Synchrony Bank is a Connecticut-based bank that primarily acts as the issuer and maintainer of credit programs of several commercial operations in the United States. It is most prominently known as the controller of credit operations of different American companies like American Eagle, Gap, Bana Republic, Sam’s Club, and eBay. It also provides financing services to individuals, small, mid, and large-scale businesses, and commercial operations. In this article will see, What Credit Bureau Does Synchrony Bank Use?
Synchrony Bank uses all three major credit bureaus for credit operations. However, for most day-to-day activities, Synchrony Bank relies on TransUnion. However, if the need arises, Synchrony Bank will also consider reports from Experian and Equifax to carry out their financial activities. Some credit operations that Synchrony Bank carries out include but are not limited to: evaluating new credit card applications from their commercial and retail partners, evaluating applications for unfreezing credit assets, reporting customers’ credit card usage details, and evaluating applications for increasing credit lines.
In this article, we will go through the process by which Synchrony Bank evaluates applications for new credit cards from their retail partners, their reporting process to the credit bureaus, and the retail credit cards that they offer. We will also go through the requirements for Synchrony Bank credit cards. Finally, we will go through some questions asked frequently by customers.
Documents Needed While Applying for Synchrony Bank Credit Cards
Customers applying for Synchrony Bank credit cards must provide the following documents either online at their nearest Synchrony Bank branch:
- A valid photo ID is issued by the state where the customer is living.
- A valid proof of address.
- A valid social security number.
- ITN (if available)
- For physically disabled applicants, proof of disability is issued by the state or the district office.
- Proof of income along with tax returns for the previous financial year (if present)
Who Can Apply for Synchrony Bank Credit Cards?
All residents of the United States that are of age in their respective states can apply for credit cards at Synchrony Bank. Customers in the territories of the United States can also apply for their Synchrony Bank credit cards.
The applicant mustn’t have an ongoing trial in a case of criminal prosecution. Those with previous criminal records may apply as well provided their records have been cleared by the appropriate legal punishments.
Synchrony Bank’s Credit Evaluation and Reporting Process
Synchrony Bank does not disclose its credit card evaluation process. However, it is known that they pull credit reports of the applicants from TransUnion, Experian, and Equifax and check for positive credit reports. Synchrony Bank will also check the applicant’s credit scores and past usage of credit cards to determine whether the applicant can be trusted with their credit card. Most of the time, they will go through the reports prepared by TransUnion only but may consider going through Experian and Equifax reports as well if needed.
The reports prepared by these bureaus depend on a lot of factors. The customer’s card usage, spending limit, amount of money in the customer’s account, billing history, dues left, and payment history are some of the factors that affect the credit report made by the credit bureaus. Synchrony Bank prefers to do hard inquiries on new credit card applications.
It should be noted that Synchrony Bank also reports to the credit bureaus at the end of each month after the billing period has ended. The customer’s card usage details will be sent to the bureaus. This is done to ensure that their customers’ credit information is up to date and to deactivate the card of those customers whose credit scores and reports have been declining below the acceptable standard. All three major credit bureaus collect the data to keep Synchrony Bank updated on their customers’ credit lines.
Cards Offered by Synchrony Bank
Synchrony Bank is associated with several businesses and corporations in the United States. The following is a list of some of the companies whose credit cards are issued and maintained by Synchrony Bank:
- American Eagle
- Banana Republic
Pros and Cons of Synchrony Bank Credit Cards
The following are the pros and cons of Synchrony Bank credit cards:
- Low deposits for opening accounts. Can go as low as $0.
- A large variety of retailers accept these cards for making purchases.
- The yield for deposit products is high.
- No monthly fee is needed.
- The very limited physical locations of Synchrony Bank make it hard to get physical service for the card.
- No network of ATMs is present.
- There are no checking account options.
Synchrony Bank is one of the largest providers of retail stores and online shopping credit cards. Typically, they take credit reports from TransUnion but may pull reports from Experian and Equifax as well if needed. Their credit requirement is not too high and their credit cards can be availed by most customers in the United States. They are extremely beneficial for customers who tend to shop a lot in physical and online retail stores. However, their scarcity of physical locations can make it quite challenging for customers who want physical services for their credit cards.
Q1. Are Synchrony Credit cards usable everywhere?
A1. Synchrony credit cards are either Visa or Mastercard and will be accepted at almost every financial register in the United States.
Q2. Does Synchrony do hard inquiries on credit information?
A2. Yes, Synchrony Bank does hard inquiries on their applicants’ credit information.