topic Re: SoFi Credit Card denial in Credit Card Applications

SoFi Credit Card denial

Anonymous — Sun, 18 Apr 2021 23:39:38 GMT

long time listener, first time caller.

opened several investment accounts with sofi a few months ago and steadily increased contributions while i waited for improvements to clear on my credit report. specifically, i paid off or settled the last of my derogitory accounts from a credit mishap circa 2017. got notification from experian that my report had been updated. checked my fico on discover scorecard and it had increased to 685 so i went ahead and pulled the trigger. denied due to recent delinquency.

stats: FICO 9: 685, all revolving accounts have zero balances except my current daily driver - CapOne Quicksilver - which I pay in full every month. util is 24% since my credit limits are so **bleep** low, but now that i know how this works, i will be paying the entire balance rather than the statement balance. this will be my 6th inquiry in 24 months so sadly i will take a score hit without the silver lining of an approval. only other outstanding debt are student loans, which are all current.

official reason for denial is recent delinquent accounts. i know some (although not all) are settlements, but might i stand a chance at reconsideration since they all have zero balances?

Re: SoFi Credit Card denial

Credit-hoarder — Mon, 19 Apr 2021 01:10:53 GMT

Need a little more detail. I.E. how many delinquencies are we talking about and what years were they? And in some instances creditors frown upon settlements for less than the original amount as opposed to re-payment in full. I started my rebuild in 2013 with about 5 old ones on my report. They didn't keep me from getting approvals--but they did slow my roll a little before the last one finally dropped off.

Re: SoFi Credit Card denial

FinStar — Mon, 19 Apr 2021 22:59:46 GMT

OP, it's possible that SoFi may be sensitive to past delinquencies with regard to their CC. I don't think anyone has posted any reconsideration successes, though. You could give it a try and see if they're receptive to a re-review of the denial and keep us posted.

Re: SoFi Credit Card denial

Anonymous — Tue, 20 Apr 2021 05:09:56 GMT

Thanks for the reply. Experian is showing 9 accounts "ever late." They're all from 2017, however, some were paid off years ago while others we're just paid last month. In the example of the last chargeoff to be paid, it was reported as a chargeoff every month for 49 months. Not sure if that has a compounding impact or not. I know my credit is far from perfect but I've been doing my research and noticed several others with lower scores, bankruptcies, etc. being approved for this card. Since all my accounts are paid or settled in full now, I figured I would have a shot despite the mediocre score of 685. Err, make that 683 now. :/

Re: SoFi Credit Card denial

Anonymous — Tue, 20 Apr 2021 05:15:37 GMT

Update Re: Reconsideration: They don't have it. I was transfered five times when I called -- very friendly and all USA-based but not a well run or coordinated operation. Definitely made me question my decision to invest with them, but that's another story. No one had access to my credit report or any details on the underwriting decision besides the auto-generated letter stating denial due to recent delinquincies. Invited to reapply again in a month, but without any data from them about what specifically caused my denial, it's not worth it for me to risk reapplying. Looking for a 2% cash back card to use as my primary card if anyone has any suggestions. Doesn't look like I'm likely to be approved for Citi DC. May try for Fidelity in a month or so...

Re: SoFi Credit Card denial

4sallypat — Tue, 20 Apr 2021 14:16:00 GMT

@Anonymous wrote:
Update Re: Reconsideration: They don't have it. I was transfered five times when I called -- very friendly and all USA-based but not a well run or coordinated operation. Definitely made me question my decision to invest with them, but that's another story. No one had access to my credit report or any details on the underwriting decision besides the auto-generated letter stating denial due to recent delinquincies. Invited to reapply again in a month, but without any data from them about what specifically caused my denial, it's not worth it for me to risk reapplying. Looking for a 2% cash back card to use as my primary card if anyone has any suggestions. Doesn't look like I'm likely to be approved for Citi DC. May try for Fidelity in a month or so...

Try the SCT with Apple - they do a TU SP and may get your foot in the door with a revolver.

I use my Apple Card every day for eating out and groceries (2%) and 3% on my Apple purchases / subscriptions, T Mobile bill, etc...