Upgrade Card Scam

[pip3man]

@Varsity_Lu it all depends. I've attached a screenshot of how the Upgrade card currently reports on EX. With that being said, I'm not sure if scoring models rewards and differentiates between a revolving credit card and line of credit. What I do know for sure is, the card's balance isn't factored into your overall utilization which is very useful if u have to carry a high balance but don't wanna take the credit hit.

[ptatohed]

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@Varsity_Lu wrote:

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@mec684 wrote:

I wouldn't call it a scam. I love my Upgrade Elite Visa Signature. Was approved for 20k with 16% percent interest rate and 2.2% cash back rewards on everyday purchases. Also, it reports to credit as a line of credit NOT a credit card so your utilization is not affected if you need to charge a massive amount that would otherwise trigger your credit with each bureau as a result of increased utilization. You have to understand stand that the card is essentially a hybrid card a mix between credit card and a line of credit. Upgrade is a great company. 

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Ok, so now I'm curious. Since I have no loans and only credit cards, would a card from Upgrade help my credit mix similar to an SSL? I don't pay interest, so I am wondering how I might use it to boost my score without having to carry a balance and pay interest. Is this possible? @ptatohed @MileHigh96 @pip3man 

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I don't know for sure Lu.  Here is one article covering your question.  Experian.  Not sure if that helps.  But I don't know that I would get an upgrade card only for a possible score boost.  Make sure you want one anyway.  The 2.2% Elite is a good card if you don't have anything higher than 2.2%, and the MyFive is an especially intriguing card that is on my radar.  Keep in mind that, every so often, Credit Karma will double the regular Intro Bonus from $200 to $400.    

[TrapLine]

@pip3man 

On my Experian Credit Bureau Report I have checking ready reserves and lines of credit all reporting right along with the other credit cards.

Installment Loans and Real Estate each report in their own categories. Now one of my checking ready reserve lines reports all by itself but factors into the total credit and the calculations for a score on Fico 08. Now on the Vantage 4 the categories seem the same and the scoring is following along the same way but, I have a higher score?! Will not try to explain that ...?

[mec684]

agreed! that was the easiest $400 I ever made! i love my upgrade tripple cash rewards with a much lower rate than regular credit cards. great to have for emergencies as it essentially reports to your credit as a unspecified line of credit. I normally use my amex charge accounts for massive charges in order to avoid triggering the utilization hit during monthly reporting but with upgrade you can max it out in the event of an emergency, sign up for reasonabke payments at a locked interest rate and have no affect to your utilization. He clearly doesn't understand the card. If you are a strategic person having this in your arsenal is great.

[redpat]

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@mec684 wrote:

agreed! that was the easiest $400 I ever made! i love my upgrade tripple cash rewards with a much lower rate than regular credit cards. great to have for emergencies as it essentially reports to your credit as a unspecified line of credit. I normally use my amex charge accounts for massive charges in order to avoid triggering the utilization hit during monthly reporting but with upgrade you can max it out in the event of an emergency, sign up for reasonabke payments at a locked interest rate and have no affect to your utilization. He clearly doesn't understand the card. If you are a strategic person having this in your arsenal is great.

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@mec684 

Who gives a crap about a monthly utilization for a 45 day float for a regular credit card.  If you have a good credit profile most don't care to report utilization for a month because utilization has no memory.  So you are telling us you rather pay interest to avoid utilization? 

I get all my $400 plus banking bonuses without having to get a hard pull for a crap card that gives you a 1 day float.

The hoops you CB folk jump through for that .002 "have to remember to early pay on day 2 after every charge"

OP is right and if I read their bonus correctly you now have to open a checking account for the bonus, according to Nerdwallet.

[mec684]

I personally like the company. I have close to 40k in available credit with them through multiple visa sig accounts with a 14% APR w/ auto pay. It reports as a line of credit and not a typical credit card, but it acts as a credit card and you are able to accrue 2% cash back on all purchases. imo It is a great addition to my credit mix, and I have an 800+ credit score across each bureau but to eaches own.