Amex nextstep

[heyryan]

Called and spoke to a rep and he confirmed that it will indeed report as a new loan. So, not a "hidden" TL.

[UncleB]

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@heyryan wrote:

Called and spoke to a rep and he confirmed that it will indeed report as a new loan. So, not a "hidden" TL.

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If your CSR is accurate this is great news for me... I'm continually 'dinged' on EQ due to not having any installment loan history (it's 20-30 points lower than TU and EX), and the installment loan history I have on TU and EX will be aging off next spring.

This could 'fit the bill' quite nicely! 

[elim]

Pre-approved amount:$5,000

Maximum APR:14.97%1

last month I owed (and is reporting)...

2k @ 0%

1.5k @ 8%.

My EX is clean and 740ish.

useless to me right now but I'm firmly planted and my terms may get better if and when I need it.   :]

pretty cool tactic from AMEX... "BT in a box" at a slightly better APR than you are paying now, lol

hidden TL is golden for those in deep.

[elim]

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@jgodfrey82 wrote:

I am doubting it is a hidden TL, just a new product that may report as installment, which in its own can be great for some who are missing that type of account or want to rebalance util and save some interest.  Good job Amex

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   AMEX is so slow at reporting, it will be 3 months before we know how it reports.   :[

[Discover2016]

Seems like there is some confusion at Amex with this product, I spoke to them and they said it won't report unless you default.

[elim]

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@Discover2016 wrote:

Seems like there is some confusion at Amex with this product, I spoke to them and they said it won't report unless you default.

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   CSR's strike again. Only way to know for sure is to wait until it hits someones CR.

[heyryan]

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@elim wrote:

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@Discover2016 wrote:

Seems like there is some confusion at Amex with this product, I spoke to them and they said it won't report unless you default.

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   CSR's strike again. Only way to know for sure is to wait until it hits someones CR.

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I had to really push my CSR to find the info for me. At first he just read the statement from their online FAQ about the default reporting, then he went and checked and said it would report as a loan. Guess someone will have to be a guinea pig! (not me =)

[Vegas4Play]

Just wanted to add a data point. They fund this quickly...DM approved and elctronic signature Monday morning...Sent funds next day...already listed in loan section. Discover is posted and paid as of 9/14. I asked her not to pay it off for a bit to see how long it takes to post to credit report (not sure how long she is willing to let it go, for the sake of my experiment). Her Experian on amex is 783.

[CreditCuriosity]

Tried link said something like unfortunately you aren't pre-approved, etc..  Weird as Amex loves me overall with around 50k exposure with them.  Wasn't really interested, was just curious.. They don't like me for this product, granted I have a slew I mean ALOT of new accounts within the last year and show less than 300$ on my CR on 200k+ in limits, so not sure if that factors in or completely score driven.  

[jacetx]

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@CreditCuriousity wrote:

Tried link said something like unfortunately you aren't pre-approved, etc..  Weird as Amex loves me overall with around 50k exposure with them.  Wasn't really interested, was just curious.. They don't like me for this product, granted I have a slew I mean ALOT of new accounts within the last year and show less than 300$ on my CR on 200k+ in limits, so not sure if that factors in or completely score driven.  

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I went to the page to check it out and it said the same; however, the webpage title on top said "Offer no longer available"