topic Does SOFI report as an installment loan or.. in Personal Finance

Does SOFI report as an installment loan or..

rayj102 — Tue, 09 Jul 2024 23:50:05 GMT

Hi,

Does SOFI report to credit bureaus as a personal/installment loan or a consumer finance account likeOne Main? I think an installment/bank/CU loans help more but credit scores aren't where I need them. Trying to use to payoff credit cards.

Re: Does SOFI report as an installment loan or..

GZG — Wed, 10 Jul 2024 04:15:44 GMT

@rayj102 wrote:
Hi,
Does SOFI report to credit bureaus as a personal/installment loan or a consumer finance account likeOne Main? I think an installment/bank/CU loans help more but credit scores aren't where I need them. Trying to use to payoff credit cards.

all of those are 'installment loans' but an installment loan can also be classifed as a CFA or not classifed as a CFA.

I wouldn't imagine a personal loan from Sofi does, personally.

but maybe somebody has one and can tell if that triggered the CFA FICO reason code or not.

Re: Does SOFI report as an installment loan or..

MissLiz — Wed, 10 Jul 2024 14:47:22 GMT

I really wish a definitive list existed of what lenders are classified as a CFA. Moreover, I wish FICO would just tell us!