What is SYNCB/Low on your credit report?
SYNCB/Low refers to the credit relationship between Lowe’s, the home improvement retailer, and Synchrony Bank. If this code shows up on your credit report, it typically indicates that you applied for a Lowe’s credit card, which is issued by Synchrony Bank. This notation appears as a hard inquiry, signaling that a lender has checked your credit during the application process.
Hard inquiries like SYNCB/Low can have a short-term impact on your credit score, so it’s important to understand their effect and how to manage them.
Why SYNCB/Low Appears After a Credit Card Application
SYNCB/Low shows up on your credit report when Synchrony Bank performs a credit check to assess your eligibility for a Lowe’s credit card. This hard inquiry remains on your report even if your application is not approved. Its presence indicates that you’ve recently applied for new credit, which is something other lenders may take into account when evaluating your creditworthiness.
If you’re applying for multiple forms of credit in a short period, these inquiries can accumulate and potentially impact your ability to secure additional loans or lines of credit.
SYNCB/Low and Its Effect on Your Credit Score
Hard inquiries like SYNCB/Low can cause a slight drop in your credit score, generally by just a few points. While a single inquiry typically won’t have a significant impact, multiple hard inquiries over a short period can compound and lead to a larger decrease in your score. This is because lenders may interpret numerous credit applications as a sign that you’re taking on too much financial risk.
To avoid this, it’s a good idea to space out credit applications and only apply when necessary, especially if you’re planning to apply for larger loans in the near future.
How Long SYNCB/Low Will Remain on Your Credit Report
Hard inquiries like SYNCB/Low stay on your credit report for up to two years. During this time, they will be visible to lenders who may review your credit history. Although the impact of a hard inquiry diminishes over time, it remains part of your credit record until it automatically drops off after 24 months.
It’s important to monitor your credit report regularly to keep track of how long inquiries have been on your report and ensure they don’t negatively affect your credit profile over an extended period.
Removing SYNCB/Low from Your Credit Report
If the SYNCB/Low inquiry was unauthorized or made in error, you have the option to dispute it and request its removal. Disputing hard inquiries involves contacting the credit bureaus with evidence to support your claim. If the inquiry was indeed incorrect, the credit bureaus will take steps to remove it from your report.
If you find the process challenging or time-consuming, you might consider working with a credit repair service like Credit Saint, which can help with disputing unauthorized inquiries and removing other negative marks from your credit report.
Take Control of Your Credit Today
If you’re struggling with poor credit and want to improve your financial situation, consider scheduling a free credit consultation with Credit Saint.
Their team of experienced professionals can help you understand the nuances of your credit report, identify inaccuracies, and work with you to develop a strategy for repairing your credit. With the right guidance, you can start working towards a healthier credit profile and a brighter financial future.
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