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Amex nextstep

Regular Contributor

Amex nextstep

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.
97 REPLIES
Moderator

Re: Amex nextstep


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. 

Message 2 of 98
Established Contributor

Re: Amex nextstep

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 thoughSmiley Frustrated . its itching to see Smiley Tongue, but i dont need any loan now.

2/21/2018 FICO TU-819|EX - 808|EQ -819
Total Credit - $200K+
Starting Score: 640
Current Score: 805
Goal Score: 850


Take the myFICO Fitness Challenge
Message 3 of 98
Valued Contributor

Re: Amex nextstep

Logged in just now and nowhere to be seen, I had no idea Amex was offering installment loans.

Gardening until September 2018
Next app: Mortgage in September 2018
Message 4 of 98
Regular Contributor

Re: Amex nextstep

My Google search yielded a pending trademark application by amex for the "NextStep" as a new product just filed in late 2015. Also the faq mentions this product is new and targeted. Going to chat with a rep later and see what else I find out. I really dont want another new account right now so someone else may have to guinea. Smiley Happy
Message 5 of 98
Valued Contributor

Re: Amex nextstep

 


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.

 

So 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.

 

 Next Step Loan.png

 

NS Loan approval.png

 

BK13 Filed 7/10-DC 8/15 // Fico 8's TU 763/ EQ 758/ EX 735 11/17// AAoA 5.8 years // Lines 11/2017= 240K // Inquiries 5 TU -11 Exp - 10 Eq. BK now off all all reports....WE CLOSED ON OUR HOUSE 6/7/2017 long hard road, but we made it !!!
Message 6 of 98
Regular Contributor

Re: Amex nextstep

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?
Message 7 of 98
Valued Contributor

Re: Amex nextstep


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?

BK13 Filed 7/10-DC 8/15 // Fico 8's TU 763/ EQ 758/ EX 735 11/17// AAoA 5.8 years // Lines 11/2017= 240K // Inquiries 5 TU -11 Exp - 10 Eq. BK now off all all reports....WE CLOSED ON OUR HOUSE 6/7/2017 long hard road, but we made it !!!
Message 8 of 98
Frequent Contributor

Re: Amex nextstep

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.

Message 9 of 98
Frequent Contributor

Re: Amex nextstep

This offer popped up on my OBC yesterday, but when I click through all I get is 

 

Thank you for considering a NextStepSM Loan.
Unfortunately, we are unable to pre-approve you for a NextStepSM Loan at this time.
 
So, despite being pre-approved they are unable to pre-approve me Smiley Mad
Message 10 of 98