Question on Upgrade Visa

[FinStar]

---

@Red1Blue wrote:

---

@FinStar wrote:

---

 Also, it appears you started a topic about it less than a couple months ago and decided to pass on it (see posts upthread).

Thanks @FinStar You are right. Looks like I looked at this product few months ago and passed it. Looks like this is a LOC like Grain and other products. Looks like I am better off getting an LOC from a Bank and use it instead of applying for Upgrade. I am gardening now and froze all 3 reports. If I apply for some thing it would be some time after August 2022. Let us see what future brings. 

---

Depending on how your profile might look in 2022, there's plenty of PLOC options. Might want to look in the Personal Finance section for some DPs. Or, when you're ready to apply, post a thread about it. But, yeah, unless you absolutely feel the Upgrade Visa is a fit for you, I would pass on it as well. It might work for some members, but it may not be for everyone.

Off the top I can think of PenFed, BECU, SECU (MD) as some contenders for PLOCs.

[RehabbingANDBlabbing]

One data point I can add is that the account auto closes after 5 years. They sent that in one of the first emails I got from them. So it is closed-ended and not necessarily something you can keep long term. I also do not think they offer CLIs. They send you a TILA form like you'd get with a personal installment loan and your interest rate is fixed. I do think they have lowered their standards significantly in recent times to attract new customers. The real question is whether this product would be useful to you. I used it to consolidate some balances into one payment. It has not reported on my credit yet, but I plan to make a thread once that happens.