topic Re: Amex nextstep in Personal Finance

Amex nextstep

jgodfrey82 — Mon, 12 Sep 2016 03:02:09 GMT

I log into my amex account today and get offered a pre-approved "nextsteps" consolidation loan by amex.. 8.9% rate, up to 25k, they send the funds direct to other credit cards with no fees at all no prepay and no origination. Faq said it would not even show up on my reports unless I default and payments are fixed with 3 payment schedule options. I've never seen this amex product before and no search results were found when I searched. Anyone?

I am admittedly carrying a large debt load right now renovating a home I'll sell next month, my scores have gone down quite a bit due to the new balances but I won't go over 50% total util. Maybe the new debt triggered it. They are also offering me a 50k plat upgrade on my BRG and send me merchant financing offers all the time, so I'm guessing I'm good with amex. I'm almost interested to accept just to see how/if it reports.

Re: Amex nextstep

UncleB — Mon, 12 Sep 2016 05:16:48 GMT

@jgodfrey82 wrote:
I log into my amex account today and get offered a pre-approved "nextsteps" consolidation loan by amex.. 8.9% rate, up to 25k, they send the funds direct to other credit cards with no fees at all no prepay and no origination. Faq said it would not even show up on my reports unless I default and payments are fixed with 3 payment schedule options. I've never seen this amex product before and no search results were found when I searched. Anyone?

I am admittedly carrying a large debt load right now renovating a home I'll sell next month, my scores have gone down quite a bit due to the new balances but I won't go over 50% total util. Maybe the new debt triggered it. They are also offering me a 50k plat upgrade on my BRG and send me merchant financing offers all the time, so I'm guessing I'm good with amex. I'm almost interested to accept just to see how/if it reports.

I got the same 'NextSteps' popup, with similar albeit different terms, so apparently they tailor the offers for each of us. It only appeared when I changed over to my BCP, and once I logged off then back in the offer is now nowhere to be seen.

At first I wondered if perhaps I had gotten the offer by mistake, since they won't even give me a CLI due to an account that was included in bankruptcy 15+ years ago, yet on the same screen as that very card they tell me I'm 'Pre-Approved' (not 'Pre-Qualified') up to $5k. Things that make you go hmmm...

If I can get the offer to come up again I'll come back here and share.

Re: Amex nextstep

GetMeSlick — Mon, 12 Sep 2016 13:24:45 GMT

i did got today. max $10k loan to a max apr of 11.7%. They say no credit check/impact to scores to see what rates, monthly payment amount, max loan amount scary to proceed though . its itching to see , but i dont need any loan now.

Re: Amex nextstep

Discover2016 — Mon, 12 Sep 2016 14:31:49 GMT

Logged in just now and nowhere to be seen, I had no idea Amex was offering installment loans.

Re: Amex nextstep

jgodfrey82 — Mon, 12 Sep 2016 14:35:14 GMT

My Google search yielded a pending trademark application by amex for the "NextStep" as a new product just filed in late 2015. Also the faq mentions this product is new and targeted. Going to chat with a rep later and see what else I find out. I really dont want another new account right now so someone else may have to guinea.

Re: Amex nextstep

Vegas4Play — Mon, 12 Sep 2016 22:26:00 GMT

@jgodfrey82 wrote:
I log into my amex account today and get offered a pre-approved "nextsteps" consolidation loan by amex.. 8.9% rate, up to 25k, they send the funds direct to other credit cards with no fees at all no prepay and no origination. Faq said it would not even show up on my reports unless I default and payments are fixed with 3 payment schedule options. I've never seen this amex product before and no search results were found when I searched. Anyone?

I am admittedly carrying a large debt load right now renovating a home I'll sell next month, my scores have gone down quite a bit due to the new balances but I won't go over 50% total util. Maybe the new debt triggered it. They are also offering me a 50k plat upgrade on my BRG and send me merchant financing offers all the time, so I'm guessing I'm good with amex. I'm almost interested to accept just to see how/if it reports.

Ok so dear mom lost her Amex EDP so I login to request a replacement.

Low and behold I see the Next Step Loan pop up for 25K at 7.99...I'm like what the????? Amex really

So I go to google and not much, then found this thread. Called mom to ask if I can experiment. She said go on, _____ go on, just dont apply for any cards for me.

@Anonymous I ask what balance she has, said 4K on Discover I'm like ok. So I plug in the info and APPROVED ( not like I expected any other outcome) Printed loan docs, signed electronically. 4K @ 7.99 12 months (will pay it off way before then). So far no hits to credit it went really smotth and easy shows in account as Next step loan up in the corner where cards are listed.

Re: Amex nextstep

jgodfrey82 — Mon, 12 Sep 2016 14:56:22 GMT

Nice! Curious if it will report as a new account or a possible hidden TL as faq eludes to, any chance you could chat and see what they say?

Re: Amex nextstep

Vegas4Play — Mon, 12 Sep 2016 15:04:49 GMT

@jgodfrey82 wrote:
Nice! Curious if it will report as a new account or a possible hidden TL as faq eludes to, any chance you could chat and see what they say?

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

Re: Amex nextstep

Mattopotamus — Mon, 12 Sep 2016 17:35:06 GMT

hmm very inteesting and could be a great way for people with high interest rates and poor utlization to kill 2 birds with 1 stone.

