Gino Rodriguez, Writer
@gino_rodriguez
No, American Express does not do a hard inquiry when you apply for a personal loan. American Express only performs a soft inquiry during the approval process, so you don’t have to worry about the loan application hurting your credit score.
Keep in mind that you must already be an American Express cardholder to qualify for a personal loan from Amex. The lack of a hard inquiry is a perk that comes with being a cardholder, as most lenders perform a hard inquiry when you apply for a loan.
A hard inquiry can drop your credit score by 5-10 points and stay on your credit report for up to two years, though it won't affect your credit after one year. To see how your individual credit score may be affected by a hard inquiry, you can use the credit score simulator on WalletHub.
People also ask
What credit score do you need for a American Express personal loan?
Applicants need a credit score of 660 to get a personal loan from American Express, according to multiple third-party sources. That means the American Express personal loan credit score requirement is in the fair credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 585 and 700.
Keep in mind that just having a 660 credit score is not enough to qualify you for a American...
read full answerDoes an American Express personal loan affect your credit score?
Yes, an American Express personal loan does affect your credit score, both initially and throughout the time you are paying the loan off. The long-term impact of an American Express personal loan can be very positive, since Amex will report your payment information to the major credit bureaus each month. You’ll see an increase in your credit score if you make your payments on time.
You can track your progress with daily credit score updates on WalletHub.
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read full answerHow do I apply for an American Express personal loan?
To apply for an American Express personal loan, first check for pre-qualification and then enter your personal and financial information on the online application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
How to Apply for an American Express Personal Loan
- Check for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before applying for an American Express personal loan....
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American Express only performs Soft Pulls on individuals who already have a Personal American Express card. The first card results in a Hard Credit Pull and each subsequent application results in a soft pull.