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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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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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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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  • 1 year later...
  • 2 months later...
  • 8 months later...

Well, their credit card is a turd so no reason whatsoever to believe anything else they offer won't be shiate, too.

I continue to get pre-approvals for the Upturd Card. Interesting how it isn't what we have come to expect with any credit card. It is more like a debit card attached to an overdraft line of credit since there is no grace period. Interest accrues from the date of transaction or date the transaction posts to your account. Fook that!

I predict this card will ultimately be a dismal failure.


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I have seen so many superficial prequalified offers for the Upgrade card through Credit Karma, Credit Sesame.  I have avoided it like a plague because it reeks of being a subprime Credit One type card. 

 

I'm just baffled by the decline for consumers with 750+ credit scores.  I never understood why too many recent inquiries are regarded as red flags since a score above 750 clearly demonstrates a good payment history. 

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Perhaps because the scores to which you refer are not real FICO  scores.

Perhaps you are confused and know little about how Upgrade underwriting works?

They most certainly do decline people with FICOs above 800. They decline those with a FICO of 850 all the time.

Upgrade Card is not a credit card. Sure, they give you a piece of plastic that says Visa on it, but their underwriting is geared towards sniffing out suckers who want an overpriced personal loan. And a personal loan is exactly what you get. Purchases you make with the Upgrade Card are converted (i.e. Upgraded) into a loan from Cross River Bank in New Jersey. You know, Cross River Bank ... as in the shytiest bank since the invention of Stinkrony.

Upgrade doesn't give a rat's arse about your FICO Score. Common reasons why they deny applications are:

1. Recent low utilization of revolving accounts;
- You do not use your credit cards enough so that you will need to borrow money at a sky-high APR from Upgrade

2. Low level of payments in relation to obligations;
- Now this sounds like you have high balances and are making minimum payments, right? Well, it's not! What they are saying is that you do not carry a balance.

3. Inconsistent trend in the usage of credit card accounts;
- Again, they are looking for suckers that use their credit cards heavily AND do not PIF.

4. Recent high utilization of revolving accounts;
- This one made no sense since on the report they pulled there was only one of dozens of accounts showing a balance and that balance was $3 on a credit limit of $45k.

5. Borrower does not qualify for minimum loan amount given application source.
- They do not like it when you use a VPN. There is a hack to that, though, that effectively makes your VPN invisible to Upgrade Card.

In addition to TU, they also pull LexisNexis and SageStream.


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I have seen so many superficial prequalified offers for the Upgrade card through Credit Karma, Credit Sesame.  I have avoided it like a plague because it reeks of being a subprime Credit One type card. 
 
I'm just baffled by the decline for consumers with 750+ credit scores.  I never understood why too many recent inquiries are regarded as red flags since a score above 750 clearly demonstrates a good payment history. 

A couple of observations, my friend ...

Upturd Card most certainly does not stink like subprime Credit One. It stinks far, far, far worse. Upturd Card is pure shyte. Credit One is, comparatively, a Happy Meal.

RIF. If people examine closely the T&C of Upturd, they'll find many interesting things. Credit One is upfront about the ridiculous fees they charge, but Upturd takes the cake. Their fees are even more ridiculous that C1's, but to make matters even worse they go to great lengths to hide them.

On the Cardholder Agreement, Upturd paints their card as our best friend. There are no fees at all! I mean, what the hell better can you possibly ask for? But soon the stench of their shyte shines through with the following sentence:

"Please see your *separate* UPGRADE LOAN AGREEMENT for important disclosures regarding the APR, fees, and other terms and conditions which govern your Upgrade loan(s), including when you will begin paying interest on your Upgrade loan(s)."

... and ...

"Please see your Upgrade Personal Credit Line Agreement ... "

... and ...

"During the application process, you may be asked to become a member of a credit union. Details associated with this request will be provided prior to your loan being funded."

Once you do read those, you will feel just how deeply you are getting FITA. With C1, you only feel the tip. With Upturd, it's the whole 12".

With C1 you are getting a credit card. With Upturd you are basically getting a super abusive and expensive NavChek for régards.

I agree with you about inquiries. It seems that the whole spiel about how "past performance is indicative of future behavior" that the CRAs and FICO sell us is only a load of b.s. You may have a decent FICO of 750, but with a few INQs all of a sudden the sky is falling.

While generally here on CB we believe that INQs don't matter and that potential creditors only pull that INQ line out of their arse to mask their true reasons for declining an application, lately I have seen some creditors exhibiting INQ paranoia.

A lot of security consultants like to paint elevated INQs as a precursor to bust-out fraud or bankruptcy. I think that's b.s. There are other easy ways to see whether someone has nefarious intentions or is just simply a credit slut. Of course, these so-called security experts can't get paid unless they convince creditors to buy the drivel they are peddling.


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