Amex loan pre-approved in my Amex ED account

[Viva-LV]

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@ecxpa wrote:

Maybe I am just behind, and this is not exactly about credit cards,  but found out today Amex is now making personal loans.    Got  a pop-up saying I was preapproved for up to 17.9K and max int rate of 8.98 when I went into my account to look at the Hilton Honors card.  This is a little tempting as I am in the midst of several projects right now......but I think I may pass this up.   Just good to know they are a loan source now.

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I got the same offer on my Plat card, up to my spending limit.  Took the minimum amount ($3500) for 12 months, I want to see how it reports from the cra's.

[Anonymous]

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@Viva-LVwrote:

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I got the same offer on my Plat card, up to my spending limit.  Took the minimum amount ($3500) for 12 months, I want to see how it reports from the cra's.

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Would you mind sharing how it reported in the end?

I have started seeing pop-ups for the personal loan, and would take it if it's gonna show up as a loan rather than in the same category as a credit card.

My deal: Two years ago, I had zero US credit footprint. Thanks to a BoA secured card, a year ago, I was accepted for an Amex Blue on an ITIN, with a $2k limit. Now I'm at $15k. FICO score of 725. Obtaining a personal loan through Amex would be a great way to take advantage of a personal relationship without the extra hops required to find lenders that approve without an SSN.

Would be happy to pay the interest for a chance to swing my score that little bit closer to 'Excellent'.

[luxeprw9]

I just received this offer last night.  Good to know Amex is willing to lend me money but the APR was awful, so I'm not interested.  It was a max of 16%, with a loan max of $17k.  I have no debt to payoff other than my student loans ($8k) so not really beneficial to me.  I was thinking of applying just to use the funds to pad my emergency fund, but I'll need an interest rate of 5% or less for that to make sense. 

Hopefully I'll get this offer again in 6 months when my BK13 has fallen off my Experian report and my credit score has increase significantly.  Maybe then they will offer me a better rate and I can take advantage of it!

[jwheel113]

I took advantage of this offer from Amex last year.  They offered me 25k and I took 20k.  The interest was more than I would normally be comfortable paying for this type of product (above 11%) but I was in a tight spot and needed the cash.  I applied to their offer on a weekend and literally had 20k in my checking account on Monday.  

For an unsecured personal loan of this amount, it's hard to believe how fast/simple getting the funds was!  With the pre-approved offer, I don't believe it was even a hard inquiry.  For comparison purposes, I took out a smaller personal loan from a local institution a few years prior and it was almost like applying for a 30 year mortgage with all the documentation and paperwork required!  If you are a responsible/loyal customer, the sky is the limit with Amex.  

[Anonymous]

Can you recall how it reported on your file - instalment loan or revolving line?

And agreed- once you’re ‘in’ with Amex, they seem to treat customers very well indeed!

[jwheel113]

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@Anonymouswrote:
Can you recall how it reported on your file - instalment loan or revolving line?

And agreed- once you’re ‘in’ with Amex, they seem to treat customers very well indeed!

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Installment

[UncleB]

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@jwheel113wrote:

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@Anonymouswrote:
Can you recall how it reported on your file - instalment loan or revolving line?

And agreed- once you’re ‘in’ with Amex, they seem to treat customers very well indeed!

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Installment

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+1

Mine is reporting as 'Installment' as well. 

[Anonymous]

Thanks guys. Your two replies are the most definitive on the entire Internet for whether Amex reports as ‘instalment’.

I’ll probably pull the trigger once this month’s score updates, to see if it improves the APR slightly (they have me pre-qualified with a max rate of 11.97% atm- still not too bad even at that)

[Anonymous]

FWIW I asked an Amex live chat rep whether it reports as revolving or instalment, and he said (quote) ‘it’s mostly like a revolving instalment’.

That’s like asking whether something is black or white and being told ‘it’s mostly a black-ish white.’

Their support is normally great but I couldn’t help but feel in this instance that the guy perhaps didn’t have the full facts 😊