Does Synchrony Bank Do a Hard Pull? (2024)

FAQs

Does Synchrony Bank Do a Hard Pull? ›

Yes, Synchrony Bank does a hard inquiry on your credit report whenever you apply for one of its credit cards. A hard inquiry usually results in a slight decrease in an applicant's credit score, but the effect only lasts for a short period of time.

The Synchrony Premier World Mastercard®, which offers 2% cash back on every purchase to individuals with excellent credit (FICO scores of 720 or higher). The Synchrony Plus World Mastercard, which is designed for those with at least good credit (scores of 690 or higher) and earns 1% cash back on every purchase.

What's the Synchrony Bank credit card credit score requirement? It depends on the credit card you are interested in. Most credit cards offered by Synchrony Bank are designed for people with fair (640 – 699), good (700 – 749) or excellent (750 – 850) credit.

Synchrony. A credit limit increase can be done without a hard pull. It can be done by phone or online. Some suggest requesting the increase by phone rather than online; they claim approval rates are higher by phone than online.

Not full service: Synchrony Bank doesn't offer a checking account. Not as generous: Other banks may offer more generous ATM reimbursem*nts than Synchrony, which reimburses customers $5 per month for out-of-network ATM charges. Online only: Synchrony is an online-only bank, so there are no in-person branch locations.

Yes, Synchrony Bank does a hard inquiry on your credit report whenever you apply for one of its credit cards. A hard inquiry usually results in a slight decrease in an applicant's credit score, but the effect only lasts for a short period of time.

For instance, Synchrony Bank uses the VantageScore 4.0 scoring model when evaluating credit card applications.

More about Synchrony: Synchrony Bank is owned by Synchrony Financial, a Stamford, Connecticut-based consumer financial services company.

Synchrony Bank uses all three major credit bureaus (TransUnion, Equifax and Experian) in order to assess your creditworthiness.

Synchrony Bank recently allowed class-action lawsuits by consumers to progress after accepting to take responsibility for long-standing complaints raised against them. Synchrony Bank's class-action lawsuit allows consumers to be paid what they are owed for the suffering and damages they incurred as their customers.

Is Synchrony Bank worth it? ›

Synchrony Bank is a solid online bank with competitive interest rates on savings, money market, and CD accounts. It is a good option for consumers who are happy with their current checking account but want to earn a higher rate of interest on their savings.

Missed payments: If Synchrony Bank detects a number of missed or late payments, they could assume that you might be experiencing financial difficulties, and reduce their risk by lowering the amount you can borrow from them.

A hard credit inquiry could lower your credit score by as much as 10 points, though in many cases, the damage probably won't be that significant. As FICO explains, “For most people, one additional credit inquiry will take less than five points off their FICO Scores.”

Fitch Ratings - New York - 05 Apr 2024: Fitch Ratings has affirmed all of Synchrony Financial's (SYF) and subsidiaries' ratings including its Long-Term Issuer Default Ratings (IDRs) at 'BBB-'. The Rating Outlook is Positive. A full list of rating actions is below.

Generally, a credit score of at least 600 is required to be considered for a Synchrony credit card or store card. However, certain cards may require a higher credit score, typically around 660 or higher.

Synchrony Bank holds an A+ rating from the Better Business Bureau (BBB), although it's not a BBB-accredited business. Despite this high rating, it's important to note that the bank has received a considerable number of complaints through the BBB platform, with more than 7,000 posted within the past three years.

In addition to its competitive savings rate, Synchrony's High Yield Savings has no minimum initial deposit or minimum balance requirements. The account has no monthly fees, either.

Synchrony Bank will report your account activity to the major credit bureaus. Building a history of on-time payments can help build your credit.

750+ credit score needed

You need excellent credit to get the Synchrony Premier.