On Your Transunion Credit Report
Finally, the TransUnion credit bureau also has its own codes to summarize your credit history and payment behavior.
The main code you want to see is OK as this notation means that you are current on an account.
Besides an OK listing, there are four neutral codes on a TransUnion credit file. These are:
N/R which means Not Reported
X which means Unknown
None of these codes harm your credit rating, so dont panic if you see them on your TransUnion credit report.
Negative Codes On An Experian Credit File
For example, here are a variety of negative credit scenarios, and the Experian codes used to describe them:
30 Days Past Due: 30
60 Days Past Due: 60
90 Days Past Due: 90
120 Days Past Due: 120
150 Days Past Due: 150
180 Days Past Due: 180
Claim filed with government: G
Insurance claim: IC
Voluntarily surrendered: VS
Again, none of these is a flat-out credit deathblow in and of themselves.
But if your credit reports show a repeated pattern of late payments and an inability or unwillingness to pay your obligations, then banks, credit unions and other financial institutions definitely wont be beating down your door to offer you credit.
Ask Syncb For Goodwill Deletion
Lastly, you can also write SYNCB a goodwill letter, asking them nicely to remove a hard inquiry or active or closed account line item on your credit report for your benefit.
Explaining your financial situation and any hardships you might be experiencing at the time will go a long way to helping their customer service representatives empathize with you.
This may seem like a long shot, but Synchrony Bank is run by regular people when it comes down to it.
They may be willing to overlook an accident or repair a hard inquiry credit error just by asking them.
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Best Synchrony Bank Cards
Looking for the Synchrony card with the most bang for your buck? Here are our top recommendations:
- We love the perks that come with this card. It has no annual fee, but you do need to be an Amazon Prime member to qualify.
- 5% cash back on all Amazon or Whole Foods purchases
- 3% cash back on dining and travel
- 1% back on other purchases
That cash back can come as Amazon credit, gift cards, or cash.
The card also offers special financing on large purchases if you’re using your Amazon Prime card. And there are no foreign transaction fees.
Amazon is such a powerhouse that you can buy virtually anything through the site. This card ensures that you’ll be rewarded for doing so.
There’s no foreign transaction fees, so you can use it while travelling abroad.
The cash back benefits with this card are pretty solid:
- 5% cash back on gas
- 3% for dining and travel
- 1% on other purchases
Once a year, Sam’s Club will send you a check that you can redeem for cash or use towards your shopping.
Use the card to spend $300 on other purchases in a month and you’ll get 10 cents off every gallon.
Increase those outside purchases to $1,000 in a month and you’ll get 20 cents off per gallon.
Note: You can only earn up to $300 per calendar year.
What Is Syncb And Syncb/ppc
SYNCB is an acronym for Synchrony Bank. The PPC stands for PayPal Credit.
Synchrony Bank is actually a Synchrony Financial subsidiary, a publicly-traded and FDIC-insured national online banking company. In other words, it’s a financial institution that offers “white label” financial services to other companies, i.e., PayPal, Care Credit, and so on. The purpose of these partnerships is to allow lines of credit and financing services to other companies.
In 2018, Synchrony Bank bought out PayPal’s Credit and Bill Me Later accounts. If you have a PayPal Credit account or the Bill Me Later option, your debts are now owed to Synchrony Bank. Aside from PayPal, Synchrony Bank also now owns the following retailer credit accounts operating on both Visa and Mastercard networks:
- TJ Maxx
In total, Synchrony Bank owns a total of 116 store credit cards. So, if you’re seeing SYNCB pop up on your credit report but don’t have a PayPal Credit or Bill Me Later account, you’re likely affiliated with SYNCB elsewhere. It’s a good idea to double-check all of your credit accounts and their partnerships to ensure that the SYNCB on your credit report belongs to you and isn’t there due to a case of identity theft.
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Get Your Inquiries Removed Professionally
In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It’s so much less stress, hassle, and time to let professionals identify the reasons for your score drop.If you’re looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on or setup a consultation with them. They also happen to have incredible customer service.Credit Glory is a credit repair company that helps everyday Americans remove inaccurate, incomplete, unverifiable, unauthorized, or fraudulent negative items from their credit report. Their primary goal is empowering consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.
Verizon Visa Rewards Card
Offered exclusively to Verizon Wireless customers, the Verizon Visa Rewards card is an excellent no-annual-fee card option for those who have their cell phone through Verizon Wireless. The card earns Verizon Dollars, which can be redeemed for any Verizon products or services. Each Verizon dollar is equivalent to $1 in value, and there are no caps on earning or expiration dates.
The rewards rate for the Verizon Visa card is quite strong, offering 4% back on gas and grocery purchases, 3% back on dining purchases, 2% back on Verizon purchases , and 1% back on all other purchases.
