[ad_1]
What Credit Does American Express Pull?
American Express is one of the most prestigious credit card issuers in the world, known for its high-quality customer service and exclusive benefits. When it comes to applying for an American Express credit card, many people wonder what type of credit inquiry the company performs. In this article, we will explore the credit pull process of American Express and answer some frequently asked questions.
American Express Credit Check Process
When you apply for an American Express credit card, the company will perform a credit check to evaluate your creditworthiness. This credit check is commonly known as a “hard inquiry” and can have a temporary impact on your credit score. American Express uses the information obtained from the credit check to assess your credit risk and determine whether you qualify for their credit cards.
What Credit Bureau Does American Express Pull?
American Express typically pulls credit reports from Experian, one of the three major credit bureaus in the United States. However, it is important to note that American Express may also pull credit reports from other bureaus, such as Equifax or TransUnion, depending on your location and credit history. It is not uncommon for credit card issuers to pull reports from multiple bureaus to have a more comprehensive view of your creditworthiness.
Does American Express Perform a Soft Pull?
In some cases, American Express may perform a soft credit pull instead of a hard inquiry. A soft pull does not impact your credit score and is usually used for prequalification purposes. It allows American Express to give you an idea of which credit cards you may be eligible for without affecting your creditworthiness. However, it is important to note that even if you are prequalified, a hard inquiry may still be performed when you officially apply for an American Express credit card.
How Does a Hard Inquiry Affect Your Credit?
A hard inquiry generally has a small, temporary negative impact on your credit score. It typically lowers your score by a few points for a short period, usually around six months. However, the impact of a hard inquiry can vary depending on several factors, including your overall credit history and the number of recent inquiries. It is advisable to be mindful of the number of credit applications you submit within a short period, as multiple hard inquiries can have a more significant impact on your credit score.
Frequently Asked Questions
Q: Will applying for an American Express credit card affect my credit score?
A: Yes, applying for an American Express credit card will result in a hard inquiry on your credit report, which may temporarily lower your credit score.
Q: How long does a hard inquiry from American Express stay on my credit report?
A: A hard inquiry from American Express typically stays on your credit report for about two years. However, its impact on your credit score diminishes over time.
Q: Can I check if I am prequalified for an American Express credit card without a hard inquiry?
A: Yes, American Express offers a prequalification tool on their website that allows you to determine your eligibility for their credit cards without a hard inquiry.
Q: How can I minimize the impact of a hard inquiry on my credit score?
A: While you cannot avoid a hard inquiry when applying for an American Express credit card, you can minimize the impact by spacing out your credit applications and only applying for cards you genuinely need.
Q: If I am denied an American Express credit card, can I reapply?
A: Yes, if you are denied an American Express credit card, you can reapply after a certain period. However, it is advisable to wait at least six months before submitting another application to improve your chances of approval.
Conclusion
When applying for an American Express credit card, the company will typically perform a hard inquiry on your credit report, which may have a temporary impact on your credit score. It is essential to be aware of the credit bureaus American Express may pull from and understand the consequences of a hard inquiry. By being informed about the credit check process, you can make more informed decisions when applying for an American Express credit card.
[ad_2]