Do you have questions about an entry from CBNA Sioux Falls on your credit report?
While CBNA Sioux Falls might be an unfamiliar name, it represents Citibank, a national provider of banking services and credit cards.
If the name is on your credit report, it’s most likely because you applied for a credit card from the bank.
Credit card applications result in hard inquiries, which are placed on your report and may drop your score slightly.
Below, we’ll explain how a hard inquiry from CBNA can affect your credit and walk you through the process of disputing illegitimate hard inquiries.
CBNA Sioux Falls On My Credit Report
Citibank is one of the nation’s most popular providers of credit cards. They have offers to meet a wide range of interests.
Citicards come in several categories, including:
- 0% APR
- Balance transfers
Any time you apply for a Mastercard or Visa from Citi, it results in a hard inquiry.
Citi also offers personal loans, lines of credit, and mortgages, which can prompt a hard inquiry.
If you are overwhelmed by dealing with negative entries on your credit report,
we suggest you ask a professional credit repair company for help.
How Does a CBNA Sioux Falls Hard Inquiry Affect Your Credit?
If you go on Citibank’s website and compare quotes or get pre-approved for a loan or credit card offer, you don’t have to worry about a hard inquiry.
Instead, your credit might undergo a soft inquiry. This simply confirms your score and gives you an idea of what type of offers you could be approved for.
They also occur when you sign off on a background check for an employer or landlord, or when you check your credit score online.
Soft inquiries don’t go on your report or impact your score.
When you move to the next step and actually apply for a credit card or a loan from the bank, you consent to a hard inquiry.
Hard inquiries have a bit more of an impact. They are placed on your credit report for two years and could potentially lower your score.
With a single hard inquiry, you can expect to see your score drop by a few points.
Why Citi Runs a Hard Credit Check
When Citi runs a hard credit check, they’re accessing your credit report. The information on the report will help them to decide whether or not you’re a responsible credit user.
While some banks might use one of your reports, others may access all of your reports to determine your creditability.
As a result, your Experian, Equifax, and TransUnion reports could all be dinged with an inquiry from one application.
Luckily, hard inquiries are some of the least significant credit entries.
They’re required for getting new credit. As such, lenders don’t judge you too harshly for having a few inquiries on your report.
However, you should try to keep the number of inquiries on your report to a minimum.
If your report is overflowing with hard inquiries, it implies that you’re struggling financially and have to depend on credit to get by.
Pro Tip: In the future, research the minimum credit requirements for a card or loan before applying. Also, avoid applications for offers with slim approval odds.
You’ll save yourself a few points and the disappointment of getting denied for a card with strict requirements.
If your credit is subpar, there are plenty of credit cards with less stringent requirements.
How to Get CBNA Sioux Falls Deleted from Your Credit Report
If you applied for a card, line of credit, or loan from Citibank, your best bet is probably to let it fall off your credit report naturally in two years.
But if you don’t remember completing an application with Citibank, then you should get it removed from your report.
Even though a hard inquiry only inflicts minimal damage on your credit report, it can signal a more serious issue: identity fraud.
Or the entry could be due to a reporting error.
Regardless of the reason, here are two ways you can get a hard inquiry off your credit report.
If you want to know the origins of a hard inquiry on your report, you should go to the bank or lender listed on your report.
In this case, that’s Citibank. Start by reaching out to the bank to explain your situation and ask for details about the inquiry.
They should have information about the application that prompted the inquiry.
If there’s been a reporting error or case of fraud, contacting Citi could straighten it out.
File a Dispute with the Credit Bureaus
The Fair Credit Reporting Act requires credit bureaus to investigate questionable entries on consumer credit reports.
All you have to do is file a dispute with whichever of the bureaus are featuring the hard inquiry. You can do this online, by phone, or by letter.
They’ll then have 30 days to look into the inquiry and remove it if it is evident that you didn’t consent to the credit check.
If you suspect an identity thief is to blame, you may also want to freeze your credit reports and place a fraud alert on them.
Keep an Eye on Your Credit
If someone applies for funding using your personal information, catching them early on can be crucial.
A useful tool you should consider using is a credit monitoring app.
While you can only access your credit report without being charged once a year at annualcreditreport.com, you can get a useful overview of your report with a service like Credit Karma.
Not only will the app notify you anytime something gets added to your report, but it will also provide you with a weekly update on your scores.
Moreover, you’ll get a breakdown of your credit factors, with tips for improving your score.
You can also see your approval odds for loans and credit cards, which could help you get the funding you need without undergoing unnecessary credit inquiries in the future.
Use a Credit Repair Company
Need help disputing hard inquiries?
If you don’t want to face the bank and credit bureaus on your own, you should consider working with a credit repair company.
With a credit repair service, you’ll get personalized assistance improving your score, whether hard inquiries or other entries are bringing it down.
Some even offer free consultations to help you assess your credit issues and the level of assistance you need.
A credit repair company can dispute CBNA Sioux Falls on your credit report, getting it removed if it’s there by mistake.
They can also help with a slew of credit problems, like:
Explore our picks for the best credit repair companies to choose the best fit based on your situation and your budget.
Getting CBNA Sioux Falls off Your Credit Report
For most people, a hard inquiry is nothing to lose sleep over. Any time you apply for a new credit card, you should expect a hard inquiry.
The benefits of a credit card or loan can far exceed the small drop to your score that occurs when you apply.
And using your credit cards and loans responsibly can boost your score substantially.
Instead of fretting over a previous hard inquiry, try to limit your future applications only to those that are likely to get approved and channel your efforts into making timely payments on the accounts you do have.
At the same time, you shouldn’t ignore a hard inquiry that you didn’t sign off on. Monitor your credit closely, dispute inaccuracies, and reach out to a credit repair company if you need help improving your score.