Upgrade Visa

[Anonymous]

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@BamBam2000 wrote:

So I wonder if I take the card with the limit they offered (15,000) and I don't use it will it increase my overall available limit and then decrease my utilization?

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It doesn't look like it if the website I linked is to be believed that it doesn't report like a credit card. 

[BamBam2000]

Then it must report as a loan, but it's a visa card?

[BamBam2000]

I'll just wait until somebody else tries it. Not feeling like pioneering today. Finally got my EQ and TU to 702 and 701. EX is still a bastard out of Carolina at 666....devil number!

[kilroy8]

Looks like a predatory lender to me. 

Reach higher, if you can.

[Anonymous]

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@BamBam2000 wrote:

Then it must report as a loan, but it's a visa card?

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It works like a loan though. Every month your charges are converted into an installment plan. It doesn't surprise me that it reports differently. 

[Anonymous]

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@kilroy8 wrote:

Looks like a predatory lender to me. 

Reach higher, if you can.

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What looks predatory? APR can be high if your credit warrants it but BBVA has the same top end and nobody has ever gotten it that I know of. 

The way this card is designed you cannot get into endless debt because the minimum payment is a fixed installment every month and your interest will always be less than it would be paying minimum on a credit card. 

It actually doesn't seem like a bad deal but people need to beware that it works like an installment loan and not a credit card - that means no fees or variable APR once transactions are converted to a plan but also no grace period so you cannot use the card and not pay interest. 

Since I don't pay interest and I don't need cash advances, it's not a good fit for me but if I do decide to go for a PLOC, this hybrid product would be appealing since it doesn't count against revolving utilization. 

[Anonymous]

I reached out to their customer service a few months back about how it would report. I was told it would report to the credit Bureaus as an installment loan. 

[Anonymous]

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@Anonymous wrote:

I reached out to their customer service a few months back about how it would report. I was told it would report to the credit Bureaus as an installment loan. 

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Thanks. I was wondering if that was the case. If it reports an an installment loan that sinks my SSL so I definitely won't get this product now. 

[atxtyson]

I wish I had done more research before I got it.

It reports as an installment but it's kinda cool if you want to make a purchase and spread it out over payments.

I put like $57 at target on it, thinking it would report as a credit card and then it rolled over to statement trying to split the payments over 12 months or so. I just paid it off. The worst part with Upgrade is they report to all the CR's your affected by natural disaster even if you never asked for help. They said they did this cause FEMA declared it for my area... not cool. I'm fighting for them to take it off my report.

I see no use for this card other than to have it in case you need it one day. It doesnt report you full credit line to the report just when you use it for an installment. 

[K-in-Boston]

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@atxtyson wrote:

I wish I had done more research before I got it.

It reports as an installment but it's kinda cool if you want to make a purchase and spread it out over payments.

I put like $57 at target on it, thinking it would report as a credit card and then it rolled over to statement trying to split the payments over 12 months or so. I just paid it off. The worst part with Upgrade is they report to all the CR's your affected by natural disaster even if you never asked for help. They said they did this cause FEMA declared it for my area... not cool. I'm fighting for them to take it off my report.

I see no use for this card other than to have it in case you need it one day. It doesnt report you full credit line to the report just when you use it for an installment. 

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This is not affecting you in any way and numerous lenders currently report this.  Disputing factual information (which this is, unless you are a resident of American Samoa which thus far has no reported cases) always has the potential to go sideways; I'd just leave it be.  It's been on my reports since March, and has appeared several times over the years during major weather events for me.