Amex nextstep

[Anonymous]

Hello all! So glad I ran across this thread. I too got a pre-approved offer for up to 15,000 at a maximum APR up to 14.97 APR. I clicked on the "Start Now" button (for interest) and it had the Personal Loan option highlighted for me to fill out. It makes sense considering my CC debt is probably a little over 1000.00 total. I haven't accepted just yet but am considering it. My daughter needs some orthodontic work at 1275.00. It's not a lot of money but if she only uses the braces for 3-6 mos. then  the entire amount is due and I don't want to worry about it. My question is if it doesn't affect your credit score does that mean they do not do a hard inquiry once you apply? I also got a pop up the day before offering a promotional 6.99 APR for my Amex Everyday acct. I always PIF but accepted it anyway........Thanks for any input!

[Aduke1122]

From reading the above verbatim posted in blue , it says they will report it to the credit bureaus, so yes it will have some kind of affect on your credit , whether good or bad it is all about your profile , if you don't have any other installment loans it could help your credit mix .

[Anonymous]

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@Anonymous wrote:

Hello all! So glad I ran across this thread. I too got a pre-approved offer for up to 15,000 at a maximum APR up to 14.97 APR. I clicked on the "Start Now" button (for interest) and it had the Personal Loan option highlighted for me to fill out. It makes sense considering my CC debt is probably a little over 1000.00 total. I haven't accepted just yet but am considering it. My daughter needs some orthodontic work at 1275.00. It's not a lot of money but if she only uses the braces for 3-6 mos. then  the entire amount is due and I don't want to worry about it. My question is if it doesn't affect your credit score does that mean they do not do a hard inquiry once you apply? I also got a pop up the day before offering a promotional 6.99 APR for my Amex Everyday acct. I always PIF but accepted it anyway........Thanks for any input!

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If you accepted a 6.99% promotional APR on your Amex, it appears this may be a better deal than taking the loan. I would take some time a read the information in your loan offer. 

[Anonymous]

I took the offer. Was pre approved for up to 25k @10.99% I signed up for 12k@ 9.9% approved instantly. Said it was debt consolidation. Money will be deposited directly to my checkings account. 24 month payments. 0 payoff penalties.

[Anonymous]

Yes, it would be, except that I have only been with Amex a little over a year and was started at a low starting limit of 1000.00. At the time I was accepted I had a very short credit history. I would really love an increase and am waiting for an automatic one. A CSR told me that I should be up for a review in a couple off months, so who knows.

[Anonymous]

Hi,

I took the bait on this product about two weeks ago, before I read this thread.

25k at 11% 36 months

A couple of questions

I already paid off 3k because I don't need all of it.  Except now Amex isn't allowing me to make anymore online payments.

Can anyone explain this wrinkle?

Also, I read on another thread that paying down chunks of this balance quickly won't reduce the monthly payment.

Is this accurate?

Lastly, will this new account with a 22k balance negatively or positively effect my FICO score?

[Anonymous]

UPDATE!  

In October 2016 I was offered and received the NextStep loan in the amount of $19,000 at 10.99% interest (3 years, $613/month), for the purpose of consolidating debt and I wish I had done it sooner! 

In just 5 months, my credit scores have changed as follows:

Experion: from 724 in 10/2016 to 769 in 2/2016

TU: from 713 in 10/2016 to 754 in 2/2016

Equifax: from 713 in 10/2016 to 756 in 2/2016

Not sure what I have to do to make it higher, except to keep paying down cards. Regardless, I'm thrilled. I've hovered at about 710-715 for as long as I can remember.

I received an offer for a "Marcus by Goldman Sachs" personal loan, and am wondering if it would be a good idea to consolidate my remaining credit card debt  - approximately $14,000 - for a lower interest rate?

~Nic

[ZeroChance]

I first saw this offer pop up on my account last year and was skeptical of the product.  After reading more on the experience of others here, I applied today.

Pop up indicated I was eligible for up to $25,000 at a max rate of 8.99%.  I requested for a loan (to be deposited directly into my checking account) in the amount of $12,000 and to be paid over 24 months.   After filling out/confirming some basic information, the site said that a decision couldn't be provided right now and a letter would be sent if more information was needed.  A few mintues later, I received an email indicating that a decision had been reached.  The full loan amount was approved at 8.99%.  l electronically signed the documents and that was it.  I hope funds will be deposited soon.  Any ideas on how many days?

ZC

[ZeroChance]

UPDATE!

Funds were deposited into my bank account the next day! That's quick!

ZC

[Anonymous]

As with many of you, I received a pre-approval popup when I logged into my account yesterday with a $25k @ 7.98%. Since it mentioned there was no credit hit to check for the approval, I went through the first part of the application and was given an instant approval for $25k @ the stated 7.98%. Seemed super simple and required 0 documentation. There are maybe, 10 fields to fill out? Seems like a quick and easy way to get an unsecured loan at a pretty decent rate through Amex.