Sidewinder Posted September 12, 2022 Share Posted September 12, 2022 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?) Quote Link to comment Share on other sites More sharing options...
TheVig Posted September 12, 2022 Share Posted September 12, 2022 It's not you. I've gotten pre-approvals for anywhere between $3k and $20k. APR's from 3% to 6%. PotO, MarvBear, DebtFreeIn04 and 1 other 3 1 Quote Link to comment Share on other sites More sharing options...
hdporter Posted September 12, 2022 Share Posted September 12, 2022 (edited) 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 September 12, 2022 by hdporter DebtFreeIn04, TheVig and MarvBear 3 Quote Link to comment Share on other sites More sharing options...
DebtFreeIn04 Posted September 12, 2022 Share Posted September 12, 2022 I checked a month or so ago showed 20k for 10+% . Just now checked shows 19.2k for 7.98 . So the right direction. They cut it in half in next 6 months might be useful, I don't see that happening 🤔 MarvBear 1 Quote Link to comment Share on other sites More sharing options...
hegemony Posted September 12, 2022 Share Posted September 12, 2022 I've never paid attention. I figure taking one is a bad signal to send my second favorite issuer. TheVig, centex, PotO and 1 other 4 Quote Link to comment Share on other sites More sharing options...
cashnocredit Posted September 13, 2022 Share Posted September 13, 2022 The last one from AMEX I recall was 30k at 5.99% about a month ago. I need a loan like I need a hole in the head. And siince I've been retired 20 years, if I needed a loan no one in their right mind should give me one. hegemony, TheVig, PotO and 1 other 2 2 Quote Link to comment Share on other sites More sharing options...
PotO Posted September 14, 2022 Share Posted September 14, 2022 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. Quote Link to comment Share on other sites More sharing options...
Glacier Posted September 14, 2022 Share Posted September 14, 2022 Just checked for fun, $25,000 for 5.98% max term 36 months. DebtFreeIn04 1 Quote Link to comment Share on other sites More sharing options...
hegemony Posted September 14, 2022 Share Posted September 14, 2022 PotO 1 Quote Link to comment Share on other sites More sharing options...
PotO Posted September 15, 2022 Share Posted September 15, 2022 8 hours ago, hegemony said: 😭 When I checked they just gave me the FOAD message. hegemony 1 Quote Link to comment Share on other sites More sharing options...
centex Posted September 15, 2022 Share Posted September 15, 2022 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... DebtFreeIn04 1 Quote Link to comment Share on other sites More sharing options...
Sidewinder Posted September 21, 2022 Author Share Posted September 21, 2022 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. DebtFreeIn04 and PotO 1 1 Quote Link to comment Share on other sites More sharing options...
DebtFreeIn04 Posted September 21, 2022 Share Posted September 21, 2022 Today's + 5000 same rate 🤓 Quote Link to comment Share on other sites More sharing options...
Sidewinder Posted November 29, 2022 Author Share Posted November 29, 2022 Since they just issued me that new $14K credit line, I expected them to swing cautionward, but I just checked and it's $17K. At 8.98% so, you know — no thank you. But still. Quote Link to comment Share on other sites More sharing options...
centex Posted November 29, 2022 Share Posted November 29, 2022 1 hour ago, Sidewinder said: Since they just issued me that new $14K credit line, I expected them to swing cautionward, but I just checked and it's $17K. At 8.98% so, you know — no thank you. But still. You continue to overlook the impact of Fed actions on things like APR on this sort of product. If you don't need the funds, then NO loan product is worth taking outside of a card-related 0% zero-fee BT teaser. hdporter 1 Quote Link to comment Share on other sites More sharing options...
Sidewinder Posted December 1, 2022 Author Share Posted December 1, 2022 On 11/29/2022 at 5:32 PM, centex said: You continue to overlook When did I start? Quote Link to comment Share on other sites More sharing options...
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