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!
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
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.