Amex nextstep

[jgodfrey82]

So I started this thread last year but never actually accepted an account because I was in the middle of a huge project that was credit intensive and I didn't want the extra activity. The offers disappeared when my scores went from high 700s to lower 700s for a few months in late 2016.. My scores have been back to high 700s since March and suddenly this week I get a new nextsteps offer, except this time it's a business nextsteps offer. 25k 8.9%. Very tempting since a business line would truly be a hidden line! Haha say it enough and it comes true. . Also I must be getting these offers pretty early as I don't see anyone else reporting a business nextsteps offer yet.

[Anonymous]

During the first round of loans, I was also offered $25,000 but only took 7, paid it back early since I decided I should have taken the full $25,000 but no second loan offer ever showed up. Has anyone gotten a second offer after paying the first loan back?

[Anonymous]

If their fixed minimum monthly payment doesn't hurt to much, it's a good loan.  Especially if it's a business loan that won't show up on your reports.

[Jetboy]

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@Anonymous wrote:

Hi,

I already paid off 3k because I don't need all of it.  Except now Amex isn't allowing me to make anymore online payments.

Can anyone explain this wrinkle?

Also, I read on another thread that paying down chunks of this balance quickly won't reduce the monthly payment.

Is this accurate?

 

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Does anyone know if you make large payments will your next payment due date get pushed forward like it does with a "share secure" installment loan that many credit unions (like Alliant) offers?

I searched but could not find an answer.

[UncleB]

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@Jetboy wrote:

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@Anonymous wrote:

Hi,

I already paid off 3k because I don't need all of it.  Except now Amex isn't allowing me to make anymore online payments.

Can anyone explain this wrinkle?

Also, I read on another thread that paying down chunks of this balance quickly won't reduce the monthly payment.

Is this accurate?

 

---

Does anyone know if you make large payments will your next payment due date get pushed forward like it does with a "share secure" installment loan that many credit unions (like Alliant) offers?

I searched but could not find an answer.

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Unfortunately it doesn't appear to work like the SSL. 

From my loan document [emphasis mine]:

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10.  How We Apply Your Payments

We generally apply each payment we receive as follows:

• we apply your payment first to any accrued interest, then
• to any fees, expenses and other amounts due (excluding principal and interest), then
• to your principal loan balance.

However, if you pay more than your Monthly Payment Due on the Payment Due Date, or make additional payments after the Payment Due Date but before your Next Invoice Date shown on your current loan invoice, we will apply the overpayment or additional payment to your principal balance.

You will still be required to pay the Monthly Payment Due shown on the following loan invoice. If you pay more than your Monthly Payment Due or make additional payments after your Next Invoice Date shown on your current loan invoice but before or on the next Payment Due Date, we will apply your payment first to your Monthly Payment Due for that loan invoice period. Any excess will then be applied to principal loan balance.

We will apply your payments as described above even if you provide an instruction or notation with your payment.

[Jetboy]

UncleB thank you for clearing that up for me.

[xenon3030]

I had an offer of 25k and accepted ~5k. All the steps were very quick except reporting to credit bureaus.

Does anyone know the expected time that it would take to report to the crdit bureaus after the first loan invoice payment?

[Anonymous]

Does anyone know the expected time that it would take to report to the crdit bureaus after the first loan invoice payment?

Yes, It 'll take about 30 days to report. Also it does report as an Installment Loan