Cardholders will receive a few solid perks, too. For starters, cardholders will receive up to $100 in wireless bill credits over 24 consecutive months for monthly bill payments this breaks down to about $4.16 each month. Youll also be eligible for an auto-pay discount of $5 to $10 each month when you use your card to pay your Verizon bill, depending on the type of plan you have. This perk alone could be hugely beneficial if you plan to stay with Verizon long term, as youll save $60-$120 each year.
All in all, the Verizon card is a fantastic option for Verizon customers, that offers great discounts and great bonus categories, all for a no annual fee card!
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Codes That Describe Inquiries On Your Equifax Credit Report
There are a few other codes you may see in your Equifax credit report. These pertain specifically to soft inquiries made about you by a host of creditors, lenders, insurers, employers and others.
Your existing creditors sometimes initiate inquiries, or reviews of your credit, purely as a way to keep tabs on your credit health. These are known as soft credit inquiries. They do not impact your credit score and other people cant see them; only you can.
Your current creditors may be doing soft pulls of your credit report in order to decide whether to increase or decrease your credit line. Alternatively, they may be reviewing your credit files to make you a promotional offer of some kind.
This is also the case with other third-party banks, lenders and additional entities with whom you are not presently doing business. They get your name, address and limited credit information about you but not your full, detailed credit report solely for the purpose of making you a credit offer.
According to Equifax, these are some of the notations you might find related to various soft inquiries made of your credit file.
PRM Inquiries with this prefix indicate that only your name and address were given to a credit grantor so they can provide you a firm offer of credit or insurance. PRM inquiries remain on your credit report for 12 months.
EMPL Inquiries with this prefix indicate an employment inquiry. EMPL inquiries remain on your credit report for 24 months.
Rooms To Go Credit Card
The Rooms To Go credit card provides a promotional offer of interest-free financing for 60 months on qualifying purchases.
Similar to the credit card from Ashley Furniture HomeStore, the Rooms To Go credit card really only provides an option to finance purchases since the card cannot be used anywhere else.
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Keep An Eye On Your Credit
Seeing SYNCB or SYNCB/PPC suddenly show up on your credit report can throw you off, especially if you’ve never seen the acronym before. To avoid any surprises, make sure to check your credit score and report frequently so you can catch any suspicious activity. You can use a credit monitoring service such as Harvest to keep track of your credit with a free credit score.
Should You Apply For A Synchrony Bank Card
Admittedly, retail credit cards can be a mixed bag. Between high interest rates and confusing deferred-interest promotions, you could find yourself deep in debt if youre not careful. That said, if you need to build or rebuild credit ;or youre a particularly loyal shopper who could regularly save money from purchase discounts and special sales ;a store-branded Synchrony Bank credit card could work in your favor.
But if youd rather avoid the temptation to overspend at your favorite retailer, you might be better off with a traditional credit-building credit card. Whichever route you take, remember the cardinal rule of responsible credit use: Never charge more than you can afford to pay in full every month.
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Heres Where You Can Use Popular Synchrony Credit Cards:
- Sam’s Club® Credit Card: Anywhere Mastercard is accepted
Some of those cards also have a Visa or Mastercard version that can be used basically anywhere that takes credit cards. But they generally offer the best rewards on purchases made through the stores theyre affiliated with.
Who is Synchrony Bank? Where did this bank come from? How is it that several credit accounts that I have belong to this bank?
On June 2, 2014, GE Capital Retail Bank changed its name to Synchrony Bank. Synchrony Financial is the parent company of Synchrony Bank. Synchrony Financial has more than 80 years experience in the financial sector and its one of the largest provider of private label credit cards in the United States. The company works with a large number of retailers to support their credit card programs.read full answer
In Most Cases Banks Can Lower A Customers Credit Limit Without Giving Them Advance Notice
Consumers need to be on the lookout for reduced credit limits when theyre using to their credit cards amid the coronavirus pandemic.
If the spending limit on your credit card suddenly shrank, youre not alone.
Some banks have started to decrease consumers credit limits as the job and income losses spurred by the global coronavirus pandemic has increased the possibility that people could miss their monthly payments.
+2.11% , the company that backs many credit cards offered by retailers, is taking a closer look at card holders ability to repay amid the virus outbreak.
Were continuing to utilize internal and credit bureau triggers to dynamically reevaluate the customers credit worthiness to manage credit exposure, Brian Wenzel, Synchronys executive vice president and chief financial officer, said during an earnings call last week.
Other banks also said that they were evaluating borrowers credit limits at this time.
Banks typically reduce a customers credit limit to minimize risk, said Matt Schulz, chief credit analyst at LendingTree TREE, -0.47% .
