topic SOFI incredible experience in Personal Finance

SOFI incredible experience

Anonymous — Tue, 22 Dec 2015 05:24:23 GMT

Hello,

Earlier this month, I applied for a 25,000 loan from SOFI to consolidate some cc's and do some upgrades to my home. I was qualifyed for the entire amount and decided to move forward with the application on Friday afternoon. I followed their instruction to the T and uploaded all documents (latest pay stub, copy of drivers liscense, copy of passport and a bank statement showing my name and address) Within 30 minutes I received a reply with an offer that was 16800.00 at 8.5% (less then qualifying amount and .5% higher rate) I replied that I was ok with the terms. What amazed me is how quickly it was all processed. My Loan was approved the next day, which is a Saturday. On Monday my account showed ready for disbursement and Monday night I received an e-mail that the funds have been disbursed. Wow, even their own website gives a time frame of 7 to 14 days processing time. For me from app to disbursement, it was 72 hours including Saturday and Sunday, not business hours. That's incredible efficiency and service. After 1.5 years of dealing with NACA, for my mortgage, it was refreshing to see a financial institution being so efficient and customer oriented. Good job SOFI!

Re: SOFI incredible experience

Anonymous — Wed, 23 Dec 2015 00:03:37 GMT

@Anonymous wrote:

Hello,

Earlier this month, I applied for a 25,000 loan from SOFI to consolidate some cc's and do some upgrades to my home. I was qualifyed for the entire amount and decided to move forward with the application on Friday afternoon. I followed their instruction to the T and uploaded all documents (latest pay stub, copy of drivers liscense, copy of passport and a bank statement showing my name and address) Within 30 minutes I received a reply with an offer that was 16800.00 at 8.5% (less then qualifying amount and .5% higher rate) I replied that I was ok with the terms. What amazed me is how quickly it was all processed. My Loan was approved the next day, which is a Saturday. On Monday my account showed ready for disbursement and Monday night I received an e-mail that the funds have been disbursed. Wow, even their own website gives a time frame of 7 to 14 days processing time. For me from app to disbursement, it was 72 hours including Saturday and Sunday, not business hours. That's incredible efficiency and service. After 1.5 years of dealing with NACA, for my mortgage, it was refreshing to see a financial institution being so efficient and customer oriented. Good job SOFI!

Hi blueleo65,

Thanks for sharing your experience with the MyFICO community. I was pleasantly suprised by your post, because just 5 minutes ago, I wa in CreditSesame, and up popped an advertisement from SOFI. They at least seemed to have decent interest rates, and from what I could tell from reading the information, they also seemed to be on the up-and-up.

If you don't mind me asking, which of the credit bureaus did they use to pull you credit? Also, would you mind sharing your credit score for me and others to somewhat gauge what we might be able to expect with similar scores as you?

I do know that every profile is different, but just curious.

Again, thanks so much for sharing your experience.

Re: SOFI incredible experience

Anonymous — Wed, 23 Dec 2015 00:39:34 GMT

Sure , my credit score is 679 using Experian which is what they used. It's due to mainly too many inquiries. I went overboard applying for mortgages last year to find the best deal. I have like 16 inquiries in my file. But otherwise I have no lates and a decent credit history. Sometime scores don't reflect everything.

I hope this helped!

Mike

Re: SOFI incredible experience

Anonymous — Wed, 23 Dec 2015 00:46:17 GMT

@Anonymous wrote:
Sure , my credit score is 679 using Experian which is what they used. It's due to mainly too many inquiries. I went overboard applying for mortgages last year to find the best deal. I have like 16 inquiries in my file. But otherwise I have no lates and a decent credit history. Sometime scores don't reflect everything.

I hope this helped!

Mike

Hey Mike,

Thanks for coming back and filling in the blanks for us! ;-)

My FICO 8 scores are all currently slightly over 800, but I am in the garden until at least 3 baddies fall off my EQ credit report. And I had 6 INQs this year, starting this past May. For the moment, I am good, but am always on the lookout for great deals!

Again thanks so much for sharing with us.

Re: SOFI incredible experience

Anonymous — Wed, 23 Dec 2015 14:23:17 GMT

You our are very welcome! I hope one day I can reach that 800 magic number!

Glad I was able to help.

Mike

Re: SOFI incredible experience

Anonymous — Wed, 23 Dec 2015 22:02:41 GMT

@Anonymous wrote:

You our are very welcome! I hope one day I can reach that 800 magic number!

Glad I was able to help.

Mike

To be honest, I have already exceeded my expectations of my FICO 8 scores. The baddies I have are from collections which I have paid in full. I have been trying to get EQ to wipe them but they are having no parts of it... lol... I've been going back and worth with them for the past 2 months. I probably should leave well enough alone as the anticipated deletion time is in February- if I am not mistaken.

My mind is made it that I will never get into that situation again. It was all my fault as I had the money but simply did not pay. I promise though that I have learned my lesson ;-)