jcc332006
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09-09-202305:37 PM
09-09-202305:37 PM
DOES AMEX PERSONAL LOAN COUNT AS A REVOLVING CC ACCOUNT?
Hello All,
I currently have 3 CC'S with AMEX
1. BCP, 2. Hilton Surpass, 3. BBP, as well as an Amex Personal Loan.
Does having an AMEX Personal Loan count as a revolving account/Credit Card thereby counting in the Max number of cards you can have at one time with them .
Would this be the same as having 4 cards thereby limiting me to being approved for only 1 more personal credit card?
Thanks for any replys!
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- Credit Approval
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JoeRockhead
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09-09-202306:30 PM
09-09-202306:30 PM
Re: DOES AMEX PERSONAL LOAN COUNT AS A REVOLVING CC ACCOUNT?
No, it's an installment loan.
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jcc332006
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09-09-202306:38 PM
09-09-202306:38 PM
Re: DOES AMEX PERSONAL LOAN COUNT AS A REVOLVING CC ACCOUNT?
@JoeRockheadwrote:No, it's an installment loan.
Ok, I read somewhere that AMEX Personal Loan counted the same as being approved for an additional Credit Card.. Thanks for confirming it's not the same.
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JoeRockhead
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09-10-202302:17 AM
09-10-202302:17 AM
Re: DOES AMEX PERSONAL LOAN COUNT AS A REVOLVING CC ACCOUNT?
@jcc332006wrote:@JoeRockheadwrote:No, it's an installment loan.
Ok, I read somewhere that AMEX Personal Loan counted the same as being approved for an additional Credit Card.. Thanks for confirming it's not the same.
No it doesn't count towards the 5 revolver limit Amex has, and generally neither do their charge cards.
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0329liuken
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03-12-202407:18 PM
03-12-202407:18 PM
Re: DOES AMEX PERSONAL LOAN COUNT AS A REVOLVING CC ACCOUNT?
I know this is an old thread but I couldn't find more info on this. I have 4 Amex credit cards (2x Hilton Aspires, Cash Magnet, and BC), and a personal loan. When I applied to the Hilton Surpass card, which I've never had, I got denied. And on the letter they sent me, it said I have too many accounts, so I guess personal loan does count towards the 5 credit cards.
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Horseshoez
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03-12-202407:35 PM
03-12-202407:35 PM
Re: DOES AMEX PERSONAL LOAN COUNT AS A REVOLVING CC ACCOUNT?
@0329liukenwrote:I know this is an old thread but I couldn't find more info on this. I have 4 Amex credit cards (2x Hilton Aspires, Cash Magnet, and BC), and a personal loan. When I applied to the Hilton Surpass card, which I've never had, I got denied. And on the letter they sent me, it said I have too many accounts, so I guess personal loan does count towards the 5 credit cards.
I would say highly unlikely. The personal loan is an installment loan and does not count in any way as a credit card. That said, they may feel you have too many loans of all types for your financial situation to support.
Chapter 13:
- Burned: AMEX, Chase, Citi, Wells Fargo, and South County Bank (now Bank of Southern California)
- Filed: 26-Feb-2015
- MoC: 01-Mar-2015
- 1st Payment (posted): 23-Mar-2015
- Last Payment (posted): 07-Feb-2020
- Discharged: 04-Mar-2020
- Closed: 23-Jun-2020
I categorically refuse to do AZEO!
In the proverbial sock drawer:
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0329liuken
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03-12-202407:43 PM
03-12-202407:43 PM
Re: DOES AMEX PERSONAL LOAN COUNT AS A REVOLVING CC ACCOUNT?
Personal loan is also a credit product, and I definitely have enough to support a new card and Amex knows it for sure. I was never late for any card, have 20+ cards in total with over 200k total credit, I only had 5 new accounts opened in the last 2 years, not that Amex really cares about it. Have a auto loan and a mortgage, credit score isn't the greatest but FICO 8 is around 730. I spend around $3k with Amex a month and pays off my balance every month.
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0329liuken
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03-16-202407:45 PM
03-16-202407:45 PM
Re: DOES AMEX PERSONAL LOAN COUNT AS A REVOLVING CC ACCOUNT?
Update on this - got denied for Surpass on 3/12 (applied on 12/13/2023 as well and was denied) because I have the maximum of credit product (2 charge cards, 4 credit cards, and 1 personal loan with Amex), chatted with customer service the same night and cancelled my cash magnet, called recon line to review my surpass application on 3/13, and was approved on 3/14.
Based on my experience, I'm pretty sure personal loan counts towards "credit cards" when considering the 5 credit cards rule at Amex, unless Amex is only willing to give me 4 credit cards for some reason.
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