topic Re: American Express Personal Loan in Personal Finance

American Express Personal Loan

Np1791 — Thu, 31 May 2018 17:15:45 GMT

Hello everyone! So not sure if this is the best place to post about this. If it's not someone please move it to where it belongs. Thank you. Yesterday I received a pop up when I logged into my American Express account about a preapproval for a loan. I clicked on it to check it out and it said I was pre-approved for 6,000 @12.97apr. Kind of high I know but I was actually looking at similar rates with my credit union. I entered where I wanted the money to go to and my income and to set it up on auto pay after I hit submit and it told me they needed some time and that I could call in. Called in shortly after and they just had me verify some information then a few minutes later it was fully approved and they were just waiting for me to sign the documents electronically. So happy with American Express as a bank. Nothing but good things to say about them.

Re: American Express Personal Loan

Anonymous — Thu, 31 May 2018 17:42:49 GMT

Congrats on Approval

Re: American Express Personal Loan

Anonymous — Thu, 31 May 2018 19:24:11 GMT

Nice! Congrats on the approval.

Re: American Express Personal Loan

Anonymous — Fri, 01 Jun 2018 04:45:23 GMT

Hello and congrats! I received a similar notification from their site however I didn't apply because I don't want to get a HP. If it is a hp, how many points drop? Thanks.

Re: American Express Personal Loan

Anonymous — Fri, 01 Jun 2018 06:01:27 GMT

IIRC, if you have a preapproval then it is a SP. I have currently have an offer for $6500 @ 8.98%

Re: American Express Personal Loan

Anonymous — Fri, 01 Jun 2018 11:26:54 GMT

Congratulations on your new PL!

Re: American Express Personal Loan

Anonymous — Sat, 02 Jun 2018 22:53:17 GMT

Those of you with approvals and offers, what is your Experian scores and what is your overall uasge on all your revolvering accounts? Does the offer say how big of a loan is available?

Re: American Express Personal Loan

Np1791 — Sat, 02 Jun 2018 23:09:37 GMT

In my experience, the page that pops up telling you you’re pre approved tells you a certain amount. Mine was 6K. So I believe whatever that amount is will be the max your loan can be for. The cool thing is it also tells you your rate prior to everything. After that it lets you pick how much you want, where you want the funds to go and finally how long you want to finance. They offered me 12, 24, and 36 months. My Experian was probably somewhere in the 680 range. Interesting enough I got the offer when some very high usage reported.

Re: American Express Personal Loan

Anonymous — Mon, 04 Jun 2018 22:44:41 GMT

Really? I might give it a try than to pay off Sofi loan which is very high. How long ago you were approved? Thanks.

@Anonymous wrote:
@IIRC, if you have a preapproval then it is a SP. I have currently have an offer for $6500 @ 8.98%

Re: American Express Personal Loan

Anonymous — Mon, 04 Jun 2018 22:48:09 GMT

@Anonymous wrote:
Those of you with approvals and offers, what is your Experian scores and what is your overall uasge on all your revolvering accounts? Does the offer say how big of a loan is available?

Currently I am at 773 Experian. They offered me $9800, maximum 8.98% APR. I am still trying to make sure it is SP not HP if I am going to apply.

Re: American Express Personal Loan

Np1791 — Mon, 04 Jun 2018 22:54:46 GMT

For me it was a soft pull.

Re: American Express Personal Loan

Anonymous — Mon, 04 Jun 2018 22:56:54 GMT

Do you ask for how much you want to borrow? Or does it simply tell you how much you can borrow and you select amount within that range?

Re: American Express Personal Loan

Np1791 — Mon, 04 Jun 2018 22:59:36 GMT

They let you know what the max you can borrow is and you can get up to that much.

Re: American Express Personal Loan

Anonymous — Mon, 04 Jun 2018 23:21:54 GMT

Thanks. I found this info from this page https://ficoforums.myfico.com/t5/Personal-Finance/AMEX-Personal-Loan-Approved/td-p/5090030

No SP. I guess I have to wait until my scores increased a week from now to get a possible better rate.

Re: American Express Personal Loan

Anonymous — Wed, 20 Jun 2018 21:47:03 GMT

I had been preapproved for 20k @ 12.95 for the last month. (I checked 4 times over 30 days) Now that I've made up my mind, the preapproval is only for 12k @ 12.95.

No changes with my scores at all. Anyone experience anything like this? I called and they dont know why it happened.

I was hoping to use the 20k for renovations. ;-(

Re: American Express Personal Loan

Anonymous — Wed, 20 Jun 2018 22:09:36 GMT

@Anonymous wrote:
@I had been preapproved for 20k @ 12.95 for the last month. (I checked 4 times over 30 days) Now that I've made up my mind, the preapproval is only for 12k @ 12.95.

No changes with my scores at all. Anyone experience anything like this? I called and they dont know why it happened.

I was hoping to use the 20k for renovations. ;-(

Hello. I need to know what was your Experian score and utlization when you applied. Thanks!

Re: American Express Personal Loan

Anonymous — Wed, 20 Jun 2018 22:14:45 GMT

712 and 706. Overall util is 15%

Re: American Express Personal Loan

Anonymous — Wed, 20 Jun 2018 22:18:53 GMT

@Anonymous wrote:
712 and 706. Overall util is 15%

Ok thanks. We have about the same score but my utilization is just a little higher. So I guess I could expect at least 12.9%. You know it's crazy. You actually have to not need a loan to qualify for a loan!

Re: American Express Personal Loan

Anonymous — Wed, 20 Jun 2018 22:20:07 GMT

Haha. Indeed. Life is weird like that.