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American Express AMEX Next Step Loan Reporting

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American Express AMEX Next Step Loan Reporting

This thread seem like it would fit into a couple different threads but I decided to put it here in 'Credit Cards' because this is where I read the majority of the talk regarding this new AMEX product when it first starting appearing. I searched the forums for threads regarding the Next Steps loans including those that I took part in. Moderators, in advance, I do applogize if this thread should of been started in a different section. Please move, if need be.

 

In early October after logging into my AMEX account the Next Steps loan popup appeared. Af first, I was interested but closed it out. It appeared every few logins. I only had a few accounts with balances that were at 12%+ interest and my offer was for 11.95%. After reading on this tread which had varying thoughts, reading the FAQs on AMEX which at that time only mentioned it would appear on your reports if you were late and speaking with AMEX who were not for sure about many details of this new program I again decided to hold off.

 

Finally about a week later I set down and did my 6 month budget planning and with the help of spreedsheets (I love spreedsheets) I firgured that I could save some money if I took this offer and paid extra on it. I was also wanting a new installment loan reporting to my account since my last one ended December 2015 and with the exception of my mortgage I had no other loans open. Depending on the report, I have 5-7 paid closed installment loans on my report. Been trying to boost my FICO scores especally for 2017 or early 2018 when I hope to refiance my mortgage which is currently at 40% equaity (based on last apperial but I except/know the value has only increased). On 11/15/2016 I accepted the loan for $3600 for 24 months brining my payment to $169.45 (or at least thats my next payment due 12/22).

 

Loan Activity
Date Description Amount
NOV 27
INTEREST CHARGE
$35.97
NOV 3
ONLINE PAYMENT - THANK YOU
-$200.00
OCT 19
XX 84401XXXX - CAPITAL ONE
$2,600.00
OCT 19
XX 84401XXXX - BANK OF AMERICA
$1,000.00

 

I would like to keep this loan open the entire 24 months but don't want to pay the $465.11 in interest charges as listed in the loan document. I keep checking these forums every few weeks to since I took advantage of this offer to see if has been reported to anyone else files but I haven't found any so I am making this post.

 

The loan has reported to my Experian and Equifax. Here is how it appears on my Equifax as I subscribe to Equifax Complete Advantage Plan and can pull my report daily. Today is the first day it appeared. (X are to block out numbers)

 

Open Accounts
 
Account NameAccount NumberDate OpenedBalanceDate Reported Date of last reported update.Past DueStatus Condition of account when last updated by creditor or otherwise.Credit Limit
AMERICAN EXPRESS TRS -XXXX92393355XXXX 10/18/2016 $3,435   11/29/2016  PAYS AS AGREED 
AMERICAN EXPRESS

PO Box 981537
El Paso, TX-799981537
(800) 954-0559

Account Number:-XXXX92393355XXXX Status:PAYS AS AGREED 
Account Owner:Individual Account. High Credit:$3,600  
Type of Account An installment loan has a fixed number of payments and the same payment due each month, such as a car loan or student loan.:InstallmentCredit Limit: 
Term Duration:24 Months Terms Frequency:Monthly (due every month) 
Date Opened:10/18/2016  Balance:$3,435  
Date Reported:11/29/2016 Amount Past Due: 
Date of Last Payment: Actual Payment Amount: 
Scheduled Payment Amount: Date of Last Activity:11/2016 
Date Major Delinquency First Reported: Months Reviewed:
Creditor Classification: Activity Designator:N/A 
Charge Off Amount: Deferred Payment Start Date: 
Balloon Payment Amount: Balloon Payment Date: 
Date Closed: Type of Loan:Unsecured 
Date of First Delinquency:N/A
Comments: 
81-Month Payment History
YearJanFebMarAprMayJunJulAugSepOctNovDec
2016         *  
 

This may not format well on mobile and I do applogize, please check the tread out on a desktop if the formatting is unreadable.

