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Amex Personal Loan

Super Contributor

Re: Amex Personal Loan


@AverageJoesCredit wrote:
Funds already in my checking! Ive never had that much at once in checking. I feel like s thousandairSmiley Wink

Wow, from Monday to Wednesday, approval to funds transferred, Amex dont playSmiley Wink

Good for you again, Joey! 

 

I'm more than a bit jelly!

 

 

Zero percent financing is where the devil lives...



Message 61 of 75
Community Leader
Super Contributor

Re: Amex Personal Loan

Thanks Tcbo, i hope you can find that perfect loan too. If you dont have Amex i highly recommend to get one as this can be a nice end goalSmiley Happy
Message 62 of 75
Community Leader
Super Contributor

Re: Amex Personal Loan

Thanks Uncle B snd BruisedCreditSmiley Happy

Already paid off PF, lol but that was personal hahs so i used my own funds. Now to take care of Navy and BoaSmiley Wink

Message 63 of 75
Super Contributor

Re: Amex Personal Loan


@AverageJoesCredit wrote:
Thanks Tcbo, i hope you can find that perfect loan too. If you dont have Amex i highly recommend to get one as this can be a nice end goalSmiley Happy

I have AU status only on Amex.  (X2)

 

My Experian still needs to grow some more before I'd have a reasonable chance for any USABLE AmEx products... for me.

 

Yay you, tho!

Zero percent financing is where the devil lives...



Message 64 of 75
Valued Contributor

Re: Amex Personal Loan


@AverageJoesCredit wrote:

@JoeLuvsHisCredit wrote:

@AverageJoesCredit wrote:

@JoeLuvsHisCredit wrote:

@AverageJoesCredit wrote:
Thanks Ric, Jen, and JoeSmiley Happy

Wow Joe, that is crazy indeed. Im still blown away. I cant recall, but it said apr no higher than 8. something%

I wish my Dad could get something like this. Cant wait to tell him.

Amex give me the same APR as yours. But with BBVA I got a better rate Smiley Happy I got a preapproval up to 50K @ 7.59 for 36 months if i have a banking account with them I will save 1% so it makes it 6.59 Smiley Happy .  CONGRATS AGAIN D Smiley Happy


Thanks Joe. Yeah your BBVA rate is awesome. How much did you take if you dont mind sharing?


 I had not made my mind up yet on how much but i am thinking about 20 to 30K here's a photo of 20KBBVA 20K.jpg


Interesting they offer up to 72 months. I guess the good thing of a 3 year loan is it gets paid faster.  Hope it helps and good luck with your decisionSmiley Happy


yes it's i wish they offer 7.59 for 72 months lol i would JUMP on it lol

Message 65 of 75
Community Leader
Super Contributor

Re: Amex Personal Loan

Mine is 36 months. Considering Amex is lending me quite abit of their money i really want to do well, barring life events. Now my mental is switching over to not buy anything non essential on my current cards as nd only if i can pif at end of month. Pay bills ,save a little, and see where i am credit wise in 2 , 3 yearsSmiley Wink
Message 66 of 75
Regular Contributor

Re: Amex Personal Loan


@AverageJoesCredit wrote:
Mine is 36 months. Considering Amex is lending me quite abit of their money i really want to do well, barring life events. Now my mental is switching over to not buy anything non essential on my current cards as nd only if i can pif at end of month. Pay bills ,save a little, and see where i am credit wise in 2 , 3 yearsSmiley Wink

 

Congrats on the AMEX CC consolidation loan. I read your "reset" thread and this loan seems like the right next step to achieve your PF goals. 

 

As far as limiting non-essential spend, make the goal achievable by

  1. unsubscribing to all retail store / promotional emails,
  2. close OR cut retail-based cards that offers discounts for spending [--> it's a trap ] and
  3. consider consolidating your spend to a single card (or two) and consolidating cards with each issuer.

On the last recommendation, it's easier to monitor spending trends through the month when you can log in to a single account and see your PIF balance. 

 

Good luck and thanks for sharing all aspects of your credit and personal finance journey!

 

Credit status: PIF + 0% float strategy
Financial independence (FI): maxed retirement accts + increase non-retirement savings + expand secondary income + eliminate SLs
Message 67 of 75
Community Leader
Super Contributor

Re: Amex Personal Loan

Thank you Namaste7Smiley Happy. I agree, the next step is dealing with my store cards thst got me in trouble in the first place lol. sentiments aside, i need to see tsrt somewhereSmiley Happy TBCSmiley Wink
Message 68 of 75
Community Leader
Super Contributor

Re: Amex Personal Loan

Just an update, Amex finally reported to TransUnion. Scores continue to plummet. As my creditors updated me paying off debt with loan, before loan reported my TU vantage dropped to 702 from 726. Now this loan appeared lost another 2 points on vantage to 700. Last Tu fico 8 that
updated on 19 Nov, dropped me to 719. TU just seems to get worse which for me not good when i have one of my moments of depression. Just like texting and driving , dont app when depressed lol.

Anywho, not sure of damage yet to EX or EQ, will update when they report. So took about 2 months plus to report for a data point.
Message 69 of 75
Moderator

Re: Amex Personal Loan


@AverageJoesCredit wrote:
Just an update, Amex finally reported to TransUnion. Scores continue to plummet. As my creditors updated me paying off debt with loan, before loan reported my TU vantage dropped to 702 from 726. Now this loan appeared lost another 2 points on vantage to 700. Last Tu fico 8 that
updated on 19 Nov, dropped me to 719. TU just seems to get worse which for me not good when i have one of my moments of depression. Just like texting and driving , dont app when depressed lol.

Anywho, not sure of damage yet to EX or EQ, will update when they report. So took about 2 months plus to report for a data point.

Hang in there... the initial drop is to be expected (since it's reporting at near 100%).  In a few months when the balance starts to drop you'll begin to see some of that sweet FICO goodness that comes from having a mix of account types (i.e. an installment loan).

 

I had the opposite happen when my Amex loan was finally PIF; I dropped from 821 to 781 literally over night (yep, lost 40 points in one day).  Once you get a little of the balance paid down you'll see that having an installment loan really does make a difference!  Smiley Wink

 

Edited to add:  The old statement "ignore Vantage" is never more true than in this instance; while I was juggling all my accounts around my Vantage score was often 60-80 (and a couple of times nearly 100) points lower than my FICO 08.  Don't let it bother you... it's just "drama".  Smiley Happy

Message 70 of 75