Note to those approved for Amex LOC

Discussion in 'Credit Talk' started by Saar, Sep 17, 2001.

  1. Saar

    Saar Banned

    If you were approved for an Amex Line of Credit (LOC) and you re-apply, you'd normally be approved for a second LOC under the same terms (assuming your credit remained unchanged). Thus effectively doubling your LOC !

    They still pull Experian, and they still put only a soft inquiry.

    http://banking.americanexpress.com/products/linesofcredit.jsp


    Saar
     
  2. GEORGE

    GEORGE Well-Known Member

    NOW OR WILL BE 8.99%

    DO THEY ASK FOR HOUSEHOLD INCOME? OR INDIVIDUAL INCOME?

    TRUE? MUST HAVE AMEX ACCOUNT?
     
  3. Saar

    Saar Banned

    Re: Note to those approved for Amex

    1. Individual income (wages + any other source).
    2. No Amex card needed.
    3. APR is between P+2.99% and P+5.99%.
    4. No fees (unless your account is inactive for 12 months).
    5. No hard inquiry.

    Saar
     
  4. the other

    the other Well-Known Member

    Re: Note to those approved for Amex

    Ok, I just tried this. Here is the info about the LOC I already received:
    25k limit, prime+2.99, this was not instant approval, it took about a week.

    So, I applied again like you suggested, Saar, and here is what I got:
    20k limit, prime+3.99, instant approval.

    Yeah, I'm glad they gave me another one, but why the lower line and the higher apr? Oh well.
     
  5. the other

    the other Well-Known Member

    Re: Note to those approved for Amex

    I wonder what would happen if I applied again??
     
  6. the other

    the other Well-Known Member

    Re: Note to those approved for Amex

    I tried again - I got approved again

    20k, prime+3.99, instant approval. My CreditExpert score is 760.
     
  7. GEORGE

    GEORGE Well-Known Member

    Re: Note to those approved for Amex

    COMBINE???

    WITH LOWEST APR???
     
  8. Saar

    Saar Banned

    Re: Note to those approved for Amex

    They've put in my requests to have the APR lowered 1% (to the P+2.99% rate) and the 2 accounts combined.

    BTW, if they try to tell you you have to wait 6 months before you request any changes, tell them to have your requests forwarded to their reconsideration dept.

    I'm not sure they'd combine "The Other"'s LOCs, since $25K is the maximum line for any single account. But it doesn't hurt to ask.


    Saar
     
  9. the other

    the other Well-Known Member

    Re: Note to those approved for Amex

    I'll wait until I get the account stuff in the mail. I'll call and see if I can combine. I'll let ya know...
     
  10. the other

    the other Well-Known Member

    Re: Note to those approved for Amex

    btw, does anyone know yet if this LOC is reported to the CRAs???
     
  11. WHARDY

    WHARDY Active Member

    Re: Note to those approved for Amex

    I APPLIED AND RECEIVED 25K @3.99% ON FRIDAY TRIED TO RE-APPLY AND KEPT DIRECTING ME TO SIGN IN BUT WOULD NOT PRESENT ME WITH APPLICATION. MY QUESTION DO U HAVE TO WAIT UNTIL U RECEVE YOUR KIT TO APPLY FOR ADDITONAL LINE AS U ALL ARE DOING?
     
  12. the other

    the other Well-Known Member

    Re: Note to those approved for Amex

    You need to sign in. If you don't have a membership banking login and password yet, you need to register to create one. The key here is that you will need the full account number of your LOC or another membership banking account. In my case, the only membership banking account I had was the LOC.

    When you are approved online for your LOC they don't give you the full account number.

    Here is how you can get the full account number:
    1. call 1-888-356-1006
    2. hit 1 for English
    3. hit 1 for membership banking account info.
    4. enter SSN then #
    5. for your pin enter the last 4 of your SSN then #
    6. 4 for LOC
    7. 1 for LOC
    8. Your account number will be given to you by the automated system.

    Then register online for membership banking. Then you can apply for a new account.
     
  13. author_22

    author_22 Well-Known Member

    Re: Note to those approved for Amex

    Does anyone know the minimum LOC they give? They sent me an email welcoming me to membership banking and said I was approved for a LOC prime plus 5.99%...amount pending.

    Tried the phone thing and it didn't work...guess they're still deciding on the amount.

    EX is very clean now...only a $28 library fine and 6 positives and 2 inquiries. So I am really thrilled they pulled EX on a soft one :)

    Steph
     
  14. the other

    the other Well-Known Member

    Re: Note to those approved for Amex

    Steph, I don't know the minumum amount...
     
  15. WHARDY

    WHARDY Active Member

    Re: Note to those approved for Amex

    OK RE-APPIELED AND WAS APPROVED FOR ADDITION LINE 0F 20K@3.99
     
  16. Bill B

    Bill B Well-Known Member

    Re: Note to those approved for Amex

    should i have my wife apply? She has a score of 633
     
  17. Bill B

    Bill B Well-Known Member

    Re: Note to those approved for Amex

    Nope Will let her know LoL
     
  18. the other

    the other Well-Known Member

    Re: Note to those approved for Amex

    I called to see if I could combine and I was told no because the max is 25k per LOC.
     
  19. the other

    the other Well-Known Member

    Re: Note to those approved for Amex

    btw - I entered household income even though that is not what is asked for...
     
  20. eddie

    eddie Well-Known Member

    Re: Note to those approved for Amex

    To Saar and The Other: You guys are great. Just approved for 2nd 20k loc. Incredible.
     

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