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Amex nextstep

Valued Contributor

Re: Amex nextstep

This is an information page in the upper right corner if you click on start now it will ask you to login.

 

https://www.americanexpress.com/us/next-step-loans/debt-consolidation-faq/index.html?intlink=US:Amex...

 

This is the terms and cond. page.

 

 

https://www.americanexpress.com/us/next-step-loans/terms-and-conditions.html?intlink=US:Amex:NewSite...

BK13 Filed 7/10-DC 8/15 // Fico 8's TU 763/ EQ 758/ EX 735 11/17// AAoA 5.8 years // Lines 11/2017= 240K // Inquiries 5 TU -11 Exp - 10 Eq. BK now off all all reports....WE CLOSED ON OUR HOUSE 6/7/2017 long hard road, but we made it !!!
Message 21 of 98
Super Contributor

Re: Amex nextstep


Vegas4Play wrote:


I am curious as how it will report, will it be hidden? and will it be listed as an installment loan?


Ummmm..... Which would you like? The And clause is illogical Smiley Tongue

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
Jan 2018 $19k on $344k 5% util EQ 799 TU 791 EX 805

Delta Reserve and CSP Jan 2018, no more 5/24 worries... unless new Chase Marriott/SPG replacement is enticing...
Message 22 of 98
Moderator

Re: Amex nextstep

I might be an outlier on here, but while I don't need a loan at the moment if I found out it was reporting I would likely take it.

 

I'm one of the people who could use an installment loan for reporting purposes, and this would be an easy no-doc way to get one without having to start a new relationship with one of the credit unions who offer a share secured loan.

 

I definitely understand why many would prefer it to be non-reporting, though.

Message 23 of 98
Community Leader
Senior Contributor

Re: Amex nextstep

Thanks for the information! It sounds like a good product.

Gardening since xx/xx/xx Gardenversary xx/xx/xx Score: 08/21/17 EQ 781 TU 784 EXP 789
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 24 of 98
Valued Contributor

Re: Amex nextstep

It actually doesnt matter much to me at this point (spock Smiley Wink), but it would be nice if it was hidden (provided it is available to me) next year for about a six month period.

 

spock.gif

BK13 Filed 7/10-DC 8/15 // Fico 8's TU 763/ EQ 758/ EX 735 11/17// AAoA 5.8 years // Lines 11/2017= 240K // Inquiries 5 TU -11 Exp - 10 Eq. BK now off all all reports....WE CLOSED ON OUR HOUSE 6/7/2017 long hard road, but we made it !!!
Message 25 of 98
Regular Contributor

Re: Amex nextstep

I am doubting it is a hidden TL, just a new product that may report as installment, which in its own can be great for some who are missing that type of account or want to rebalance util and save some interest.  Good job Amex

Message 26 of 98
Valued Contributor

Re: Amex nextstep

I couldn't access the link using my tablet... was told I had to be on a desktop. Will def look into this later when I can get to my laptop.

Message 27 of 98
Valued Contributor

Re: Amex nextstep

Talk about jumping in with both feet to cater to people with less than ideal credit situations. Actually I think it is brilliant. Capital One already has auto loans but they could have done this.
Open one, close three. Open one, close three.
Message 28 of 98
Regular Contributor

Re: Amex nextstep

I think they are offering to both types of borrowers, in my case the offer is 20k at a great rate, my Sept amex score was 770.
Message 29 of 98
Moderator

Re: Amex nextstep


jgodfrey82 wrote:
I think they are offering to both types of borrowers, in my case the offer is 20k at a great rate, my Sept amex score was 770.

+1

 

In my case the rate is OK, but my pre-approval amount is low because the income they have on file for me is very modest, although my current EX score as reported by them is 760.

 

I actually like how it seems the offers are tailored for each of us, and I wouldn't say this is a product for 'bad' credit by any means.

Message 30 of 98