topic Re: SoFi Credit Card Decline - Bankruptcy on file in Credit Card Applications

SoFi Credit Card Decline - Bankruptcy on file

Anonymous — Mon, 01 Mar 2021 02:27:02 GMT

Hi all,

First post but have been using myFico for many years, thanks to all that take the time to post. Just wanted to throw a data point out as I didn't see anything but approvals for the SoFi credit card. I applied 2/23/21 after receiving many invitations to apply (no pre-approval language just marketing encouragement to app). I'll add notable data below but I want to mention I use SoFi money as my primary checking account, in the last year my average daily balance has been in excess of $5k with monthly direct deposits of ~$4k and what I would consider a strong SoFi money relationship.

Reason for decline: Bankruptcy (CH13 filed 6/16, discharged 6/19)

Pulled Experian showing 670 score. Credit Karma Showing 683 TU/685 EQ at the same time

Current utilization is ~1-2% (been paying in full and just having random small balances report when I don't manage to pay of pending transactions before they report on the statement). Avg account age 4.5yrs, 100% payment history, 10 inquiries reporting.

I've gone through the pre-approval for SoFi loans a few times in the past and BK was always the reason for no go. I've had some good luck with approvals recently and just said heck, I love using SoFi and while 2% cashback isn't insane it would be nice enough for me to just use checking and credit all with them for simplicity as I'm trying to streamline my money management.

Recent approvals in the last six months include

-PenFed Pathfinder, approved ~11/20, $6500 limit, ~same scores as mentioned above

-Nordstrom Store Card, approved 2/21, $2500 limit, ~same scores as mentioned above

-Venmo Visa Credit Card, approved ~9/20, $4200 limit, similar scores as well

-Amazon store card and CB2 store card, approved ~3/20, initial limits $300/$1000k, current limits $6k/$5k (routine but not huge purchases and just hit the CLI button online every few months, they have rocked with CLI's!).

Income is $75k, lives in Seattle, WA.

Hope someone finds this helpful, my general sense with SoFi is that you should just not bother with BK, at least not with discharge being recent. Again I'm finding a lot of creditors to be more lax so long as utl is low and doesn't look like you're going back to bad credit habits. I bet one could even call SoFi and get some information on if they automatically decline if say BK in the last five years. This was probably a sign I should garden anyway .

Re: SoFi Credit Card Decline - Bankruptcy on file

AllZero — Mon, 01 Mar 2021 02:31:19 GMT

That is unfortunate about your denial. Thank you for sharing the data points.

Re: SoFi Credit Card Decline - Bankruptcy on file

M_Smart007 — Mon, 01 Mar 2021 02:57:24 GMT

Welcome to the Forum!

Sorry about your SoFi denial

Congratulations on your approvals

Re: SoFi Credit Card Decline - Bankruptcy on file

Demented1 — Mon, 01 Mar 2021 03:25:20 GMT

First, CONGRATS @Anonymous for the multiple approvals and thanks for the DP’s!

It’s inconvenient that you got declined, (I’ve been there) …but please remember that patience and persistence are the path to achieving goals.

Keep your head down and KOKO!

Re: SoFi Credit Card Decline - Bankruptcy on file

rchvmz — Tue, 09 Nov 2021 00:08:15 GMT

tanekman-----I did the pre-approval application online for 10k-----came back pre-approved with 2 offers---2k to 5k at 21%, or 5k to 8k at 24%--my credit isnt pretty, but no collections, 7 CC with perfect pay history for 1.5 year, 1secured installment-- AND I have a Chaptr13 BK that just discharged but that discharge has not hit my file yet--but they pre approved me anyway, I called and lady said they did a soft pull to pre-approve me, and said that with them coming back with rates, that usually ends up with a solid approval---income nothing big, 74k...they only asked for front/back of DL----most recent paystub....and had me add bank info for auto pay---equifax 701 TU 695 EP 661.......seems to good to be tru with the BK not showing its discharged yet.......whats your outlook

Re: SoFi Credit Card Decline - Bankruptcy on file

Sub16610 — Tue, 09 Nov 2021 03:54:16 GMT

@Anonymous wrote:
Hi all,
First post but have been using myFico for many years, thanks to all that take the time to post. Just wanted to throw a data point out as I didn't see anything but approvals for the SoFi credit card. I applied 2/23/21 after receiving many invitations to apply (no pre-approval language just marketing encouragement to app). I'll add notable data below but I want to mention I use SoFi money as my primary checking account, in the last year my average daily balance has been in excess of $5k with monthly direct deposits of ~$4k and what I would consider a strong SoFi money relationship.

Reason for decline: Bankruptcy (CH13 filed 6/16, discharged 6/19)
Pulled Experian showing 670 score. Credit Karma Showing 683 TU/685 EQ at the same time
Current utilization is ~1-2% (been paying in full and just having random small balances report when I don't manage to pay of pending transactions before they report on the statement). Avg account age 4.5yrs, 100% payment history, 10 inquiries reporting.

I've gone through the pre-approval for SoFi loans a few times in the past and BK was always the reason for no go. I've had some good luck with approvals recently and just said heck, I love using SoFi and while 2% cashback isn't insane it would be nice enough for me to just use checking and credit all with them for simplicity as I'm trying to streamline my money management.

Recent approvals in the last six months include
-PenFed Pathfinder, approved ~11/20, $6500 limit, ~same scores as mentioned above
-Nordstrom Store Card, approved 2/21, $2500 limit, ~same scores as mentioned above
-Venmo Visa Credit Card, approved ~9/20, $4200 limit, similar scores as well
-Amazon store card and CB2 store card, approved ~3/20, initial limits $300/$1000k, current limits $6k/$5k (routine but not huge purchases and just hit the CLI button online every few months, they have rocked with CLI's!).

Income is $75k, lives in Seattle, WA.

Hope someone finds this helpful, my general sense with SoFi is that you should just not bother with BK, at least not with discharge being recent. Again I'm finding a lot of creditors to be more lax so long as utl is low and doesn't look like you're going back to bad credit habits. I bet one could even call SoFi and get some information on if they automatically decline if say BK in the last five years. This was probably a sign I should garden anyway .

Sorry about your denial. Thanks for sharing your dp's.

Re: SoFi Credit Card Decline - Bankruptcy on file

rchvmz — Tue, 09 Nov 2021 03:39:49 GMT

I did NOT get declined

Re: SoFi Credit Card Decline - Bankruptcy on file

FinStar — Tue, 09 Nov 2021 03:58:14 GMT

@rchvmz wrote:
I did NOT get declined

@rchvmz

The above member (@Sub16610) didn't quote the original post, but as edited/quoted above, they were clearly referring to the original poster. Plus, this is a thread dating back 8 months ago 🤷‍♂️

Re: SoFi Credit Card Decline - Bankruptcy on file

rchvmz — Tue, 09 Nov 2021 04:04:34 GMT

@FinStar wrote:
@rchvmz wrote:
I did NOT get declined
@rchvmz
The above member (@Sub16610) didn't quote the original post, but as edited/quoted above, they were clearly referring to the original poster. Plus, this is a thread dating back 8 months ago 🤷‍♂️

Yes, I realized that. I have reposted my OP in another, more appropriate thread. Thanks