SoFi Personal Loan

[mrvoicelc]

Based on what I read in this post I did the preapproval with Sofi to pay off some CC debt plus do a major purchase and was shot down cold...I called and spoke to a rep and explained some personal information...adjusted the app per her suggestion and again was declined...not a good experience and I will not go in to why but with an overall utilization of 11% and FICO scores of over 750 across the board...I will let the community make their own decisions...

[Anonymous]

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@mrvoicelc wrote:

Based on what I read in this post I did the preapproval with Sofi to pay off some CC debt plus do a major purchase and was shot down cold...I called and spoke to a rep and explained some personal information...adjusted the app per her suggestion and again was declined...not a good experience and I will not go in to why but with an overall utilization of 11% and FICO scores of over 750 across the board...I will let the community make their own decisions...

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What do you do for work? College degree? Do you have a high income? I believe income is definitely a big factor in approvals for them. When they first started they basically said they didn't care about your credit score at all. It was mostly about your degree, job, and income.

As a data point, at app time my scores were hovering at or below 700 with close to 90% UT. I have a CS degree and my income is >$150K.

[Appleman]

I agree that SoFI.com looks at applications a bit differently.

They like to see a payment history with no blemishes.

They want a major college degree, often a graduate degree (or multiple).

They like the people who have higher than average pay checks (seems to $100K plus).

Utilization is not a problem provided they see that is the likely reason your scores are being held down.

I was in a position similar to the poster above, leveraged pretty hard with persistent CC debt. Definitely my own doing, indicating to some that I qualify for the 'Smart, Smart, still you're Dumb' category. Which is probably true in some respects.

With SoFi.com, my score have taken off, going from low 700's to hovering +/- 800 currently.

I am sorry to hear they could not help you out. Was it multiple hard pulls?

[gurusexy]

Income seems to be a big deal. Blemishes as well. had 38% UT when I apped, with a score of 677.. approved for 40K @ 8%..all went toward credit card debt..disputed with all three bureau, waiting for score impact. UT should drop from 38% to roughly under 12%.. Have some more money coming in from other places, and should be unde 10% by end of month

[chriswith3]

 I'd love to know I'd love to know how you were able to get through the loan document signing because when I tried to verify my identity they said I did not get verified with me and I answered the questions wrong which I don't understand because every question I answer was correct however Equifax has some kind of distorted questions going on. How do I get past that?