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AmEx personal loan: A pre-approval roller-coaster


Sidewinder
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Months ago AmEx said I was pre-approved for $10K @ 6.98%  APR ("no higher" so had I accepted might the rate have been lower?)

 

More recently my offer was for $6K or so, at a higher rate.  All that had changed was I had added BOA Unlimited Cash Rewards - a $15K boost in the util area, but I guess they freak out about new accounts/ AAoA hits?

 

Last week my offer was up to $8,900, no improvement in the APR.

 

Today my offer is $3,900; 10.98% APR.

 

Has anyone else followed AmEx personal loan offers and seen this kind of silly fluctuation?  Any faintly rational reasons for it?

 

(P.S. the FAQ says you "can't" use it for a car.  Er, the money goes into whichever checking account I specify, from there how are they going to stop me from using the dough however I blamed well please?)

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I don't follow the Amex offers because they've been uniformly unattractive to me.  (The last unsecured installment loan I took out, a little over a year ago, was at 3.99%.)

 

Checking Amex just now, prompted by this thread, I've been offered $40k at 5.98%.  Not gonna bite at that.

Edited by hdporter
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I took out an AmEx personal loan after they bombarded me with pre-approvals for a long, long time only for the Installment Loan Hack.  

 

The installment loans in AmEx are run by the banking side -- the same fooking idiots that run the AmEx checking accounts.  The goal behind the installment loan hack is to get the loan and then immediately pay it all off but for about $100.  Only problem with AmEx loans is that they will not let you make any payment until your first payment is due -- about a month or so after opening the loan.  

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Expect that the rates will keep going up...they aren't going to lose money on these and their goal is probably 4-6% on the loan...and with 75 basis point hikes after 75 basis point hikes and yet another looming, common sense HAS to enter the arena.  Think about it...mortgages are now over 6%.

 

The free money train wasn't going to last forever.  

 

That said, I was very surprised to see an auto-CLI after I put more than $4K on one of my lesser-used (lately) AXP cards while on one property in Vegas...was only a 15% bump, but considering I wasn't asking for it... 

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On 9/12/2022 at 1:41 PM, Sidewinder said:

Months ago AmEx said I was pre-approved for $10K @ 6.98%  APR ("no higher" so had I accepted might the rate have been lower?)

 

More recently my offer was for $6K or so, at a higher rate.  All that had changed was I had added BOA Unlimited Cash Rewards - a $15K boost in the util area, but I guess they freak out about new accounts/ AAoA hits?

 

Last week my offer was up to $8,900, no improvement in the APR.

 

Today my offer is $3,900; 10.98% APR.

 

Has anyone else followed AmEx personal loan offers and seen this kind of silly fluctuation?  Any faintly rational reasons for it?

 

(P.S. the FAQ says you "can't" use it for a car.  Er, the money goes into whichever checking account I specify, from there how are they going to stop me from using the dough however I blamed well please?)

Today's offer was $7,000; same rate.

 

My creditworthiness has increased 3,100 dollars' worth in eight days.

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