SYWMC/CBNA is what’s known as a hard inquiry. Hard inquiries occur when a lender pulls your credit report when applying for a loan.
Generally you can remove inquiries from your report if any of the following has happened:
SYWMC/CBNA reviewed a copy of your credit report(s) to decide whether or not to lend to you, which appears on your report as a hard inquiry.
Lenders are required to report hard inquiries everytime they pull your credit reports because you asked for credit. They use this reporting to track how often you’re applying for credit cards, loans, etc., which in their eyes makes you a higher risk.
If you don’t recognize this company, consider what else you may have applied for around the date of the inquiry, as many times businesses will use 3rd parties to pull credit reports which regularly causes confusion.
Hard inquiries, or hard pulls, occur every time you apply for credit and a lender needs to pull your credit reports to make an informed decision whether or not to approve you.
The most common reason for these are when applying for:
If you believe that a hard inquiry from SYWMC/CBNA was made without your permission or knowledge, you have the right to dispute it with credit reporting agencies. Get your hands on a copy of your credit report and locate this inquiry first; then submit an explanation along with a request for removal.
When disputing hard inquiries with the credit reporting agency, make sure to provide all necessary documents and evidence for consideration. It may take some patience as disputes can be a lengthy process; however if successful, SYWMC/CBNA's inquiry will no longer appear on your report which could result in an improved credit score.
Hard inquiries, such as SYWMC/CBNA can put a dent in your credit score; however, you are not without hope. To get back on track and begin raising your rating again try to ensure that all of your payments are consistently made on time - late billing cycles may stay reflected for up to seven years!
To improve your credit score, focus on lowering existing balances and avoiding new accounts unless they are absolutely necessary. This helps reduce the ratio of debt you owe relative to available funds– an essential component in calculating your credit score!
If you need help improving your credit score, reach out to Credit Sage– we can provide personalized advice and resources to help you get back on track and achieve your financial goals.
Hard inquiries (like SYWMC/CBNA) will remain on your credit report for a maximum of 2 years, regardless of whether or not your credit with Shop Your Way Credit Card/Citibank North America was approved. Depending on the scoring model used, hard inquiries will stop affecting your score between 3 to 12 months.
If you’ve ever received a pre-qualification offer for a credit card, auto loan, mortgage, or anything else of that nature, a soft inquiry, or soft pull, was used. Unlike hard inquiries, soft inquiries have nothing to do with you requesting new credit, and as such they’re not visible to anyone except you and do not lower your score.
If the inquiry is a result of identity theft, then yes, TBOM/CONTIN can be removed from your credit report, this is something we can help with.
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