AMEX made 2 HP from the same new card! What should I do?

[Anonymous]

I am new with credit history. My credit history is about 2 months since late October 2017.

Credit cards that I have right now are:

Open in late October 2017

1.Discover it Cash Back $1,750 CLI (the first card)

2.Wells Fargo Secured Card $300 CLI (2 Hard Pulls - the first one with WF Cashback student was declined because I am a foreigner graduate student.)

Open in November 2017

3.American Express Blue Cash Everyday $1,000 CLI

AMEX made 2 Hard Pulls with one single card! Is this normal to get two hard pull from the same card??? 

The first time in November when I applied for it then again couple days ago when it starts reporting to 3 bureaus.

I now have 6 hard pull in total on Equifax and 5 HP on TU.

I moved to US in 2016 (previously in 2012). I have my SSN since 2012.

The HP are from a mobile network, internet (2 times as they can't find my credit history in 2016), rent (two times since 2016), and few unsuccessful credit cards application.

My credit score also drops dramatically for 46-47 points as of today!!!

705 to 658 (Equifax)

700 to 654 (TU)

N/A (Experian) - less than 6-month credit history

I don't have anything other credit cards, no derogatory marks, no public records.

Income is about $55,000.

Payment is on time 100%

Credit Utilization 0% ($9 of $3,050)

I know I have too many cards in such a short period of time. I am not looking for any new card this year 2018.

QUESTIONS:

1.Should I file a dispute for 2 HP from AMEX?

2.Will my score be better after this huge drop? 

I need to move again for a job after my graduation in May 2018. I don't want it to be my problem for renting a place.

I would appreciate it if someone could explain it to me.

[Anonymous]

If those credit scores are from Credit Karma, throw them out.  They're not useful credit scores, they're just entertainment scores.  They don't mean anything.

As for Amex pulling twice, what bureau did they pull an inquiry from?

[Anonymous]

Not sure why the double pull, but don't waste your time disputing it. It will not be resolved in your favor, having a business relationship allows them to HP anytime. You could always ask Amex about removing it but it's probably unlikely. Just don't apply for anything new and you shouldn't have any issues getting a rental lease. After 12mo inquiries no longer hurt and the damage is greatly reduced after 6mo.

[Anonymous]

1. No, won't do you any good. You agreed to allow them to pull credit when you submitted the app, unfortunately in your case they pulled from 2 bureaus instead of just one. My guess is this is due to your short credit history. Sucks but at least you got approved, could always be worse - capital 1 will triple pull you.

2. Yes. As long as you continue to make all payments on time, keep utilization low and don't open any more lines of credit you should see not just a rebound but an improvement over your scores pre-application. You'll be demonstrating responsible credit use with a mix of credit & lenders, as well as letting new and existing lines of credit age. With each month going by the new accounts and recent inquiries hurt less and less and eventually the new cards will help your scores.

[Anonymous]

Based on experience, It's very likely for AMEX to pull more than one CRA to determine approval, specially for thin files such as yours. The first time I applied with AMEX, they pulled all three CRA's, so you got lucky that you only had two pulls from AMEX. After one year, they won't weigh your scores down as much. Just avoid app'ng for any more credit for the next 6 mos. Garden and grow those cards so that your scores would bounce back and recover quicker. You should see them going up again in two months. 

[Anonymous]

Your drop is easily explained by all the new cards you just got. There is 0 reason to take the HP off even if you could. 

By your cards (availble credit) you are not going to be getting the "top of the line" cards right now.

Let those cards sit still and no new apps until your have your new rental place.

If you want to hit the LUV button that shoulf be fine maybe you can get a few increases.

Enjoy the ride.

[Anonymous]

Please note, folks, that OP mentioned Equifax and Transunion, who American Express doesn't hard pull from.  So it's likely that OP is confusing a HP with just reporting to the bureaus.  They reported once to Equifax and once to TransUnion. 

They did not HP Equifax or TransUnion.

[joltdude]

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@Anonymous wrote:

I am new with credit history. My credit history is about 2 months since late October 2017.

Credit cards that I have right now are:

Open in late October 2017

1.Discover it Cash Back $1,750 CLI (the first card)

2.Wells Fargo Secured Card $300 CLI (2 Hard Pulls - the first one with WF Cashback student was declined because I am a foreigner graduate student.)

Open in November 2017

3.American Express Blue Cash Everyday $1,000 CLI

AMEX made 2 Hard Pulls with one single card! Is this normal to get two hard pull from the same card??? 

The first time in November when I applied for it then again couple days ago when it starts reporting to 3 bureaus.

I now have 6 hard pull in total on Equifax and 5 HP on TU.

I moved to US in 2016 (previously in 2012). I have my SSN since 2012.

The HP are from a mobile network, internet (2 times as they can't find my credit history in 2016), rent (two times since 2016), and few unsuccessful credit cards application.

My credit score also drops dramatically for 46-47 points as of today!!!

705 to 658 (Equifax)

700 to 654 (TU)

N/A (Experian) - less than 6-month credit history

I don't have anything other credit cards, no derogatory marks, no public records.

Income is about $55,000.

Payment is on time 100%

Credit Utilization 0% ($9 of $3,050)

I know I have too many cards in such a short period of time. I am not looking for any new card this year 2018.

QUESTIONS:

1.Should I file a dispute for 2 HP from AMEX?  Nope because they can make as many HP as they want... 

2.Will my score be better after this huge drop? Yes but give it 3-6 months to recover..

I need to move again for a job after my graduation in May 2018. I don't want it to be my problem for renting a place.

I would appreciate it if someone could explain it to me. 

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[NRB525]

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@Anonymous wrote:

Please note, folks, that OP mentioned Equifax and Transunion, who American Express doesn't hard pull from.  So it's likely that OP is confusing a HP with just reporting to the bureaus.  They reported once to Equifax and once to TransUnion. 

They did not HP Equifax or TransUnion.

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^^ This

OP is confusing New Card with HP. 

As to the drop in score, I will suggest the $9 Balance is somehow rounding down, resulting in all cards reporting zero. I would let the cards report naturally, meaning reasonable balances. OP is now working with some decent starter cards, needs to just pay on time, likely pay multiple times per month to avoid going over limit. 

Things will get much better very soon. 

[radfam]

+1 for ABCD.  

OP, did you check these scores on Credit Karma?  If so, your scores are very likely not accurate.  Credit Karma uses Vantage scoring, not FICO scoring.  The scores you see on Credit Karma are not your true Fico Scores.