 

Now, if I overlooked others reporting that their Next Steps loans are reporting I do applogize.

 

Here is how the account look though MyPrivacyMatters; again TU not yet reporting. Ill update once TU reports.

 

AMEX 
unkownTransUnionExperianEquifax
  Account #: 349992393355**** -349992393355**** 
  Condition: OpenOpen
  Balance: $3435$3435
  Type: Unsecured loanUnsecured loan
  Pay Status: CurrentCurrent
  Past Due: $0$0
  High balance: $3600$3600
  Terms:  Provided
  Limit: $0$0
  Payment: $0$0
  Opened: 10/01/201610/01/2016
  Reported: 11/27/201611/01/2016
  Responsibility: IndividualIndividual
unkown
unkown
unkown
7-year history:
   30-days late   
   60-days late   
   90-days late

The rest of it is not formatting right but basicly it says;

TU; None Reported

EX; OCT OK, NOV OK

EQ; NOV OK

 

Again, I do applogize if someone or others have reported this already. Just wanted to let know everyone that this not a hidden tradeline, which I wasnt hoping for me but I know a few of you were. Only took about 6 weeks to report. I am curious to know if I make say a $1000 payment that would bring me current for at least the next 5 payments and I just paid $1 each if I would get an OK for each of the months therefore continuing to build monthly installment history while keeping the account open the entire 24 months (rinse and repeat) plus saving money on interest. As I understand it you are only charged interest for the principal amount due each month.

 

If anyone has any additonal infomation or advice on how I can keep this account open as long as possible while paying as little interest as possible I would sincerely appericate it!

 

Thanks

Mark Rex

 

All FICOs above 700 now! Goal for 12/1/2017 - 760!

3/30/16 FICO08 EQ 696 TU 705 EX 698 • 31% UTL (1 CC @ 93% oops!) - Mortgage 12/14 58/64k • 5/15 BoA 123 VisaSig $7k • 5/15 Discover It Secured 2.5k • 4/15 Citi DF 1.5k • 3/15 Chase Freedom 4.5k • 2/15 AMEX ED 20k • 2/15 VS 1.7k • 1/15 Barclays Rewards 1.2k • 1/15 Capital One QS 4.4k • 2/13 BoA BBR 5k • 1/11 Capital One QS 5.5k • AU on 2 DWs CC 12/14 and 1/15 * oldest acc 7y • 5-7 paid Installments from 09-13
Message 1 of 7
6 REPLIES 6
Valued Contributor

Re: American Express AMEX Next Step Loan Reporting

While if you make a $1000 payment to reduce the principal and overall interest impact from the term of the loan you will also reduce the overall term of the loan.  Making the large payment will not adjust the monthly due if this is truly an installment loan in the traditional sense.  Think of it like a car payment... You make a large payment and it reduces the principal amount and thus the monthly interest charge but the next month's payment is still the same.  Some CU's though have a quirk in their system that if you make multiple payments say $200/ea for a total of $1000 would actually cast out the next due date 5 months out.  I doubt this is the case with AMEX Next Step loans though.  It might  be something to try knowing most likely you will end up with the regular monthly payment due the following month.

Message 2 of 7
Regular Contributor

Re: American Express AMEX Next Step Loan Reporting

Novel idea and another favorable trade line for you. So Great!

Message 3 of 7
Regular Contributor

Re: American Express AMEX Next Step Loan Reporting

The tradeline finally updated to TU on MyPrivacyMatters...

