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UPGRADE VISA card.....anybody get this card after BK?

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twono
Frequent Contributor

UPGRADE VISA card.....anybody get this card after BK?

Got a pre-approval mail offer for an $11,000 Upgrade Visa....I'm almost 4 yrs post BK7, scores hovering at 700.

 

Anybody get this card?  3% cash back on utilities gets my attention.

 

Thanks

Message 1 of 8
7 REPLIES 7
Jeffster1
Valued Contributor

Re: UPGRADE VISA card.....anybody get this card after BK?e Upgrade

I got the Upgrade Visa 8 months after my DC. I kept it as part of my rebuild for about 1.5 years, and then closed it. I used it once. No major complaints. 

FICO 8 (3/1/24) EX 805 EQ 824 TU 844
FICO 9 (2/17/24) EX 821 EQ 778TU 850
I practice AZEO - NEVER above 1% utilization across all cards.

Current lineup as of 9/23
American Express Gold | American Express Blue Cash Everyday 6K | American Express Blue Cash Preferred 10K I American Express Marriott Bonvoy Bevy 5K I American Express Gold Delta Skymiles 6K I American Express Hilton Honors Surpass 3K I Bank of America Customized Cash Rewards Visa 15K | Kinecta MyPerks Rewards MC 35K | TD Bank Double Up Visa 4K | USBank Platinum Visa 5K | BMO Harris Cash Back MasterCard 12K | Capital One SavorOne MC 3K | Capital One Walmart MC 2K | NFCU Amex 15K | NFCU CashRewards Visa 15K I Citi Best Buy Visa 10K I Macy’s Amex 1.5K I Bread Financial American Express 8K l AAA Daily Advantage Visa Signature 6K I Wells Fargo BILT World Elite MC 30K I BCU Cash Rewards Visa 8K I Chevron Techron Advantage Visa 2.5K I JCPenney Mastercard $6K I UCLA Wescom CU Rewards Visa 7K I Affinity Pure Rewards Visa 5K
Message 2 of 8
ForwardLooking
Regular Contributor

Re: UPGRADE VISA card.....anybody get this card after BK?


@twono wrote:

Got a pre-approval mail offer for an $11,000 Upgrade Visa....I'm almost 4 yrs post BK7, scores hovering at 700.

 

Anybody get this card?  3% cash back on utilities gets my attention.

 

Thanks


You need to look at the terms of the specific card you are looking at.  The Upgrade visa card I got was really just a line of credit and not a traditional credit card with a grace period.  I opted not to use it after receiving it because of this combined with the interest rate which was higher than my other cards.

Message 3 of 8
FireMedic1
Community Leader
Mega Contributor

Re: UPGRADE VISA card.....anybody get this card after BK?

I wouldnt go by a mail offer. Try to lure you in with that SL. Pass.


Message 4 of 8
MileHigh96
Frequent Contributor

Re: UPGRADE VISA card.....anybody get this card after BK?


@twono wrote:

Got a pre-approval mail offer for an $11,000 Upgrade Visa....I'm almost 4 yrs post BK7, scores hovering at 700.

 

Anybody get this card?  3% cash back on utilities gets my attention.

 

Thanks


I've got two Upgrade cards which I got around 4 or 5 months after my BK7 discharge.  The first one was with a $17.5K limit and the second with a $7K limit.  As was mentioned, they aren't a revolving card, they are a line of credit.  Whatever you charge over a 30 day period then converts to a 36 month loan at the fixed interest rate you have on the card, and my interest rate on both cards is lower than I have on any credit card currently except for my PenFed card.  I like the fact that it becomes a closed-ended term like that so you know exactly when it will be paid off and what your payment will always be for the length of the term.  Also, the cash back is rewarded every month on the payment made and I believe it is automatically applied to the balance you owe.

 

I used the card earlier this month when we needed to get the house painted and it works out great.  I have a decent fixed interest rate and fixed payments and I know that it will be paid off in a minimum of 36 months (you can make additional payments any time you want to pay the balance down quicker or you could pay it off every month if you wanted, there is no penalty for that).  Plus, with the card being a PLOC instead of a revolving card, the balance on the card doesn't count towards your credit utilization, so you don't take a score hit from that if you need to put a large amount on the card like I did with the house painting.

 

I know there are people here on the forum that absolutely hate Upgrade, but I am sure that was because they didn't read or pay attention to what they were applying for.  If you go in knowing what the card is, then there shouldn't be any issues whatsoever.  I've been very happy with Upgrade and they come in handy as a fail safe if something big and unforeseen were to pop up where you need to get it taken care of and worrying about putting it all on regular cards and jacking up your credit usage.

BK7 discharged - 06JUL2021
Loans:

Revolving Accounts (in the order they were opened):

Closed accounts:
Message 5 of 8
twono
Frequent Contributor

Re: UPGRADE VISA card.....anybody get this card after BK?

Good info everybody....thank you...

Message 6 of 8
twono
Frequent Contributor

Re: UPGRADE VISA card.....anybody get this card after BK?

Well, i went to Upgrades website and did their 'pre-approval' and it came back as "Approved for $50,000, 14.98%, for 60 months/ $23.98 month per $1000 borrowed".

 

Had to verify my email and phone number and that's it so far....Shows "APPROVED" on my UPGRADE accts page.

 

BTW,  my other CC's are 24.99 - 34.99 % interest rate....OLLO, Credit One, Mission Lane, Mercury.....I do have a CC with my CU that is somewhere around 12% I believe.

Message 7 of 8
twono
Frequent Contributor

Re: UPGRADE VISA card.....anybody get this card after BK?

Just got the confirmation email and HP on TU....$50,000 Upgrade card @Anonymous.98%which as mentioned, is more of a PLOC.

 

Seems to be a good way to keep CC utilization low.  I don't plan on using it for anything now. But I could see how it could come in handy in an emergency.

 

Data points:

 

Oct will be 4 yrs post BK7  discharge

TU 675 (that's who they pulled in Ohio)

INQ's - 2 TU, 0 EX, 0 EQ

CC utilization 27% on $23k available revolving credit. (it will be down to 2% in a few months)

1 installment loan, 60% paid off, bal. $10,500

no mortgage

$130k income

                                                                       

 upgrade1.jpg

Message 8 of 8
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