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.

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.

Getting approved for a Synchrony Bank account is generally easy—unless you've had a troubled banking history. Getting approved for a Synchrony credit card may not be as hard as other cards.

The pros of banking with Synchrony include a top-tier high-yield savings account with a competitive interest rate and easy opening requirements, and a variety of CD terms and types. The cons of banking with Synchrony include no physical locations, no checking accounts, and limited services and products beyond banking.

Synchrony. Synchrony Bank will usually pull your Transunion credit report. See real-time data in our Credit Card Database.

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.

Find out your score and how to improve it when you enroll in Synchrony's free credit score program with VantageScore®VantageScore® is a top credit scoring model used by many lenders when they consider whether or not to approve applications and deide what rates and terms to offer. .

Chip Lupo, Credit Card Writer

Yes, it is hard to get the Synchrony Premier World Mastercard® because it requires good credit for approval.

Yes, Synchrony Bank is a reputable bank with a long history. It offers a competitive APY on its savings account, and its deposit accounts are FDIC-insured.

A class action complaint has been filed against Synchrony. Among other things, the action alleges that Synchrony falsely represented that its consistent and disciplined underwriting practices had led to a higher quality loan portfolio than those of its competitors.

Is Synchrony Bank at risk of collapse? ›

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.

Both banks have a $0 minimum deposit and no monthly service fee, which maximizes earnings. But if you're looking for the best rate, Synchrony is the winner. Capital One allows customers to open multiple savings buckets to save for separate goals.

Is Synchrony Bank secure? Synchrony Bank's deposit accounts are insured by the Federal Deposit Insurance Corp. (FDIC) up to the legal limit of $250,000 per depositor, per account ownership category. This insurance protects your money in the unlikely event of a bank failure.

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

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.

The Amazon Secured Card and Amazon Prime Secured Card, issued by Synchrony Bank, are unique credit cards each with two sets of features – the Secured Card features and the Store Card features. The two credit features have some different rates, fees and rewards.

Fitch Affirms Synchrony Financial at 'BBB-'; Outlook Revised to Positive. Fitch Ratings - New York - 21 Apr 2023: Fitch Ratings has affirmed all of the ratings for Synchrony Financial (SYF) and Synchrony Bank (SYB) including the Long-Term Issuer Default Ratings (IDRs) at 'BBB-'.

Flexible Ways to Apply

Click Prequalify to find out if you qualify for credit. There is no impact to your credit bureau score. Get a decision in seconds. If you prequalify, then apply.

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.