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@jgodfrey82 wrote:
I log into my amex account today and get offered a pre-approved "nextsteps" consolidation loan by amex.. 8.9% rate, up to 25k, they send the funds direct to other credit cards with no fees at all no prepay and no origination. Faq said it would not even show up on my reports unless I default and payments are fixed with 3 payment schedule options. I've never seen this amex product before and no search results were found when I searched. Anyone?
I am admittedly carrying a large debt load right now renovating a home I'll sell next month, my scores have gone down quite a bit due to the new balances but I won't go over 50% total util. Maybe the new debt triggered it. They are also offering me a 50k plat upgrade on my BRG and send me merchant financing offers all the time, so I'm guessing I'm good with amex. I'm almost interested to accept just to see how/if it reports.
I got the same 'NextSteps' popup, with similar albeit different terms, so apparently they tailor the offers for each of us. It only appeared when I changed over to my BCP, and once I logged off then back in the offer is now nowhere to be seen.
At first I wondered if perhaps I had gotten the offer by mistake, since they won't even give me a CLI due to an account that was included in bankruptcy 15+ years ago, yet on the same screen as that very card they tell me I'm 'Pre-Approved' (not 'Pre-Qualified') up to $5k. Things that make you go hmmm...
If I can get the offer to come up again I'll come back here and share.
i did got today. max $10k loan to a max apr of 11.7%. They say no credit check/impact to scores to see what rates, monthly payment amount, max loan amount scary to proceed though . its itching to see , but i dont need any loan now.
Logged in just now and nowhere to be seen, I had no idea Amex was offering installment loans.
@jgodfrey82 wrote:
I log into my amex account today and get offered a pre-approved "nextsteps" consolidation loan by amex.. 8.9% rate, up to 25k, they send the funds direct to other credit cards with no fees at all no prepay and no origination. Faq said it would not even show up on my reports unless I default and payments are fixed with 3 payment schedule options. I've never seen this amex product before and no search results were found when I searched. Anyone?
I am admittedly carrying a large debt load right now renovating a home I'll sell next month, my scores have gone down quite a bit due to the new balances but I won't go over 50% total util. Maybe the new debt triggered it. They are also offering me a 50k plat upgrade on my BRG and send me merchant financing offers all the time, so I'm guessing I'm good with amex. I'm almost interested to accept just to see how/if it reports.
Ok so dear mom lost her Amex EDP so I login to request a replacement.
Low and behold I see the Next Step Loan pop up for 25K at 7.99...I'm like what the????? Amex really
So I go to google and not much, then found this thread. Called mom to ask if I can experiment. She said go on, _____ go on, just dont apply for any cards for me.
@Anonymous I ask what balance she has, said 4K on Discover I'm like ok. So I plug in the info and APPROVED ( not like I expected any other outcome) Printed loan docs, signed electronically. 4K @ 7.99 12 months (will pay it off way before then). So far no hits to credit it went really smotth and easy shows in account as Next step loan up in the corner where cards are listed.
@jgodfrey82 wrote:
Nice! Curious if it will report as a new account or a possible hidden TL as faq eludes to, any chance you could chat and see what they say?
I am curious as how it will report, will it be hidden? and will it be listed as an installment loan?
hmm very inteesting and could be a great way for people with high interest rates and poor utlization to kill 2 birds with 1 stone.
This offer popped up on my OBC yesterday, but when I click through all I get is