Question about Amex personal loan

[Sharpism]

Does anybody have any recent experience with how long it took for a personal loan with American Express to report to all of the credit bureaus once you were approved?

[Anonymous]

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@Sharpism wrote:

Does anybody have any recent experience with how long it took for a personal loan with American Express to report to all of the credit bureaus once you were approved?

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IIRC, they took nearly 2 months to report for me but this was several years ago.  Amex has never been what I would call a speedy reporter for any new account.

[Sharpism]

Appreciate it. I believe I saw some posts on here awhile back that indicated they were reporting much quicker than they used to for their consumer credit cards but couldn't recall if anybody had any experience with that happening on a personal loan as well.

[brk1971]

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@Sharpism wrote:

Does anybody have any recent experience with how long it took for a personal loan with American Express to report to all of the credit bureaus once you were approved?

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There is a monthly statement (invoice) and they report monthly directly just the same as with their credit / charge cards. If your loan disbursement is on the 15th and your monthly statement on the 20th, it could take 5-7 days. If your disbursement is on the 15th and the monthly statement is on the 17th, it may miss the statement date (still in setup) and it may take almost 2 months.  After the first one, it'll report every month. 

Unique IMO to Amex PL is that you can pay the invoice (statement) balance prior to the next statement without paying the daily interest, as while it's compounded daily, it's added monthly on the statement date. (good to know for payoff months)

[BearsCubsOtters]

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@Sharpism wrote:

Does anybody have any recent experience with how long it took for a personal loan with American Express to report to all of the credit bureaus once you were approved?

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@Sharpism  I was approved 11/12/2021; statement cycled 11/22/2021 and I got the alerts from TU and EX yesterday, 11/25/2021.  So, in my case, three days after statement cycle date. 

[Rebuild2019]

I know this off topic, but @BearsCubsOtters did you have a big drop in your FICO score. Thanks

[BearsCubsOtters]

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@Rebuild2019 wrote:
I know this off topic, but @BearsCubsOtters did you have a big drop in your FICO score. Thanks

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@Rebuild2019  I lost 2 points on Experian (826 to 824) and 4 on TU (823 to 819). I have not checked EQ yet. Not too bad. One of the reasons banks give me for not having a perfect 850 score is "lack of recent installment loan" so I am sure that will change to "balance on installment loans too high" lol 

[Rebuild2019]

Thanks @BearsCubsOtters. Not too bad of a drop. Thanks again.