What is SYNCB/Lowes?
When reviewing your credit report, you might come across the term SYNCB/Lowes. In this article, we’ll explain what SYNCB/Lowes means, its relationship with Synchrony Bank and Lowe’s, and how it can impact your credit score.
SYNCB/Lowes: The Association Between Synchrony Bank and Lowe’s
SYNCB/Lowes is a credit report code that signifies a connection between Synchrony Bank and Lowe’s. When you apply for a Lowe’s credit card issued by Synchrony Bank, a hard inquiry labeled SYNCB/Lowes may appear on your credit report.
Lowe’s offers several credit cards through Synchrony Bank, including the Lowe’s Advantage Card and Lowe’s Visa Rewards Card for consumers, and the Lowe’s Accounts Receivable Card for businesses. However, the Lowe’s Business Rewards Card is issued by American Express.
Distinguishing Hard Inquiries from Soft Inquiries
To better understand the impact of SYNCB/Lowes on your credit report, it’s essential to differentiate between hard and soft inquiries.
The Consequences of Hard Inquiries
A hard inquiry occurs when you apply for new credit, and the lender or creditor performs a credit check. Examples include mortgages, car loans, credit cards, insurance policies, and even some job applications. While a hard inquiry might cause a minor drop in your credit score, having multiple hard inquiries within a short period can lead to more significant damage.
Soft Inquiries: No Effect on Your Credit Score
A soft inquiry typically takes place when a company checks your credit history as part of a background check or when a credit card issuer or lender evaluates your credit to prequalify you for an offer. Soft inquiries can also occur when existing creditors monitor your credit situation. Unlike hard inquiries, soft inquiries don’t affect your credit scores.
How long do hard inquiries stay on your credit report?
A hard inquiry, such as SYNCB/Lowes, remains on your credit report for up to two years, regardless of whether you’re approved for the Lowe’s credit card. These inquiries are recorded by one or more of the three major credit reporting agencies: Equifax, Experian, and TransUnion.
Detecting Unauthorized Inquiries
If you find an unfamiliar inquiry on your credit report or are certain you didn’t make the inquiry, it’s crucial to contact Synchrony Bank and ask about the entry. The creditor’s name should appear under the hard inquiry section on your credit report.
Removing SYNCB/Lowes from Your Credit Report
If SYNCB/Lowes shouldn’t be on your credit report or if you’re dealing with other negative items affecting your credit, consider seeking assistance from credit repair experts like Credit Saint. With many years of experience, they’ve helped many clients remove various negative items from their credit reports, including inquiries, late payments, collections, and more.
Taking Control of Your Credit Health
Improving your credit score starts with understanding the factors that contribute to it, such as hard and soft inquiries. If you’re struggling with bad credit, consider seeking a free credit consultation with a reputable credit repair company like Credit Saint.
Visit their website, fill out the form, and embark on your journey towards better credit today.
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