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Amex nextstep

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Anonymous
Not applicable

Re: AMEX Next Step Loans??? Anyone else? 10K Pre-Approved?


@Anonymous wrote:

When I logged into BCP this morning, nothing popped up on that account in reference to this.

 

When I clicked over to my Amex Delta account, an offer popped up for $20,000 pre-approval at 6.88%. That APR sounded pretty good, and thought I would just check it out.

 

When I clicked on start now after receiving the pre-approval message, it said, unfortunately, we cannot pre-approve you at this time.

 

 

Hm...... after a pop-up message saying you've been preapproved (not preselected, but preapproved)? Amex must be playing April Fool's jokes in September. Weird.


This is exactly what happened to me and called yesterday from Next Step Loan their 844 number and was told that there was a glitch on their system and if they dont have you from their end on pre-approval then you really didnt have it Smiley Sad and there's no way for them to retrieve it. You just have to keep trying to see if you get another pre-approval. 

Message 61 of 98
Girac
Regular Contributor

Re: Amex nextstep

**Update**

 

Received a call from Amex today and they wanted additional information. After I validated my info the rep said I was approved and they would send the document.

 

When I opened my email it was the agreement inside a window and I thought I had to sign my name to open the lending document, but it was to authorize it. AGHHH, I wanted to read it over first. When I realized what I did, I saved the lending doc to my desktop to open and read it from there. Look pretty standard so I left as-is. LOL

 

 

Message 62 of 98
elim
Senior Contributor

Re: Amex nextstep

Mine is always 5k.  My reported CC Utilization is about that every month. Is the pre-aproved limit near everyones reported CC debt?

 

You are pre-approved for an American Express NextStepSM Loan.

Pre-approved amount:$5,000
Maximum APR:9.98%1
 
It would be nice if this was a real loan instead of BT only.
Message 63 of 98
Anonymous
Not applicable

Re: Amex nextstep

elim, it's a balance transfer and not a separate installment loan?
Message 64 of 98
elim
Senior Contributor

Re: Amex nextstep


@Anonymous wrote:
elim, it's a balance transfer and not a separate installment loan?

  Well, It only lets me fill in CC's I want them to pay off, instead of AMEX sending me a check,. I don't need a loan right now but was checking out the product. 

 

Good Morning humu!

Message 65 of 98
Anonymous
Not applicable

Re: Amex nextstep


@elim wrote:

@Anonymous wrote:
elim, it's a balance transfer and not a separate installment loan?

  Well, It only lets me fill in CC's I want them to pay off, instead of AMEX sending me a check,. I don't need a loan right now but was checking out the product. 

 

Good Morning humu!


Good morning, elim! Nice to see you Smiley Happy

 

That sounds so unusual - thought it was an installment loan from the way they presented it.

Message 66 of 98
UncleB
Credit Mentor

Re: Amex nextstep


@Anonymous wrote:

@elim wrote:

@Anonymous wrote:
elim, it's a balance transfer and not a separate installment loan?

  Well, It only lets me fill in CC's I want them to pay off, instead of AMEX sending me a check,. I don't need a loan right now but was checking out the product. 

 

Good Morning humu!


Good morning, elim! Nice to see you Smiley Happy

 

That sounds so unusual - thought it was an installment loan from the way they presented it.


It's a bit odd... from what I understand, it actually is an installment loan, but it can only be used to pay off a credit card.

 

I was thinking about taking one out for a small amount so I would have an installment loan report, but the "offer" has disappeared from my account.  I've not tried the direct link here in the thread again, so it might still work, but for the moment I'm staying put at any rate.

 

(I'm aware of the savings-secured loans out there, but this seems simpler to me if it's pre-approved.)  Smiley Wink

Message 67 of 98
cardslayer
Regular Contributor

Re: Amex nextstep

So I just logged in to pay on my platinum charge card (a $3.89 balance lol) and switched over to my SPG card in my profile. It poped up that I was pre-approved for $25k @ 11.89%

 

Now, I am carrying about $40k in revolving, with $25k on two cards being at 15.99% and 18.99% and the remaining $15k being 0%

 

I went ahead and accepted, and I must say it was literally 2 clicks (and accepting the T&C document) and I was done. First filled out the 2 cards I wanted to pay off, and then clicked next, spinny thing, and about 30sec later came back APPROVED with T&C. Actually read the full T&C, and typed my name to e-sign and clicked submit, and I was done.

 

I should be paying it off at the same pace I would have paid off balances, about $3k / mo and then pay it off when I get my tax return.

 

I am really, really hoping that it is a "hidden" TL as some folks here are saying. In the T&C, it says that they MAY share your info with credit reporting agencies, such as if you pay late or default. Does not mention the TL itself being reported outside of that (kind of like a business CC I guess), but will have to take one for the team and find out, will report back!

 

EDIT: FYI my AMEX FICO8 score is 717 as of September 24th, which is actually the lowest it's been on the historical chart they have. I guess it's lower because of my balances on the two cards I will be paying off, so hoping for a bump on the next one.

Message 68 of 98
MidnightOwl
Regular Contributor

Re: Amex nextstep

I took the offer and already made my 1st payment and nothing shows on any of my reports so, I hope it actually stays that way. I used it to pay off 2 credit cards and my score jumped up 70 points after they sent the funds to the credit card companies. Well, I mean after the statement date went past but, I had both cards at zero by the time the statement cut so, I was happy in the big jump in score. It put me back at 781 scores.  Smiley Happy Smiley Happy

Message 69 of 98
Anonymous
Not applicable

Re: Amex nextstep

I received a NextStep offer when I logged in to my AmEx account last month. I was carrying approx. 38k in credit cards plus student loans (I found this post when researching the offer).  I applied and was approved right at the beginning of this month and got 19k at 10.99% - much better interest rate than my cards. Used 13k to pay off Discover, then $5k to Citibank (leaving a 9k balance) and $1k to State Farm Visa (leaving a 1k balance). I selected the three-year payoff option, so my payments are $613/mo. Very doable, and I can pay extra if I want (I almost selected the 2 year payoff at $8xx/month, but I wanted a little wiggle room). Per my debt snowball plan, I can now have *all* my debt paid off in *under* three years, so long as I stay disciplined.

 

Today I was pleased to notice that my Experian FICO score went up from 724 to 732, I would assume because my proportion of loan balances to loan amounts is not as high (There have been no changes to TransUnion or Equifax yet. TransUnion and Equifax are both currently 713 and were calculated before the NextStep loan was approved/disbursed). 

 

~Nic

Message 70 of 98
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