What is SYNCB Belk?
SYNCB Belk is an abbreviation for Synchrony Bank/Belk, which can appear on your credit report as a hard inquiry when you apply for a Belk Rewards credit card. This retail credit card is issued by Synchrony Bank and provides benefits to customers who shop at Belk department stores.
The Difference Between Hard and Soft Inquiries
When you apply for any form of credit, such as the Belk Rewards credit card, the lender or creditor will run a credit check. This credit check is referred to as a hard inquiry, and it can have a temporary negative impact on your credit score.
Hard Inquiries
A hard inquiry generally causes your credit score to drop by a few points. However, if you accumulate too many hard inquiries within a short period, it can lead to more significant damage to your credit score. Lenders may perceive multiple hard inquiries as a sign of financial instability or desperation for credit.
Soft Inquiries
On the other hand, soft inquiries occur when a company checks your credit history as part of a background check, a prequalification process, or an existing creditor’s periodic review of your credit standing. Unlike hard inquiries, soft inquiries do not impact your credit score.
How long do hard inquiries stay on your credit report?
The hard inquiry resulting from your Belk credit card application, whether approved or not, will stay on your credit report for up to two years. Credit reporting agencies, such as Equifax, Experian, and TransUnion, maintain records of your inquiries.
Dealing with Unauthorized Inquiries
If you come across a hard inquiry on your credit report that you don’t recognize, it’s essential to contact the creditor listed in the hard inquiry section. In this case, you would reach out to Synchrony Bank to determine the reason for the inquiry.
Removing SYNCB Belk Inquiries from Your Credit Report
If you believe that the SYNCB Belk hard inquiry is incorrect or unauthorized, you can seek assistance from professional credit repair companies like Lexington Law. With over 18 years of experience, Lexington Law has helped millions of clients remove negative marks on their credit reports.
Lexington Law can assist with disputing and potentially removing the following items from your credit report:
- late payments
- collections
- charge offs
- foreclosures
- repossessions
- bankruptcies
Improving Your Credit with Expert Help
If you’re struggling with poor credit and need guidance, consider a free credit consultation with Lexington Law. As a reputable credit repair company, they can help assess your situation and provide personalized recommendations to improve your credit score.
Visit their website and complete the form to discover the potential benefits of working with Lexington Law.
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