Amex Personal Loan

[afbar1114]

How does Amex report their personal loans. I’ve heard it gets reported as a revolver. I made my first payment yesterday and it says card ending in .... and the button for check my spending power showed up

[UncleB]

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@afbar1114 wrote:
How does Amex report their personal loans. I’ve heard it gets reported as a revolver. I made my first payment yesterday and it says card ending in .... and the button for check my spending power showed up

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Nope, it reports as 'installment - I just paid one off a couple of weeks ago. 

That said, at least one person has reported that Amex "counts" it as a revolver as far as the five-revolver limit goes, so if you have four revolvers already and get an intallment loan you might not be able to get an additional revolver without closing one first (or until you PIF the loan).

[marmaladepie]

@uncleb do you know if AU Amex revolvers count towards the 4 max revolver limit?

[UncleB]

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@marmaladepie wrote:
@UncleB do you know if AU Amex revolvers count towards the 4 max revolver limit?

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As far as I know they don't count AU cards at all; they are only concerned about cards you are personally responsible for as far as the revolver limit goes. 

Also note that the revolver limit is five for most people, with a couple of reports that the installment loan "counts" as one (meaning you could have four revolvers and the loan), although if you already had five revolvers you might (?) be able to get the loan after-the-fact (you just couldn't add a fifth card if the loan was already there).

This would be similar to how some people have six revolvers due to already having five before a Citi Hilton was migrated over to Amex... they are allowed to keep all six, but would have to close two before being allowed to add another revolver.

This is a bit convoluted; I hope I made sense...

[marmaladepie]

Makes sense. TY for the detailed response!