What is Belk/Synchrony Bank?
Belk/Synchrony Bank refers to a credit card offered through a partnership between Belk, Inc., an American department store chain, and Synchrony Bank. Established in 1888, Belk, Inc. operates nearly 300 locations across 16 states. The Belk Rewards Credit Card, issued by Synchrony Bank, provides cardholders with 3-5% cashback on Belk purchases.
When you apply for a Belk Rewards Credit Card, a hard inquiry from Belk/Synchrony Bank might appear on your credit report. It’s crucial to understand the difference between hard and soft inquiries and their impact on your credit score.
The Impact of Hard Inquiries on Your Credit Score
A hard inquiry occurs when you apply for new credit, and the lender or creditor runs a credit check. Common instances that trigger a hard inquiry include applying for a mortgage, apartment rental, car loan, credit card, insurance policy, or even a job. While hard inquiries usually only lower your credit score by a few points, having too many in a short period can accumulate and cause significant damage.
Soft Inquiries: A Less Intrusive Credit Check
In contrast, a soft inquiry occurs when a company checks your credit history as part of a background check, or when a credit card issuer or lender prequalifies you for an offer. Soft inquiries might also be triggered when an existing creditor checks your current credit situation. Unlike hard inquiries, soft inquiries do not impact your credit scores.
How long do hard inquiries stay on your credit report?
Regardless of whether you’re approved for the Belk Rewards credit card, the hard inquiry will remain on your credit report for up to 2 years. Hard inquiries are recorded by one or all three major credit reporting agencies: Equifax, Experian, and TransUnion.
Dealing with Unauthorized Inquiries
If you don’t recognize an inquiry or are certain that you didn’t initiate it, contact Synchrony Bank to inquire about the hard inquiry. The creditor’s name should be listed under the hard inquiry section on your credit report.
Removing Belk/Synchrony Bank from Your Credit Report
Lexington Law is a reputable firm specializing in removing inquiries and other negative marks from your credit report. With over 18 years of experience, they successfully removed over 6 million negative items for clients in 2021 alone. They can help you dispute and potentially remove items such as:
- late payments
- collections
- charge offs
- foreclosures
- repossessions
- bankruptcies
Improve Your Credit Situation
If you’re struggling with bad credit and want to learn more, consider a free credit consultation with Lexington Law. They have helped many people in similar situations improve their credit scores. Visit their website and fill out the form to explore the options available to you. By working with Lexington Law, you can take the first step towards rebuilding your credit and achieving financial stability.
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