topic Re: AmEx Pre-Approved Personal Loan in Personal Finance

AmEx Pre-Approved Personal Loan

SirMilo — Mon, 14 Nov 2022 18:22:40 GMT

It looks like it's that time of year again.

AmEx appears to be offering targeted pre-approved personal loans.

Re: AmEx Pre-Approved Personal Loan

CYBERSAM — Mon, 14 Nov 2022 18:25:24 GMT

Not a bad rate compare to other CU/Banks! Its crazy how rates gone up...

Re: AmEx Pre-Approved Personal Loan

sourpuss29 — Tue, 15 Nov 2022 20:50:47 GMT

I was stoked to receive my first preapproval last month; and even though I didn't need the money, I promptly accepted it.

Re: AmEx Pre-Approved Personal Loan

DONZI — Wed, 16 Nov 2022 01:09:54 GMT

Is there some rationale to borrowing money that isn't needed? ..I mean that isn't a SSL.

Re: AmEx Pre-Approved Personal Loan

sourpuss29 — Wed, 16 Nov 2022 04:16:50 GMT

@DONZI wrote:
Is there some rationale to borrowing money that isn't needed? ..I mean that isn't a SSL.

I accepted because I did not have an open installment loan reporting; and since I'm OCD about certain things when it comes to my profile, I had zero interest in a secured one.

Re: AmEx Pre-Approved Personal Loan

DONZI — Wed, 16 Nov 2022 20:27:23 GMT

Thanks for the reply.

I had an installment loan a while back I didn't need. I guess it was useful for reporting as an active installment loan on my thin profile..

Although it wasn't costing much I ended up paying it off very early. I saw the momentary score increase at the tail end, then the decrease from payoff.. Back where I started more or less. That has been the only installment loan I've ever had so I chalked it up as, been there, done that.

Figure if I ever get the urge to squeeze out the last bit of score for some reason I'd revisit this sort of loan.

Re: AmEx Pre-Approved Personal Loan

aynot4fitness — Wed, 30 Nov 2022 17:31:29 GMT

I just jumped on this 7.98%/3 yr loan to pay off a 13.29% Upstart loan that had 4 yrs to go. The offer was for $25k, but I only took the $18k that I needed. Who knew I could exercise discipline?

Oh, and no HP from AmEx - nice!

Re: AmEx Pre-Approved Personal Loan

Saprissa2010 — Tue, 06 Dec 2022 08:01:32 GMT

Could you share a data point, please?

I'm curious how long before Amex repeated the new account to your credit report.

thanks!

Re: AmEx Pre-Approved Personal Loan

blossom_rebuilding — Tue, 06 Dec 2022 13:43:50 GMT

@Saprissa2010 wrote:
Could you share a data point, please?

I'm curious how long before Amex repeated the new account to your credit report.

thanks!

Mine reported with the first statement a month after the pre-approval.

Re: AmEx Pre-Approved Personal Loan

Saprissa2010 — Fri, 09 Dec 2022 20:57:09 GMT

Thank you!