 

AMEX 
unkownTransUnionExperianEquifax
  Account #:349992393355**** 349992393355**** -349992393355**** 
  Condition:OpenOpenOpen
  Balance:$3435$3435$3435
  Type:Unsecured loanUnsecured loanUnsecured loan
  Pay Status:CurrentCurrentCurrent
  Past Due:$0$0$0
  High balance:$3600$3600$3600
  Terms:Provided Provided
  Limit:$0$0$0
  Payment:$0$0$0
  Opened:10/18/201610/01/201610/01/2016
  Reported:11/29/201611/27/201611/01/2016
  Responsibility:IndividualIndividualIndividual
3/30/16 FICO08 EQ 696 TU 705 EX 698 • 31% UTL (1 CC @ 93% oops!) - Mortgage 12/14 58/64k • 5/15 BoA 123 VisaSig $7k • 5/15 Discover It Secured 2.5k • 4/15 Citi DF 1.5k • 3/15 Chase Freedom 4.5k • 2/15 AMEX ED 20k • 2/15 VS 1.7k • 1/15 Barclays Rewards 1.2k • 1/15 Capital One QS 4.4k • 2/13 BoA BBR 5k • 1/11 Capital One QS 5.5k • AU on 2 DWs CC 12/14 and 1/15 * oldest acc 7y • 5-7 paid Installments from 09-13
Message 4 of 7
Valued Member

Re: American Express AMEX Next Step Loan Reporting


@markrexh wrote:

The tradeline finally updated to TU on MyPrivacyMatters...

 



hey i am really confused by your dates????

when did you apply and was approved for the loan and when did it post to your report?

you say you applied on 11/15 BUT  your credit monitoring shows:

loan opened on 10/1

and on another place it shows opened 10/18

??

 

Message 5 of 7
Regular Contributor

Re: American Express AMEX Next Step Loan Reporting

I had to pull up the data on my AMEX account. I was applied for it on 10/15 but did not sign the eDocs until 10/18. Using MPM to pull my reports all of my accounts on the Equifax report show any account opened, report, paid on the 1st of the month - must be something on how MPM is pulling the data or compiling it. So while on MPM it shows opened 10/01 when I pull my EQ report from my subscription to Equifax Complete Premeir Advantage Plan it shows the proper opened day, reported day and reported paid day of all accounts. Typically the data is precise for the TU and EX when pulling MPM reports but for whatever reason EX also reports it on the 10/01. Getting my free FICO score and report from EX monthly reports the data properly though. As first as when they first reported Ill to some more digging but I would it be on the date or day after each of the posts as I was very curious about this loan and others were too.

3/30/16 FICO08 EQ 696 TU 705 EX 698 • 31% UTL (1 CC @ 93% oops!) - Mortgage 12/14 58/64k • 5/15 BoA 123 VisaSig $7k • 5/15 Discover It Secured 2.5k • 4/15 Citi DF 1.5k • 3/15 Chase Freedom 4.5k • 2/15 AMEX ED 20k • 2/15 VS 1.7k • 1/15 Barclays Rewards 1.2k • 1/15 Capital One QS 4.4k • 2/13 BoA BBR 5k • 1/11 Capital One QS 5.5k • AU on 2 DWs CC 12/14 and 1/15 * oldest acc 7y • 5-7 paid Installments from 09-13
Message 6 of 7
Valued Member

Re: American Express AMEX Next Step Loan Reporting


@markrexh wrote:

I had to pull up the data on my AMEX account. I was applied for it on 10/15 but did not sign the eDocs until 10/18. Using MPM to pull my reports all of my accounts on the Equifax report show any account opened, report, paid on the 1st of the month - must be something on how MPM is pulling the data or compiling it. So while on MPM it shows opened 10/01 when I pull my EQ report from my subscription to Equifax Complete Premeir Advantage Plan it shows the proper opened day, reported day and reported paid day of all accounts. Typically the data is precise for the TU and EX when pulling MPM reports but for whatever reason EX also reports it on the 10/01. Getting my free FICO score and report from EX monthly reports the data properly though. As first as when they first reported Ill to some more digging but I would it be on the date or day after each of the posts as I was very curious about this loan and others were too.


thanks. that makes more sense. last sentence in 3rd paragraph of your first post says 11/15(instead of 10/15). that is what confused me. 

Message 7 of 7
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