Synchrony Bank uses all three major credit bureaus (TransUnion, Equifax and Experian) in order to assess your creditworthiness. Either one or more credit bureaus may be used when evaluating a Synchrony credit card application. Credit reports, however, don’t differ that much from bureau to bureau. So, there’s a huge overlap between the contents of each major credit report.
Keep in mind that, regardless of the credit bureau(s) the issuer chooses to use, you will always see a hard pull on your credit report after you apply. So, it’s best to make sure that all of your reports are in order.
Remember that you are entitled to one free report from each of the three major credit bureaus every 12 months. This will provide an opportunity to check for any incorrect or outdated information on your credit report. Alternatively, you can also get your full report and score for free, right here on WalletHub.
This answer was last updated on 08/31/23 and it was first published on 03/16/17. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
Synchrony. Synchrony Bank will usually pull your Transunion credit report. See real-time data in our Credit Card Database.
What credit score does Synchrony Bank use? ›
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. .
Does Synchrony use Equifax or TransUnion? ›
Synchrony Bank uses all three major credit bureaus (TransUnion, Equifax and Experian) in order to assess your creditworthiness. Either one or more credit bureaus may be used when evaluating a Synchrony credit card application. Credit reports, however, don't differ that much from bureau to bureau.
How hard is it to get approved by Synchrony Bank? ›
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.
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.
Does Synchrony Bank have a good reputation? ›
We rate Synchrony Bank's high-yield savings accounts 4.5 stars. The bank is a great option for someone seeking a high-yield savings account who doesn't mind banking exclusively online. This savings account also offers an interest rate that's much higher than the national average rate of 0.50% for savings accounts.
What are the disadvantages of a Synchrony Bank? ›
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.
Who is Synchrony Bank affiliated with? ›
There are several companies affiliated with Synchrony Bank, including Amazon, eBay, PayPal, and Sam's Club. Synchrony Bank is one of the largest issuers of store cards in the United States.
What is the credit rating of Synchrony Bank? ›
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-'.
Which is more accurate FICO Equifax or TransUnion? ›
Neither your TransUnion or Equifax score is more or less accurate than the other. They're just calculated from slightly differing sources. Your Equifax credit score is likely lower due to reporting differences. Nonetheless, a “fair” score from TransUnion is typically “fair” across the board.
Which Credit Bureau Does Capital One Use? Capital One appears to pull from any of the three major credit bureaus: Experian, Equifax and TransUnion.
What credit companies use Equifax only? ›
Here are some of the best credit cards that may use Equifax only:
- Chase Sapphire Reserve: $450 annual fee (excellent credit) ...
- Citi Double Cash: $0 annual fee (good credit) ...
- Discover it: $0 annual fee (good credit) ...
- HSBC Premier World Mastercard: $95 annual fee, waived the first year (excellent credit)
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.
Why is it so hard to get a Synchrony credit card? ›
Chip Lupo, Credit Card Writer
Yes, it is hard to get the Synchrony Premier World Mastercard® because it requires good credit for approval.
Is there a class action lawsuit against Synchrony Bank? ›
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.
What debt collector does Synchrony Bank use? ›
What collection agency does Synchrony Bank use? Synchrony Bank has its own debt collection department, commonly referred to as Synchrony Financial's in-house collections and billing department. They do not hire collection agencies to follow up on their debt.
What day does Synchrony Bank report to credit bureaus? ›
Yes, the Synchrony Premier Card reports to the credit bureaus every month, within days after the cardholder's billing period closes. Synchrony Bank reports the card's credit limit, account balance, and payment history to all three of the major credit bureaus: Experian, TransUnion, and Equifax.
Which loan companies use Equifax only? ›
PenFed Credit Union is the only loan company that uses only your Equifax credit data. In most cases, you won't be able to determine beforehand which credit bureaus your lender will use. In some cases, lenders will pull your credit report from two or even all three major credit bureaus.
