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Amex nextstep

Contributor

Re: Amex nextstep

Just got this offer this morning. $10k @ 11.97%. Thought the rate was pretty horrendous for my profile even before seeing some of the rates other people got. $80k income and literally 800+ scores across the board. Only notable debt is about $4k on a 0% BT and $3k personal loan.



Last app: 5/26/2015 (Sams Club Mastercard)
Message 41 of 98
Senior Contributor

Re: Amex nextstep

I logged into my BCE account and received a NextSteps pop up: You're pre-approved for a debt consolidation loan of up to $9,800 at a maximum APR of 16.97 %.

Gardening since 10/01/18 Gardenversary 10/01/20 Score: xx/xx/xx EQ xxx TU xxx EXP xxx
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 42 of 98
Frequent Contributor

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

So strangest thing, I was checking my fico score from my Amex account and got the pop up below... anyone else ever gotten one? I tried to click on it but then it gives me an error Smiley Sad

 

Screen Shot 2016-09-17 at 3.41.45 PM.png

FICO 8: 1/1/16 / 12/30/2016 [EQ: 518/681] [TU:522/714] [EX: 535/689] TCL: $108K INQ: 138 between the 3 NO MO CARD FOR ME

Message 43 of 98
Senior Contributor

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

I'm not positive but I thought I was always told that a "debt consolidation loans " would have a negative effect to any new lenders ? I have read several things about this , so if you truly are not in debt and need the help I would not want to do it .
Message 44 of 98
Valued Contributor

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

Today, my wife had that same notice on her AMEX web page. Me nothing. 

 

If the loan will drop your utilization in a meaningful trend, it can be good converting the credit from revolving to installment.

Message 45 of 98
Super Contributor

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

When you take out an installment loan, when it first reports it will report at 100% of the face amount of the loan, which negatively affects your FICO scores, or at least some of them.


FICO8 EQ 746 TU 773 EX 743 Total revolving limits 618800 (508800 reporting)
Message 46 of 98
Moderator

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

I have an offer as well; my offer is for $5k at 9.89%.  Once someone reports back that it definitely reports to all three credit bureaus as an installment loan, I'm probably going to give it a try even though I don't need to consolidate anything (all my balances are on 0% promos).

 

I'm 'dinged' on my EQ for not having an installment account reporting, and in the spring my old PIF installment accounts that are still reporting to EX and TU will age off making my score drop 20-30 points (which is how much lower my EQ currently is with the only difference being the lack of installment history). 

 

IMO taking out a loan this way even for a few months would be less paperwork and hassle than starting a new CU relationship and getting a share-secured loan.

Message 47 of 98
Regular Contributor

Re: Amex nextstep

2 weeks ago I got the pre-approval for $5000 and it was gone and I logged in yesterday and there is another 1 for $5400 at 16.96 %

Message 48 of 98
Valued Contributor

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

I got same APR at 25k

Gardening until September 2019
Next app: Mortgage in September 2019
Message 49 of 98
Frequent Contributor

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


UncleB wrote:

I have an offer as well; my offer is for $5k at 9.89%.  Once someone reports back that it definitely reports to all three credit bureaus as an installment loan, I'm probably going to give it a try even though I don't need to consolidate anything (all my balances are on 0% promos).

 

I'm 'dinged' on my EQ for not having an installment account reporting, and in the spring my old PIF installment accounts that are still reporting to EX and TU will age off making my score drop 20-30 points (which is how much lower my EQ currently is with the only difference being the lack of installment history). 

 

IMO taking out a loan this way even for a few months would be less paperwork and hassle than starting a new CU relationship and getting a share-secured loan.


When did you see yours? I saw mine today but when I cick on "start now" it says Offer No Longer Available Smiley Sad I guess it was a fluke for me... 

FICO 8: 1/1/16 / 12/30/2016 [EQ: 518/681] [TU:522/714] [EX: 535/689] TCL: $108K INQ: 138 between the 3 NO MO CARD FOR ME

Message 50 of 98