What is SYNCB/Low?
SYNCB/Low is a specific notation on your credit report that represents a relationship between Lowe’s, a popular home improvement retailer, and Synchrony Bank. When you see SYNCB/Low on your credit report, it usually signifies that you have applied for a Lowe’s credit card, which is issued by Synchrony Bank. This notation may appear as a hard inquiry on your credit report, impacting your credit score to some extent.
The Impact of SYNCB/Low Hard Inquiry on Your Credit Score
When a hard inquiry appears on your credit report, it can cause a slight dip in your credit score. While a single hard inquiry may only lower your credit score by a few points, multiple hard inquiries in a short period can compound the effect, potentially leading to a significant decrease in your score. This can make it more difficult for you to secure loans or credit cards with favorable interest rates and terms.
How long do hard inquiries stay on your credit report?
Hard inquiries, like the ones resulting from SYNCB/Low, can remain on your credit report for up to two years. These inquiries are recorded by one or more of the three major credit reporting agencies: Equifax, Experian, and TransUnion. Over time, the impact of hard inquiries on your credit score will gradually diminish, and they will eventually drop off your report entirely.
Can SYNCB/Low be removed from my credit report?
If you believe that the SYNCB/Low hard inquiry on your credit report is inaccurate or unjustified, you can seek the help of credit repair professionals like Credit Saint. In addition to hard inquiries, they can help you dispute and potentially remove other negative items from your credit report, such as:
- late payments
- collections
- charge offs
- foreclosures
- repossessions
- bankruptcies
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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