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Just got this offer this morning. $10k @ 11.97%. Thought the rate was pretty horrendous for my profile even before seeing some of the rates other people got. $80k income and literally 800+ scores across the board. Only notable debt is about $4k on a 0% BT and $3k personal loan.
I logged into my BCE account and received a NextSteps pop up: You're pre-approved for a debt consolidation loan of up to $9,800 at a maximum APR of 16.97 %.
So strangest thing, I was checking my fico score from my Amex account and got the pop up below... anyone else ever gotten one? I tried to click on it but then it gives me an error
Today, my wife had that same notice on her AMEX web page. Me nothing.
If the loan will drop your utilization in a meaningful trend, it can be good converting the credit from revolving to installment.
When you take out an installment loan, when it first reports it will report at 100% of the face amount of the loan, which negatively affects your FICO scores, or at least some of them.
I have an offer as well; my offer is for $5k at 9.89%. Once someone reports back that it definitely reports to all three credit bureaus as an installment loan, I'm probably going to give it a try even though I don't need to consolidate anything (all my balances are on 0% promos).
I'm 'dinged' on my EQ for not having an installment account reporting, and in the spring my old PIF installment accounts that are still reporting to EX and TU will age off making my score drop 20-30 points (which is how much lower my EQ currently is with the only difference being the lack of installment history).
IMO taking out a loan this way even for a few months would be less paperwork and hassle than starting a new CU relationship and getting a share-secured loan.
2 weeks ago I got the pre-approval for $5000 and it was gone and I logged in yesterday and there is another 1 for $5400 at 16.96 %
I got same APR at 25k
@UncleB wrote:I have an offer as well; my offer is for $5k at 9.89%. Once someone reports back that it definitely reports to all three credit bureaus as an installment loan, I'm probably going to give it a try even though I don't need to consolidate anything (all my balances are on 0% promos).
I'm 'dinged' on my EQ for not having an installment account reporting, and in the spring my old PIF installment accounts that are still reporting to EX and TU will age off making my score drop 20-30 points (which is how much lower my EQ currently is with the only difference being the lack of installment history).
IMO taking out a loan this way even for a few months would be less paperwork and hassle than starting a new CU relationship and getting a share-secured loan.
When did you see yours? I saw mine today but when I cick on "start now" it says Offer No Longer Available I guess it was a fluke for me...