What is SYW MC/CBNA?
SYW MC/CBNA or SYWMC/CBNA is a code that you might come across on your credit report. It stands for Shop Your Way Mastercard/Citibank North America and is typically associated with a hard inquiry when you apply for a Shop Your Way Mastercard issued by Citi.
Understanding Hard and Soft Inquiries
Credit inquiries fall into two categories: hard and soft inquiries. Knowing the difference between these two types of inquiries is crucial, as they have different implications for your credit score.
The Nature of Hard Inquiries
Hard inquiries occur when you apply for new credit, and a lender or creditor runs a credit check. Examples include applying for a mortgage, apartment, car loan, credit card, insurance policy, cell phone, or even a job application. Hard inquiries typically cause a minor drop in your credit score, but too many of them within a short period can significantly damage your credit score.
The Implications of Soft Inquiries
Soft inquiries generally happen when a company checks your credit history as part of a background check, or when a credit card issuer or lender checks your credit to prequalify you for an offer. Sometimes, soft inquiries can be initiated by existing creditors to check your current credit situation. Unlike hard inquiries, soft inquiries do not affect your credit scores.
How long do hard inquiries stay on your credit report?
Regardless of whether you are approved for the Shop Your Way credit card, the hard inquiry will stay on your credit report for up to two years. Each inquiry is recorded by one or all three major credit reporting agencies: Equifax, Experian, and TransUnion.
Addressing Unauthorized Inquiries
If you don’t recognize an inquiry or are certain that you didn’t initiate it, contact Citibank and ask for an explanation. The creditor’s name should be listed under the hard inquiry section on your credit report.
Removing SYW MC/CBNA from Your Credit Report
If you want to remove SYW MC/CBNA from your credit report, consider enlisting the help of a credit repair company like Credit Saint. They can help you dispute (and possibly remove) various items, such as:
- late payments
- collections
- charge offs
- foreclosures
- repossessions
- bankruptcies
Take Control of Your Credit: Schedule a Free Consultation
If you’re facing challenges due to poor credit, consider scheduling a complimentary credit consultation with Credit Saint. They have helped many people in similar situations and can provide tailored guidance for your specific needs.
Visit their website and fill out the form to learn how they can assist you in improving your credit score. Don’t wait—take control of your credit and start your journey toward a better financial future today.
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