Upgrade Card Preapproval

[pip3man]

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@shane82388 wrote:

Did you actually apply or just pre-approval?

If you did, I was reading they ask for income documentation and other things like that, is that true?

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Yes I started to apply and actually finalized the application. Somehow I wasn't HP'ed yet. Indeed they did ask for a copy of my most recent W2 and two years worth of tax returns which I already submitted. In addition to those, they asked for an IRS 4506T access and while I was still waiting to get the link, I had a last minute change of mind and withdrew my application. Reason - the ridiculous APR and I felt like I can get a higher limit if I just waited till my credit report reflects a 5% overall utilization as opposed to the 13% utilization showing at the time of my application. I'm gonna try again later this month once my pay offs has reported to the bureaus hopefully I can snag a better rate & higher limit otherwise imma keep it moving @shane82388 

[pip3man]

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@TRC_WA wrote:

It's not a bad account to have... mine is $2k and I use it once every few months for a small charge and PIF.

It reports as a LOC and their preapproval is solid.  You're in if you want it IMO.  They didn't ask me for income verification and it is a HP.

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@TRC_WA I heard each time you use the card, it creates a series of new mini loans on your CR and that's one of the major reasons keeping me on the fence with getting it or even getting it and rarely using it, that's if I ever do. Could you confirm please? I see your limit is $2k how long have u had yours and ever requested a CLI? Overall how has your experience been with it? Thanks 

[pip3man]

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@unsungivy wrote:

I've heard it's only good for 5 years, so be aware of that.

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Huhhhhh?! Whettttttttt? Are you for real, where did you get this info? First time hearing this and I'm not thrilled at all.

[OmarGB9]

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@pip3man wrote:

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@unsungivy wrote:

I've heard it's only good for 5 years, so be aware of that.

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Huhhhhh?! Whettttttttt? Are you for real, where did you get this info? First time hearing this and I'm not thrilled at all.

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I've heard that too, though I can't find anything in their terms that explicitly says that. However, since the max "repayment period" is 60 months (5 years), there might be some truth to this?

[TRC_WA]

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@pip3man wrote:

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@TRC_WA wrote:

It's not a bad account to have... mine is $2k and I use it once every few months for a small charge and PIF.

It reports as a LOC and their preapproval is solid.  You're in if you want it IMO.  They didn't ask me for income verification and it is a HP.

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@TRC_WA I heard each time you use the card, it creates a series of new mini loans on your CR and that's one of the major reasons keeping me on the fence with getting it or even getting it and rarely using it, that's if I ever do. Could you confirm please? I see your limit is $2k how long have u had yours and ever requested a CLI? Overall how has your experience been with it? Thanks 

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@pip3man  I don't believe it reports as a "series of new mini loans" on your CR.  I opened mine in May... it reported a balance that I paid at the end of May... then reported a $0 balance at the end of June and hasn't reported since because I haven't used it.  

I also found this via Google...

Once your account is open, Upgrade will only report the account to the credit bureaus after you use the card or make a transfer to your bank account. If you have multiple Upgrade installment loans, the aggregate monthly payment and maximum repayment period are reported as one account in your credit report.

That is exactly what mine has done... hasn't reported because I haven't used it and according to this it only reports as one account.

Also found this...

Yes, the Upgrade CC reports to all major credit bureaus, TransUnion, Experian, and Equifax. However, it won’t report as a traditional credit card but rather as a line of credit, without a total credit limit.

This I can confirm because it shows as a LOC on my report.

Personally I have nothing bad to say about the account.  Yes the interest is high but that doesn't matter when you PIF and it's $2k there available in a pinch if I need it... which I haven't.  

[pip3man]

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@OmarGB9 wrote:

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@pip3man wrote:

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@unsungivy wrote:

I've heard it's only good for 5 years, so be aware of that.

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Huhhhhh?! Whettttttttt? Are you for real, where did you get this info? First time hearing this and I'm not thrilled at all.

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I've heard that too, though I can't find anything in their terms that explicitly says that. However, since the max "repayment period" is 60 months (5 years), there might be some truth to this?

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I'm gonna have to call them directly on this one and hear from the horse's mouth. If it turns out to be true, I think this would be the dealbreaker now that at least I've confirmed multiple accounts won't be opened.

[OmarGB9]

I don't know a whole lot about your profile other than recently out of BK7, but honestly I don't think you need this card. It's basically just a LOC disguised as a CC. The APRs are pretty high. Even if you are rebuilding, I think there are better options.

[TRC_WA]

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@OmarGB9 wrote:

I don't know a whole lot about your profile other than recently out of BK7, but honestly I don't think you need this card. It's basically just a LOC disguised as a CC. The APRs are pretty high. Even if you are rebuilding, I think there are better options.

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I'd agree with this and I have it... but don't use it.  

[pip3man]

I spoke with them, they did confirm after 5years they SP your profile and if there's been significant changes to your credit then the account closes out but if you still meet their credit criteria then the account renews for another 5 years. They also said the approval process is all SP. If the APR was lower I would have gone for it as an emergency LOC if ever needed but as it is I will pass for now unless I get a better rate.

[OmarGB9]

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@pip3man wrote:

I spoke with them, they did confirm after 5years they SP your profile and if there's been significant changes to your credit then the account closes out but if you still meet their credit criteria then the account renews for another 5 years. They also said the approval process is all SP. If the APR was lower I would have gone for it as an emergency LOC if ever needed but as it is I will pass for now unless I get a better rate.

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Problem is what they define as "significant." Guess that 5 year expiration rumor is partially true. You're dodging a bullet, IMO.

If you're looking for an emergency LOC, I'd look towards a CU.