@spiritcraft1 wrote:Congrats! So how do these report? Like a personal loan with full balance or like a credit card reporting only the amount used? Thanks in advance.
It reports as a line of credit. I'm not famiar enough with the different account types to know what effect that has on the credit report though.
@DakotaM wrote:
@spiritcraft1 wrote:Congrats! So how do these report? Like a personal loan with full balance or like a credit card reporting only the amount used? Thanks in advance.
It reports as a line of credit. I'm not famiar enough with the different account types to know what effect that has on the credit report though.
If that is the case it will be a Fico hit when it reports. I can't remember the levels but paying at least 11% off right away will lessen the impact a bit and when it is payed of to a balance less than 9% or so, it should boost points depending if you have any other installment loans.
I have had an approved Upgrade Triple Cash Reward card since January of this year, but I haven't used it yet because of it's hybrid ways and the way interested is calulated.
When your make a purchase or "drawn" (as Upgrade calls it), I know that amount is converted into a loan. When the "drawn" that ffinally hits on your report, does it affect the average age or accounts?
Congrats on the approval. 🥂
