Gino Rodriguez, Writer
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.
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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.