SOFI Question

[Anonymous]

Well I was declined.  Reasons:

Serious delinquency Length of time accounts have been established Ratio of balance to limit on bank revolving or other rev accounts too high Proportion of loan balances to loan amounts is too high.

Pulled experian at 683.  

My utilization is low.

I do have a 2 charge offs that should have aged off a couple years back that I am currently disputing with experian.  I just talked to the guy at SOFI and stated everything looks good, than two minutes later I get a denial.  Any other thoughts or options for me?  LC has me at a high interest rate at this point.  

[Anonymous]

Think I am going to wait until the dispute is completed on experian for the Charge Off's that should already be off of my CR.  Maybe reapply at that point when those fall off, that was a big part of the denial.  Really bummed but oh well...at least they did not HP me, which I was suprised.

[Appleman]

Solid file or not, the SoFi.com approval process takes time. We are all use to the instant approval and you will not see that with SoFi.com.

Some borrowers have had 4 weeks between first application and funds in account. For me IIRC it was about 2 weeks, and it felt like a long 2 weeks.

Pay as much as you can now and keep making those payments on time, SoFi.com hates late payment histories.

Good luck! 

[Anonymous]

Yeah main reason for denial was the 2 charge offs (same company), charge off occurred in 2006 but for some reason are still on my file.  I am fighting to get them off as we speak.  When I get them off I will call back and hopefully get through the process since I will have no other baddies on Experian.  

[Anonymous]

Updated:  Was able to get those charge offs to drop off experian.  I was preapproved again for SOFI, hopefully this time it goes through since I have no baddies.  I know the process has been hellish slow for some people. I am just going to wait it out and not call in like I did before. 

[Anonymous]

Updated:  I was flippin denied again.  I called in after I seen they hard pulled me on the 11th of July (of course I get a 28 point increase on my experian on the 13th), the customer service rep told me everything looked good and that I would have to resubmit a paystuf for June (govt employee get paid once a month).  My score was not great, it had dropped a bit to 683 at the time but jumped up to 711 2 days after they pulled.  The day after I spoke with the rep I was denied.   I wrote the CEO an email about my experience. The customer service was great but I felt dissapointed and was seeing if there was anything I could do to get approved.  I recieved a call yesterday from a woman saying that she read my email and wanted to talk to me about my experience.  She stated she is the only one in the office and must respond to the CEO emails.  She stated that they soft pulled me 60 days ago and that was for the pre approval, at the time I had an old credit union CO still on my credit report that was reporting incorrect dates and should have already fallen off my CR, it finally did last month.  They hard pulled me on the 11th of July for the approval.  She stated that both soft and hard pulls cannot have any derogatory marks and even though my hard pull showed 0 negatives, my soft pull showed 1 CO and they could not approve me because of this.  It was very strange to say the least.  Why was I pre approved knowing they do not approve people with 1 baddie?  Why wasn't I approved after the baddie fallen off?  I will say this, the people at SOFI are top notch and the customer service is great.  She staed I can go ahead and try in August and since I will have no baddies on my soft, I shold get approved (she obvsiously did not say that).  I think I will wait till September to try again because my lending club loan is high interest and SOFI priced me at about half of that.

[Anonymous]

@Bottineau,

Sorry about the denial.  At least they took the time to explained why.  I hope the next time you apply, you can get approved for it. Hang in there.

[Anonymous]

Thank you YES...

I will most likely go ahead and re apply in September (pre approval and application).  There customer service is elite and I will def get a better rate with them.  I am pretty sure I would have got approved if not for the 1 deragatory on the soft pull.  But moving forward, if I was soft pulled and appd now I have a 708 experian credit score, no baddies, 11 percent utilization, 53.5k income, college grad from a reputable university, etc.  I would be using the $$$ to refi that Lending Club loan and pay the rest of CC's off.  Cheers!

[Anonymous]

Have you reapplied with SoFi? If so, how did it go?
Thank you,