The Amex Cash Magnet Card is a popular choice for people who are looking for a cash-back credit card. One of the questions we often get about this card is “Does the Amex Cash Magnet Card do a hard pull on your credit?”
Keep reading to find out the answer to that question, as well as some important information about hard pulls and your credit score.
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Does American Express Cash Magnet do a hard pull?
The answer is yes- when evaluating your application, Amex will do a hard pull on your credit report. Keep in mind, the Amex Cash Magnet requires a credit score of at least 700, so applicants need good credit or better to get approved.
But here’s some good news- you can also prequalify for the card on Amex’s prequalification page. Checking for prequalification doesn’t affect your credit score because it only involves a soft pull.
It’s important to note that a hard pull usually causes an applicant’s credit score to drop by a few points, but most people see their scores bounce back within a few months with responsible credit management.
So while applying for the Amex Cash Magnet Card may have a small impact on your credit score, it should recover fairly quickly as long as you continue managing your credit wisely.
Does Amex do a soft pull for existing customers?
As an existing Amex customer, it’s important to know whether applying for a second or subsequent card will result in a hard or soft pull on your credit.
Unfortunately, there is no official documentation from Amex stating whether they do a soft pull for existing customers. However, personally speaking, I have applied for additional cards with Amex as a current customer and have only experienced a soft pull.
When checking my credit reports, I have also noticed that Amex periodically checks in with a soft pull as well. So while it’s not guaranteed, the likelihood is that Amex will do a soft pull for existing customers when applying for additional cards.
Just be sure to keep up with regular payments and maintain a good standing with the company.
Does Amex do a hard pull if denied?
If you are considering applying for an American Express card, it’s important to know that a hard pull on your credit report is a possibility if you are denied. This type of inquiry can lower your credit score, so it’s important to be aware of the potential consequences before you apply.
What is a Hard Pull?
A hard pull is when a lender or creditor requests a copy of your full credit report from one or more of the three major credit bureaus (Experian, TransUnion, and Equifax). Hard pulls can happen when you apply for a new line of credit, such as a credit card or loan.
How Does a Hard Pull Affect Your Credit Score?
When you have a hard pull on your credit report, this will typically result in your credit score decreasing by 5-10 points. However, with responsible credit management, most people’s scores will rebound within 3-6 months. In some cases, it may take up to 12 months for the score to completely recover
Is There a Way to Avoid a Hard Pull?
One way to avoid a hard pull is to prequalify for the Amex Cash Magnet Card on Amex’s prequalification page. Checking for prequalification does not affect your credit score as it only involves what’s called a soft pull.
If you prequalify for the card and decide that you want it, you will have to apply for it which will do a hard pull on your credit. Therefore, it would be best to wait to apply for the card until you need it so that you can save your hard pull.
In short, yes—the Amex Cash Magnet Card will do a hard pull on your credit report when evaluating your application. However, if you’re concerned about how a hard pull might affect your credit score, you can always check for prequalification first.
Keep in mind that even if you are prequalified, you will still need to submit an actual application to get the card which will result in a hard pull.
- As a personal finance and credit cards expert, I provide valuable insights and advice on budgeting, saving, investing, and debt management. I am also an expert on credit card rewards programs and help readers make informed decisions about which cards are right for them. My goal is to help people improve their financial literacy and make better financial choices.
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