5K LOC-Carf with them and I don't want to see that happen to her, But would not mind keeping the padding before a CLD. We used the full 18.5k and paid to 0 in 6 mos.

Re: Upgrade Card - huge credit line decrease

CCrew — Sat, 25 Mar 2023 00:17:50 GMT

Just closed it yesterday, not hit the CRA's yet. They do leave you access to their web site, it does show closed.