What is SYNCB/SMRTCN?
SYNCB/SMRTCN is a credit report code that stands for Synchrony Bank/PayPal Smart Connection.
If you see this code on your credit report, it typically indicates that you have applied for a PayPal Smart Connection account issued by Synchrony Bank.
The Effects of SYNCB/SMRTCN on Your Credit Score
When you apply for a PayPal Smart Connection account with Synchrony Bank, a hard inquiry is likely to appear on your credit report. While one or two hard inquiries shouldn’t significantly impact your credit score, having too many in a short period could lead to a lower score. Lenders may view multiple inquiries as a sign of financial instability or high-risk behavior.
Hard Inquiries vs. Soft Inquiries
It’s important to note that there are two types of credit inquiries: hard and soft. Hard inquiries occur when a lender checks your credit report to make a lending decision, while soft inquiries result from you checking your credit or prequalification offers from lenders. Unlike hard inquiries, soft inquiries don’t affect your credit score.
How long do hard inquiries stay on your credit report?
Hard inquiries can remain on your credit report for up to two years. Each time you make an inquiry, it is recorded by one or all of the three major credit reporting agencies: Equifax, Experian, and TransUnion. However, the impact of hard inquiries on your credit score tends to diminish over time, and they generally stop affecting your score after one year.
Removing SYNCB/SMRTCN from Your Credit Report
Although it is possible to remove SYNCB/SMRTCN from your credit report, it can be challenging. Credit repair companies like Credit Saint specialize in removing inquiries and other negative marks on your credit report. They can help you dispute late payments, collections, charge-offs, foreclosures, repossessions, and bankruptcies, potentially improving your credit score.
Seeking Professional Help for Credit Repair
If you’re struggling with bad credit and want to learn more about improving your credit report, consider a free credit consultation with a reputable credit repair company like Credit Saint. They have helped many people in similar situations and can provide guidance on the best course of action for your specific circumstances.
Understanding the implications of SYNCB/SMRTCN on your credit report and actively monitoring your credit can help you maintain a healthy credit score. If you need assistance in addressing negative marks on your credit report, consider reaching out to a professional credit repair service for guidance.
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