Re: Amex nextstep

Aahz — Mon, 12 Sep 2016 21:35:02 GMT

This offer popped up on my OBC yesterday, but when I click through all I get is

Thank you for considering a NextStepSM Loan.

Unfortunately, we are unable to pre-approve you for a NextStepSM Loan at this time.

So, despite being pre-approved they are unable to pre-approve me

Re: Amex nextstep

Anonymous — Mon, 12 Sep 2016 22:34:06 GMT

I received a 10k popup then when I clicked through it was 15k.

Re: Amex nextstep

Anonymous — Tue, 13 Sep 2016 00:36:04 GMT

@Vegas4Play wrote:

@jgodfrey82 wrote:
I log into my amex account today and get offered a pre-approved "nextsteps" consolidation loan by amex.. 8.9% rate, up to 25k, they send the funds direct to other credit cards with no fees at all no prepay and no origination. Faq said it would not even show up on my reports unless I default and payments are fixed with 3 payment schedule options. I've never seen this amex product before and no search results were found when I searched. Anyone?

I am admittedly carrying a large debt load right now renovating a home I'll sell next month, my scores have gone down quite a bit due to the new balances but I won't go over 50% total util. Maybe the new debt triggered it. They are also offering me a 50k plat upgrade on my BRG and send me merchant financing offers all the time, so I'm guessing I'm good with amex. I'm almost interested to accept just to see how/if it reports.
Ok so dear mom lost her Amex EDP so I login to request a replacement.

Low and behold I see the Next Step Loan pop up for 25K at 7.99...I'm like what the????? Amex really

So I go to google and not much, then found this thread. Called mom to ask if I can experiment. She said go on, _____ go on, just dont apply for any cards for me.

@Anonymous I ask what balance she has, said 4K on Discover I'm like ok. So I plug in the info and APPROVED ( not like I expected any other outcome) Printed loan docs, signed electronically. 4K @ 7.99 12 months (will pay it off way before then). So far no hits to credit it went really smotth and easy shows in account as Next step loan up in the corner where cards are listed.

≤. !!!!!!!!!! NOIIICE !!!!! ≥

Re: Amex nextstep

Anonymous — Tue, 13 Sep 2016 00:40:25 GMT

@Aahz wrote:
This offer popped up on my OBC yesterday, but when I click through all I get is

Thank you for considering a NextStepSM Loan.
Unfortunately, we are unable to pre-approve you for a NextStepSM Loan at this time.

So, despite being pre-approved they are unable to pre-approve me

Wow... that sucks.

Re: Amex nextstep

UncleB — Tue, 13 Sep 2016 02:11:37 GMT

I was actually in a bit of a hurry when I got the pop-up, but now when I go back into my account info on the loan is nowhere to be found.

If anybody is able to locate a link to get more info please let me know where you found it... I would like to give this another look.

Re: Amex nextstep

Aahz — Tue, 13 Sep 2016 02:20:47 GMT

@UncleB wrote:
I was actually in a bit of a hurry when I got the pop-up, but now when I go back into my account info on the loan is nowhere to be found.

If anybody is able to locate a link to get more info please let me know where you found it... I would like to give this another look.

After I skipped through the pop-up too quickly I found "Consolidate Credit Card Debt" as the top Offer in my AMEX Offers section. The link leads to-

https://www.americanexpress.com/us/next-step-loans/?offercode=NSS6COREW1&intlink=myca_accounthub_alrt_dumas_s6

Re: Amex nextstep

UncleB — Tue, 13 Sep 2016 02:55:49 GMT

@Aahz wrote:
@UncleB wrote:
I was actually in a bit of a hurry when I got the pop-up, but now when I go back into my account info on the loan is nowhere to be found.

If anybody is able to locate a link to get more info please let me know where you found it... I would like to give this another look.
After I skipped through the pop-up too quickly I found "Consolidate Credit Card Debt" as the top Offer in my AMEX Offers section. The link leads to-
https://www.americanexpress.com/us/next-step-loans/?offercode=NSS6COREW1&intlink=myca_accounthub_alrt_dumas_s6

Ah... I was able to find it there as well - thanks for the heads-up!

Your link worked for me as well... when I clicked the link, I was prompted to log in and I was then taken to my offer:

Re: Amex nextstep

lindsaydruart — Tue, 13 Sep 2016 03:27:48 GMT

Linked worked for me. Declined me My EX score is in the toilet right now compared to my others.

Re: Amex nextstep

jgodfrey82 — Tue, 13 Sep 2016 03:30:28 GMT

No HP on EX though correct?

Re: Amex nextstep

Anonymous — Tue, 13 Sep 2016 03:40:21 GMT

that link worked for my wife too.

Re: Amex nextstep

Vegas4Play — Tue, 13 Sep 2016 04:28:44 GMT

@jgodfrey82 wrote:
No HP on EX though correct?

Dear Mom did not receive one today...her experian score shoed on the website in her account as 9/8 so maybe they used that one. When I went for her's. I have not offers on my own (delta) card I looked after I did her's.

But it also states in the terms and cond. it will not affect your credit to apply.

I can't wait to see how many days it takes to disburse the loan, states 3-5. I'll check discover on Friday to see if they got paid off yet.