I CANT BELIEVE IT. Approved for SoFi

[Anonymous]

MyFICO on 4/1/17 showed all 3 of my scoresin the low-mid 600's.  CreditKarma had me around 580.  I had close to $15k in credit card debt.  A charged-off second mortgage.  I sold my house (it was a rental - not making me any cash flow).  Paid off ALL my debt.  Paid off the charge-off, coincidentally, it fell off my reports as the DOFD was in 2010.  My scores on MyFICO now are EQ 723 TU 733 EX 726.

On a whim, I did a pre-app at SoFi.  The pre-approval was good for up to $100k.  

UNREAL.  I can't believe it.  I literally pinched myself.  Now, obviously, I haven't received the loan yet.  Or even been 'really' approved.  But all they're asking me to upload is my paystub and I.D.  

My dream for more than a decade has been to own my own airplane (I'm a private pilot).  It looks like that's about to become a reality.  

For those wondering.  My report is not totally 'clean'.  I have 3 30-day lates - December 2010, March 2011, and November 2014.  I have one installment loan from Avant that is 28% paid off.  I have 15 credit cards with a combined limit of around $16k.  I have 2 closed mortgage accounts - all 3 30 day lates come from this mortgage (technically the same account, just transferred from one servicer to another and both have zero balance). 1 closed auto loan, PIF, never late. I make $94k a year.  My AAoA is between 4 yrs and 11 mo and 5 yrs and 2 mo, depending on the bureau.  

I'll keep you guys posted if it all goes well - and if it doesn't.  

[Cherekas]

Congrats to you on making great progress! That must feel great to start having those negatives fall off. Enjoy your new scores.

[luxeprw9]

That's fantastic!!  Congrats!!

I did the soft pull pre-approval for a mortgage loan through SoFi and was denied.  I was testing the waters for when I am ready to purchase a home.  I am 9 months post CH13 discharge.  My credit file is clean, minus the BK.  I also have an above average salary.  But I know the BK is killing it for me.  

Please keep us posted on your experience with SoFi.  I haven't heard too much about them and am curious on how the process goes.

[Anonymous]

Sofi is great, I have a personal loan with them. They usually don't like baddies, I hope you get the final HP approval. It sounds like it may go through. How much of the 100k are you looking at borrowing? Did they give you a APR?

[Anonymous]

65k.  10.49

[Anonymous]

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@Anonymous wrote:

MyFICO on 4/1/17 showed all 3 of my scoresin the low-mid 600's.  CreditKarma had me around 580.  I had close to $15k in credit card debt.  A charged-off second mortgage.  I sold my house (it was a rental - not making me any cash flow).  Paid off ALL my debt.  Paid off the charge-off, coincidentally, it fell off my reports as the DOFD was in 2010.  My scores on MyFICO now are EQ 723 TU 733 EX 726.

On a whim, I did a pre-app at SoFi.  The pre-approval was good for up to $100k.  

UNREAL.  I can't believe it.  I literally pinched myself.  Now, obviously, I haven't received the loan yet.  Or even been 'really' approved.  But all they're asking me to upload is my paystub and I.D.  

My dream for more than a decade has been to own my own airplane (I'm a private pilot).  It looks like that's about to become a reality.  

For those wondering.  My report is not totally 'clean'.  I have 3 30-day lates - December 2010, March 2011, and November 2014.  I have one installment loan from Avant that is 28% paid off.  I have 15 credit cards with a combined limit of around $16k.  I have 2 closed mortgage accounts - all 3 30 day lates come from this mortgage (technically the same account, just transferred from one servicer to another and both have zero balance). 1 closed auto loan, PIF, never late. I make $94k a year.  My AAoA is between 4 yrs and 11 mo and 5 yrs and 2 mo, depending on the bureau.  

I'll keep you guys posted if it all goes well - and if it doesn't.  

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Congratulations! When should we start calling you Captain Ragedracer1977?

[SouthJamaica]

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@Anonymous wrote:

MyFICO on 4/1/17 showed all 3 of my scoresin the low-mid 600's.  CreditKarma had me around 580.  I had close to $15k in credit card debt.  A charged-off second mortgage.  I sold my house (it was a rental - not making me any cash flow).  Paid off ALL my debt.  Paid off the charge-off, coincidentally, it fell off my reports as the DOFD was in 2010.  My scores on MyFICO now are EQ 723 TU 733 EX 726.

On a whim, I did a pre-app at SoFi.  The pre-approval was good for up to $100k.  

UNREAL.  I can't believe it.  I literally pinched myself.  Now, obviously, I haven't received the loan yet.  Or even been 'really' approved.  But all they're asking me to upload is my paystub and I.D.  

My dream for more than a decade has been to own my own airplane (I'm a private pilot).  It looks like that's about to become a reality.  

For those wondering.  My report is not totally 'clean'.  I have 3 30-day lates - December 2010, March 2011, and November 2014.  I have one installment loan from Avant that is 28% paid off.  I have 15 credit cards with a combined limit of around $16k.  I have 2 closed mortgage accounts - all 3 30 day lates come from this mortgage (technically the same account, just transferred from one servicer to another and both have zero balance). 1 closed auto loan, PIF, never late. I make $94k a year.  My AAoA is between 4 yrs and 11 mo and 5 yrs and 2 mo, depending on the bureau.  

I'll keep you guys posted if it all goes well - and if it doesn't.  

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Don't borrow more than you can comfortably pay back.

[Anonymous]

Of course not.  Right now, I'm paying more than the monthly loan payment in rental fees just borrowing airplanes.  Almost twice as much.  Assuming this goes through, and I buy my own, I'll actually be saving money.

Imagine every time you wanted to take your wife to dinner or your kids on a drive, you had to pay $160-$200 an hour for the car you wanted to drive... Cause that's how it is renting planes... 

[Anonymous]

Uploaded documents last night.  DL, passport, and most recent paystub.  Signed final documents this morning.  Looks like I'm approved!!!!!

[Anonymous]

Fantastic! I love SoFi. I have a personal loan with them. I wanted to establish a relationship with them looking to the future as I do work on my house. They are very professional in my opinion. Keep us posted.