Is SYWMC CBNA bringing your credit score down?
The name above is associated with Citibank, and it’s probably on your credit report because you applied for a credit card.
If you’re concerned about an entry form SYW MC/CBNA on your credit report, read on.
We’ll walk you through the ins and outs of hard credit checks and give more insight into why CBNA is appearing on your report.
While hard inquiries are a routine part of getting a credit card, if you never applied with CBNA, a hard inquiry could signal identity fraud or a reporting error.
The guide below will give you a few tips to get SYW MC/CBNA off your report if it’s there by mistake.
SYWMC CBNA On My Credit Report
Any time you apply for a credit card, you can expect to see a hard inquiry on your credit report.
That’s the case with Citibank, too.
CitiBank is a sizable national bank that offers a full array of banking services, loans, credit cards, and investment services.
SYWMC CBNA is short for the Shop Your Way credit card from Citibank.
Shop Your Way is a Mastercard issued by Citibank that offers rewards points that can be redeemed on thousands of products from popular retailers.
In the couple of minutes it takes to apply for a credit card and get an answer, the bank can run a hard inquiry, accessing your credit report to aid them in their decision.
We’ll take a look at what that process entails below.
How an SYWMC CBNA Hard Inquiry Affects Your Credit Report
There are two kinds of credit inquiries: soft and hard. Both of these inquiries involve accessing information from your credit report.
As its name suggests, a soft inquiry has far less influence on your credit. Soft pulls can happen whenever you:
- Check your credit score with a credit monitoring app
- Try to get pre-approved for a loan or a credit card
- Apply for a new job or lease requiring a background check
These inquiries have no real influence on your credit. They don’t lower your score and may not even be featured on your credit report.
Hard inquiries are different. They’re used any time you actually apply for a new loan, credit card, or line of credit.
They let lenders access your complete credit report, which they use to assess your creditworthiness.
When you apply for a credit card, it could lead to a hard inquiry on your Equifax, Experian, and TransUnion reports.
While some lenders only look at one report, others may access all of them to get a clearer picture of your credit history.
The good news? Hard inquiries only stay on your report for 24 months, and each inquiry only lowers your score by a couple of points.
In fact, once a few months have passed, the inquiry should have little to no effect on your score.
That being said, if you’re constantly applying for loans and credit cards, it could deter lenders from approving your future applications, suggesting that you may be too dependent on credit.
To keep inquiries to a minimum, take a look at a card or loan’s basic credit requirements before applying.
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 to Get SYW MC/CBNA Removed from Your Credit Report
Didn’t apply for a Shop Your Way card from CitiBank?
If not, there shouldn’t be a hard inquiry on your report. If there is a hard inquiry, it’s likely because of a reporting error or identity theft.
In either scenario, here’s what you can do to get the hard inquiry off your credit report.
Dispute the Inquiry with CitiBank and the Bureaus
Even though it may only lower your score by a few points, you shouldn’t ignore a fraudulent entry on your credit report.
The Fair Credit Reporting Acts allows you to dispute inaccurate entries on your credit report.
You may want to contact Citibank to get more details about the inquiry. You should also file a dispute with the credit bureaus.
Once you file a dispute over the phone, online, or by mail, the bureaus should investigate the inquiry.
If it’s deemed to be inaccurate, they’ll drop it from your report.
To avoid missing new entries on your report, we recommend signing up for free credit monitoring.
A credit monitoring app can alert you to new inquiries, give more insight into the factors that are influencing your score, and provide you with regularly updated scores.
Get Help from Credit Repair Experts
If you aren’t looking forward to confronting the credit bureaus or Citibank about the hard inquiry on your report, you should consider working with a credit repair company.
They can analyze your credit report, finding and disputing inaccurate entries.
Whether your credit issues are simple or more challenging, they can handle them.
Some of the issues they’re well-versed in include:
If you could use some help with any of the issues above, take a look at our list of the best credit repair companies.
They’ll get your score back on track.
Getting SYW MC/CBNA off Your Credit Report
Hard inquiries do very minimal damage to your credit, so they shouldn’t deter you from applying for credit in the future.
While you may not be able to get an inquiry off your report after applying for a card, there are far more impactful ways to improve your score.
Focus on keeping your credit utilization low and making payments on time.
And if you didn’t apply for a card from Citibank, you should be able to get it off your report easily.