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Amex nextstep

Frequent Contributor

Re: Amex nextstep

Called and spoke to a rep and he confirmed that it will indeed report as a new loan. So, not a "hidden" TL.

 

EQ: 798INQs: 4EX: 792INQs: 12TU: 784 (Split File - FIXED!)INQs: 9
AAoA: ~5.7 years, oldest account 17.7 years
Total Credit Line: ~$230K
Message 31 of 98
Moderator

Re: Amex nextstep


heyryan wrote:

Called and spoke to a rep and he confirmed that it will indeed report as a new loan. So, not a "hidden" TL.

 


If your CSR is accurate this is great news for me... I'm continually 'dinged' on EQ due to not having any installment loan history (it's 20-30 points lower than TU and EX), and the installment loan history I have on TU and EX will be aging off next spring.

 

This could 'fit the bill' quite nicely!  Smiley Very Happy

Message 32 of 98
Community Leader
Senior Contributor

Re: Amex nextstep

Pre-approved amount:$5,000
Maximum APR:14.97%1
 
last month I owed (and is reporting)...
 
2k @ 0%
1.5k @ 8%.
My EX is clean and 740ish.
 
 

useless to me right now but I'm firmly planted and my terms may get better if and when I need it.   :]

 

pretty cool tactic from AMEX... "BT in a box" at a slightly better APR than you are paying now, lol

 

hidden TL is golden for those in deep.



Message 33 of 98
Community Leader
Senior Contributor

Re: Amex nextstep


jgodfrey82 wrote:

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


   AMEX is so slow at reporting, it will be 3 months before we know how it reports.   :[



Message 34 of 98
Valued Contributor

Re: Amex nextstep

Seems like there is some confusion at Amex with this product, I spoke to them and they said it won't report unless you default.

Gardening until September 2018
Next app: Mortgage in September 2018
Message 35 of 98
Community Leader
Senior Contributor

Re: Amex nextstep


Discover2016 wrote:

Seems like there is some confusion at Amex with this product, I spoke to them and they said it won't report unless you default.


   CSR's strike again. Only way to know for sure is to wait until it hits someones CR.



Message 36 of 98
Frequent Contributor

Re: Amex nextstep


elim wrote:

Discover2016 wrote:

Seems like there is some confusion at Amex with this product, I spoke to them and they said it won't report unless you default.


   CSR's strike again. Only way to know for sure is to wait until it hits someones CR.


I had to really push my CSR to find the info for me. At first he just read the statement from their online FAQ about the default reporting, then he went and checked and said it would report as a loan. Guess someone will have to be a guinea pig! (not me =)

EQ: 798INQs: 4EX: 792INQs: 12TU: 784 (Split File - FIXED!)INQs: 9
AAoA: ~5.7 years, oldest account 17.7 years
Total Credit Line: ~$230K
Message 37 of 98
Valued Contributor

Re: Amex nextstep

Just wanted to add a data point. They fund this quickly...DM approved and elctronic signature Monday morning...Sent funds next day...already listed in loan section. Discover is posted and paid as of 9/14. I asked her not to pay it off for a bit to see how long it takes to post to credit report (not sure how long she is willing to let it go, for the sake of my experiment). Her Experian on amex is 783.

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 38 of 98
Community Leader
Super Contributor

Re: Amex nextstep

Tried link said something like unfortunately you aren't pre-approved, etc..  Weird as Amex loves me overall with around 50k exposure with them.  Wasn't really interested, was just curious.. They don't like me for this product, granted I have a slew I mean ALOT of new accounts within the last year and show less than 300$ on my CR on 200k+ in limits, so not sure if that factors in or completely score driven.  

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | Barclay's | US Bank | Fifth Third Bank | FNBO
Message 39 of 98
Valued Contributor

Re: Amex nextstep


CreditCuriousity wrote:

Tried link said something like unfortunately you aren't pre-approved, etc..  Weird as Amex loves me overall with around 50k exposure with them.  Wasn't really interested, was just curious.. They don't like me for this product, granted I have a slew I mean ALOT of new accounts within the last year and show less than 300$ on my CR on 200k+ in limits, so not sure if that factors in or completely score driven.  


I went to the page to check it out and it said the same; however, the webpage title on top said "Offer no longer available"

Message 40 of 98