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hegemony

NEW CARD!!!! (UPGRADE VISA)

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BTW, app says "Checking your credit line is free and won't impact your score." so it is a soft-for-approval-system like GSapple.

 

"When you check whether you qualify for a PCL and review a PCL offer, a soft inquiry will be performed on your credit report, which won’t impact your credit score. A separate soft inquiry will also occur when you accept an offer and submit your bank account information. When your PCL line is approved and opened, a hard inquiry will be performed, which may impact your credit score and can be viewed by third parties. "

Edited by hegemony

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"The Upgrade Card will reward users for paying down their balance — 1% cash back for each on-time payment made. That contrasts with credit card issuers that give borrowers incentives for spending. The annual percentage rate on the card starts at 6.49%, much lower than a typical credit card but may go as high as 29.99%."

https://www.bankingdive.com/news/ex-lendingclub-ceo-credit-card-loan-hybrid/564874/

 

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Declined

 

757 TU

 

also on the AA pdf it says they checked LN and SageStream

 

 

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How would this report on credit reports? As an installment loan or as a credit card? Assuming as an installment as a credit card would show a maxed out card.

 

FWIW 20k at ~9% with LN and SageSteam frozen. 
 

No point for this as O% BT’s are much cheaper except for for the desperate.

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20 minutes ago, StantheMan said:

How would this report on credit reports? As an installment loan or as a credit card? Assuming as an installment as a credit card would show a maxed out card.

 

 

that is what I am curious about too.

 

thanks for the data point :)

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1 hour ago, xdfgf said:

Declined

 

757 TU

 

also on the AA pdf it says they checked LN and SageStream

 

 

interesting. any reasons given for the AA?

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High number of recent inquiries

High number of revolving accounts recently opened

High number of revolving accounts recently opened

Too many inquiries in past 6 months in credit profile.

Too many recently opened accounts in credit profile.

Time since delinquency is too short.

Number of months since overlimit on a bankcard

 

Delinquency it's talking about is on the older side from around 2015 (had some major bank issues but only 1 30DL)

 

The overlimit thing i think is from where I paid rent on a cap1 card last year (750 limit at the time, rent is 700) and as soon as the plastiq charge hit so did an AF. Shit timing..

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1 hour ago, StantheMan said:

How would this report on credit reports? As an installment loan or as a credit card? Assuming as an installment as a credit card would show a maxed out card.

 

FWIW 20k at ~9% with LN and SageSteam frozen. 
 

No point for this as O% BT’s are much cheaper except for for the desperate.

 

PCL's don't report as installment loans.  Discussion of the card structure is that the credit line is managed by a separate entity from the credit card.  I expect two revolving tradelines, each reporting its own credit limit.

 

I have a home equity line of credit for home improvement disbursements that I wish to pay off over a longer term.  Yeah, I could move the balance around with various bt's (with an effective rate of something like 2%, after fee consideration).  I prefer to pay up a bit and keep things simple by tapping my HELOC instead.  So, in reference to your comment, sometime there can be a "point".

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5 hours ago, hdporter said:

 

PCL's don't report as installment loans.  Discussion of the card structure is that the credit line is managed by a separate entity from the credit card.  I expect two revolving tradelines, each reporting its own credit limit.

 

I have a home equity line of credit for home improvement disbursements that I wish to pay off over a longer term.  Yeah, I could move the balance around with various bt's (with an effective rate of something like 2%, after fee consideration).  I prefer to pay up a bit and keep things simple by tapping my HELOC instead.  So, in reference to your comment, sometime there can be a "point".

I agree that HELOC’s are good for home improvements however I’m confident your rate is approx. half of the rate offered with this PCL. Just can’t think any logical reason to obtain this “card” with so many better options out there.

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2 hours ago, StantheMan said:

Just can’t think any logical reason to obtain this “card” with so many better options out there.

I can.

"Prepay any amount at any time with no penalty

So if it reports as an installment...

 

But unfortunately it probably reports as a worthless PLOC.

GPs?

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21 hours ago, Occam said:

I can.

"Prepay any amount at any time with no penalty

So if it reports as an installment...

 

"All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds."

 

Nevermind. $1 loans might work but might look awkward under manual review.

Edited by Occam

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On 10/13/2019 at 1:34 AM, xdfgf said:

Declined

 

757 TU

 

also on the AA pdf it says they checked LN and SageStream

 

 

 

Also declined.  850 TU.

 

Only because of inquiries and insufficient use of available credit.  Guess they don't like the $2 Trick.

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