When the economy goes bad, all the calculus changes, Schulz said. Because peoples financial situations can literally change overnight, unused credit lines equal major risk.
In other words, banks are worried about what could happen if someone makes a lot of purchases with their credit card, loses their job and misses payments because of their lack of income.
Ted Rossman, industry analyst at CreditCards.com
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Synchrony Bank Retail Store Credit Cards
Heres a full list of Synchrony credit cards, starting with retail stores in this section and covering other types of companies in the later sections. Take note that some of these cards have been discontinued for new applicants, although current cardholders can still log in using the links below.
In some cases the cards may be discontinued for current members as well, meaning your card would have been closed. If that happened you should have received a notice, and you can follow your cards link to learn more. In still other cases, the account may have been taken over by a different card issuer; if this happened you should have received a notice. Contact Synchronys customer support according to the instructions above if you have any questions about your account.
Rakuten Cash Back Visa Credit Card
The Rakuten Cash Back Visa Credit Card rewards you with 3% cash back on qualifying purchases made through Rakuten.com, In-Store Cash Back offers, Rakuten Hotels and Rakuten travel. The ability to stack those rewards with cash back offers at Rakutens affiliate stores ;which regularly feature rates of up to 5% or more ;makes this a lucrative card for Rakuten die-hards. As an open-loop card, it also earns 1% cash back on all other purchases.
Despite its inflexible redemption program, the Rakuten card deserves a closer look if youre an American Express cardholder. Pairing it with an eligible Amex card could earn you 3x Membership Rewards points on top of those earned through a Rakuten cash back offer
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What Is Synchrony Bank
If youve ever held a private-label credit card ;also known as a retail card ;theres a good chance it was issued by Synchrony Bank, a consumer financial services company and the largest issuer of such cards in the U.S.
Retail credit cards are largely similar to general-purpose credit cards, with one major difference: In most cases, theyre branded for a specific retailer, independent dealer or manufacturer.
Store cards like those offered by Synchrony are usually easier to qualify for than general-purpose cards, making them a good choice for people who are either new to credit or recovering from a credit stumble.
On Your Equifax Credit Report
Your payment history breakdown is fairly straightforward in Equifax credit files. Therefore, the meaning of the numbers, letters and symbols used in Equifax credit reports are generally pretty easy to understand.
Overall, you want to see a lot of asterisk signs that look like this: *.
Thats because an asterisk symbol on an Equifax credit report means pays or paid as agreed.
The vast majority of other notations indicate negative marks on your Equifax credit file, although there are a few exceptions to this.
For example: if a creditor simply didnt report information about you for some reason in a given month or year, that account history will be classified as Not Reported and you will see a code that says NR.
This NR code is neutral; its not positive or negative for your credit file.
But pretty much everything else shows that you have credit blemishes.
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How To Remove Synb/pcc From My Credit Report
As we’ve been stressing throughout this entire article, having multiple hard inquiries pulled can drop your score and hurt your chances of getting approved for credit accounts in the future. So, if you’re able to, you’ll want to attempt to get the SYNCB, or SYNCB/PPC hit removed from your credit report.
Here’s how it’s done:
Discount Tire Store Credit Card
The Discount Tire/Americas Tire credit card provides a no-interest promo for your first purchase. The promotional no-interest timeframe can be 6 months, 9 months, or 12 months.
To qualify for 6 months of no interest, your purchase must be between $199 and $999.99. To qualify for 9 months of no interest, your purchase must be between $1,000 and $1,499.99. Finally, purchases of $1,500 or more qualify for a no-interest 12 months.
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Why Is Syncb/ppc On My Credit Reports
Some people report that their old PayPal Credit or Bill Me Later accounts are now appearing on their credit reports for the first time. So why the change?
When PayPal Holdings owned these accounts, it was likely not reporting on them to the bureaus. Now that Synchrony Bank has taken the accounts on, it seems that theyre getting reported to the bureaus.
There are a few different areas of your credit reports where you might see SYNCB/PPC heres how it might be showing up and what to do about it.
Bp/syncb On My Credit Report
BP SYNCB stands for BP Synchrony Bank.
Synchrony is a large bank that is known for its long lineup of store cards, with brands like:
- Banana Republic
- Toys R Us
- And more
BP Synchrony Bank offers two cards: the BP Visa Credit Card and the BP Credit Card.
The BP credit card is a card that rewards you at the pump and in the store, with savings on gas and cashback on your purchases at BP and Amaco stations.
BPs Visa card is even more rewarding, offering cashback at all other stores that accept Visa cards.
Any time you apply for a card like the BP credit card or Visa card, it requires a hard credit check.
Well talk about all that the process entails below.
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