AmEx Pre-Approved Personal Loan

[SirMilo]

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

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

[CYBERSAM]

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

[sourpuss29]

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

[DONZI]

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

[sourpuss29]

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@DONZI wrote:

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

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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. 

[DONZI]

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.

[aynot4fitness]

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!

[Saprissa2010]

Could you share a data point, please?

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

thanks!

[blossom_rebuilding]

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@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!

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

[Saprissa2010]

Thank you!