What is CBNA Best Buy?
When you see CBNA Best Buy (or Best Buy/CBNA) on your credit report, you might be wondering what it means. This code stands for Citibank North America Best Buy. It typically appears as a hard inquiry on your credit report when you undergo a credit check for a Best Buy Visa card issued by Citibank.
Hard Inquiries vs. Soft Inquiries: The Impact on Your Credit Score
There are two types of credit inquiries: hard and soft. Knowing the difference between them is essential, as one can impact your credit score while the other does not.
Hard Inquiries
A hard inquiry occurs when a lender or creditor checks your credit as part of their decision-making process when you apply for credit. Examples include applying for a mortgage, car loan, credit card, apartment rental, insurance policy, or even a job application.
Hard inquiries typically cause your credit score to drop by a few points. However, accumulating too many hard inquiries in a short period can significantly impact your credit score.
Soft Inquiries
Soft inquiries usually take place when a company checks your credit history as part of a background check, or when a lender or credit card issuer wants to prequalify you for an offer. Existing creditors may also perform a soft inquiry to assess your current credit situation. Soft inquiries do not affect your credit score.
How long do hard inquiries stay on your credit report?
Regardless of whether your Best Buy credit card application is approved or denied, the hard inquiry remains on your credit report for up to two years. Each inquiry is recorded by one or more of the three major credit bureaus: Equifax, Experian, and TransUnion.
Unauthorized Inquiries
If you come across an inquiry on your credit report that you don’t recognize or are confident you didn’t initiate, it’s crucial to take action. Contact Citibank and ask about the inquiry. The creditor’s name should be listed under the hard inquiry section on your credit report.
Removing CBNA Best Buy from Your Credit Report
If you believe a CBNA Best Buy inquiry or other negative items on your credit reports are inaccurate, consider enlisting the help of a credit repair company like Credit Saint.
In addition to removing inquiries, they can also help you dispute and potentially remove late payments, collections, charge-offs, foreclosures, repossessions, and bankruptcies from your credit reports.
Take Control of Your Credit Score: Act Now
If you’re struggling with a low credit score and want to learn more about your options, consider a free credit consultation with Credit Saint. With their expertise and guidance, you can work towards repairing your credit and improving your financial future. Visit their website and complete the form to explore what they can do for you.
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