AMEX Personal Loan Approved

[Anonymous]

Congrats OP! I too was approved for an Amex loan a couple days ago. I am surprised at how easy and quick that was. I felt the APR was high, but lower than what I was paying off and now consolidated, so I feel it’s a win for me. My only concern is how this will affect my exposure with them. If I wanted to get a CLI or app for another card, would the personal loan count towards the 25,000? I don’t want to risk a FR or anything. For the record my loan is for 7000 and I have a green card with them as well as an Everyday card with 6000 limit. Thanks guys!

[Anonymous]

Hello, 

Does Amex report the loan monthly to credit agency? It doesn't say on General Questions but it says that if only we are late they will report it. 

[UncleB]

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@Anonymous wrote:

Hello, 

Does Amex report the loan monthly to credit agency? It doesn't say on General Questions but it says that if only we are late they will report it. 

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Yes, it reports to all three.

[Anonymous]

I have four revolvers and a personal loan with Amex.  When I applied another revolver a couple of months ago, I got a call from Amex.  Apparently personal loan is counted as one revolving account.  I had to close one to get new revolving card.

[UncleB]

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@Anonymous wrote:

I have four revolvers and a personal loan with Amex.  When I applied another revolver a couple of months ago, I got a call from Amex.  Apparently personal loan is counted as one revolving account.  I had to close one to get new revolving card.

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Very interesting... I had wondered about that, since the account number looks (and is formatted) like one of their card account numbers.

Thanks for sharing!