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My husband was on CK and got a pre approval for the Upgrade Visa card he decided to check it out and filled out all the pre qual info and they gave him a pre qual of 25K. I've researched it a bit and I don't really understand it. I understand it's a PLOC tied to a CC but say he spent $100 each month over 6 months would it open 6 personal loans? If that's not the case then how does this account report is it a revolving account where it would be x/25K or is it a loan that the CL is how much you took out ex he spent $200 at target that's the balance and it's reported as maxed out. I'm sure someone here know the answers I just can't understand it.
Personally after seeing the reviews. Its all too confusing. Make life simple. Or the KISS method. Carry credit cards and get a loan if need be. The back and forth, reports this way and that way. Its like we're going to confuse you. And CK pre approvals are no different than bank pre-quals. Looks nice until you apply. You dont always get whats promised. JMHO. Others will have different reviews.
I have one. It only shows your CL based on what you've charged. Was approved for $11k. Charged $1100 in one month. CR shows that as my high balance. Haven't used it since interest rate is close to 21%.
^ This is accurate. I have a $5,000.00 CL. Whether you charge $100 five times, or $500 one time, it reports the same $500 balance on a $5,000 limit at the end of the month, similar to a credit card.
With that being said, it reports as a Revolving account, but I've tested it out in many ways since March to see how it's factored, and the balance is NOT factored into your total revolving utilization.