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Amex Personal Loan

Community Leader
Super Contributor

Re: Amex Personal Loan

Thanks UncleB, understood and will do. Smiley Happy
Message 71 of 75
Regular Contributor

Re: Amex Personal Loan

Congrats Joe!

I just got approved for one myself today. Very happy/excited to be given the oppurtunity with them! Took a very small loan, haven't gotten any alerts for inquiries yet, but hoping this super charged my credit mix!

Message 72 of 75
Community Leader
Super Contributor

Re: Amex Personal Loan

Thanks Quaker! Super congrats on your new loan. Amazing thing is if you want you could pay it down faster and not be penalized and even save some interest.

I love Amex, they are awesome. My loan serves a couple purposes. To consolidate, build extra history with Amex and set me up for future needs.By the time im finished this loan my profile should be much thicker and stronger. I wish they would offer one to my DadSmiley Wink
Message 73 of 75
Established Member

Re: Amex Personal Loan

Hi All - Was preapproved for a personal loan from AMEX too, $3,500-10,000 @ 11.97% w/ up to 36 month term. If I don't need the funds, and I purely want to use this to boost my credit score, then would borrowing the smallest amount give the same effect? As well, it doesn't seem to work like the Alliant SSL where I can prepay most of the balance off and still keep the loan to term. If I do this, what % should I pay off immediately to have the optimal short + long term positive effects on my credit? Thanks Smiley Happy
Message 74 of 75
Moderator

Re: Amex Personal Loan


@throwaway1234 wrote:
Hi All - Was preapproved for a personal loan from AMEX too, $3,500-10,000 @ 11.97% w/ up to 36 month term. If I don't need the funds, and I purely want to use this to boost my credit score, then would borrowing the smallest amount give the same effect? As well, it doesn't seem to work like the Alliant SSL where I can prepay most of the balance off and still keep the loan to term. If I do this, what % should I pay off immediately to have the optimal short + long term positive effects on my credit? Thanks Smiley Happy

The problem with using the Amex installment loan for a score boost is by the time you get it paid down to the point where you get the largest FICO bump you're paying it off just a few months later.

 

I know this from personal experience.  Smiley Frustrated

Message 75 of 75