topic Re: Beware of SoFI credit card. in Credit Cards

Beware of SoFI credit card.

staticvoidmain — Tue, 30 Nov 2021 18:15:34 GMT

UPDATE (11/29/2021):

I just want to update this thread. It seems that for the past couple of months, SoFi has changed and improved their process significantly, and that most of my issues might already be irrelevant by the time you read this.

1. All applications are now Soft Pull, until you get approved. This means you can, in theory, apply every month until you get approved.

2. On my third app (which is SP), I had to wait a couple of days for "processing", instead of instant denial due to not being able to verify my identity. After a couple of days (Monday. Also probably because I applied on a weekend), I received an email welcoming me to the credit card. Needless to say, I got approved.

End of Update.

ORIGINAL POST:

This is not just limited to applications. Be aware that you can have issues related to this with them even when you already have your credit card.

I just want to warn people considering this card.

Probably, for the most part, you'd be fine, but there is a major issue with their process:

They do not have a recon line. They do not have a manual application. Their automated process has a flaw. They cannot verify your identity.

I have, at this point, been declined twice, after a hard pull, with them unable to verify my identity.

Normally, this is resolved immediately with a call (when I bought my monthly myFICO subscription on the same day, they just asked me a question, and they got my identity verified in a minute or two).

SoFi does not have this. I just want to disclose this information to anyone considering this particular credit card.

Not trying to get you to avoid the card, just a warning.

Do note that I have been banking with them for some time now (I even have the grandfathered unlimited international ATM rebate). I do both banking and investment with them, so they surely have my profile — they just can't resolve CC applications manually.

My experience:

staticvoidmain — Fri, 15 Oct 2021 20:08:19 GMT

1st application. Hard Pull. Declined with reason " Unable to verify Identity".

They have a "credit card services" line, and a "credit card services applications" line (for some reason, the services line sometimes does not know they have an applications line — they'd be like, "bye, can't help you"). The only way to reach the applications line is through the services line. I tried to resolve my issue, no resolution. Tried to get the HP suppressed (not my idea, but the SoFi rep on the applications line suggested that). However, I guess the manager ended up not approving the request (I was too frustrated to call them back for follow-up).

2nd application. This time I had a pre-approval letter. This time, I have updated my Experian record to match 1:1 with my SoFi profile. Declined. Same reason. The only thing that was not 1:1 at this point was my zip code. In Experian, I have a 9 digit zip code, but SoFi's application text field only allows five. BUT, there is a strong possibility that this is still NOT it. At this point, I do not want to assume anymore what is wrong and what it is they cannot verify (they do not know it themselves... like, what?).

I called again. Support told me that they do not do HP IF you are not approved. I kinda doubt that, but at this point, I cannot see any HP yet. (No alerts. and my myFICO monthly report will update exactly one month from yesterday).

The point is, they have no way of verifying your identity because their process is 100% automated.

PS. My score should be irrelevant, but for those wondering, it is 790 on Experian.

Re: My experience:

Gmood1 — Fri, 15 Oct 2021 19:33:36 GMT

Thanks for the info!

Well that sucks!

I have this card, bank account and crypto investment account.

I like SOFI. Sounds like they need to work on the credit card customer service!!

Re: My experience:

GrabbedByTheGhoulies — Sat, 16 Oct 2021 01:04:44 GMT

@staticvoidmain wrote:
Support told me that they do not do HP IF you are not approved.

I got a hard pull and was declined. Probably for the best. I have other cards I like better now. But it would have been nice to not get that HP.

Re: My experience:

staticvoidmain — Sat, 16 Oct 2021 01:20:23 GMT

@GrabbedByTheGhoulies wrote:
@staticvoidmain wrote:
Support told me that they do not do HP IF you are not approved.
I got a hard pull and was declined. Probably for the best. I have other cards I like better now. But it would have been nice to not get that HP.

They mentioned it was a very recent change they had in their terms. If that is true, probably has to do with them not being able to verify identities. But as I said, I am still doubtful until I can 100% verify their claim. Rep told me to contact them or report them for unauthorized pull if I get an HP (such a bold statement, but I'll take it if it comes to that).

Re: My experience:

staticvoidmain — Sat, 16 Oct 2021 01:27:27 GMT

@Gmood1 wrote: I have this card, bank account and crypto investment account. I like SOFI. Sounds like they need to work on the credit card customer service!!

Agreed. I liked Sofi, and to be honest, that is the only reason I even applied to their card seeing as I do most of my finances with them. I like what they are doing (I even invested before their IPO), but this recent experience put a little doubt as it clearly paints how they're struggling to compete. But we'll see. If they are changing and improving, then who knows, I might try again in a year or so.

Re: My experience:

DONZI — Sat, 16 Oct 2021 01:28:29 GMT

Thanks for the heads-up!

I have been pondering a relationship with SoFi of some sort, but have had to clarify address details on the phone in the past for a couple of cards -- Amex and Discover I think.. I'd probably would be tempting fate trying to get a SoFi card. I'm not ready for fate yet.

Re: My experience:

staticvoidmain — Sat, 16 Oct 2021 01:33:12 GMT

@DONZI wrote:
Thanks for the heads-up!
I have been pondering a relationship with SoFi of some sort, but have had to clarify address details on the phone in the past for a couple of cards -- Amex and Discover I think.. I'd probably would be tempting fate trying to get a SoFi card. I'm not ready for fate yet.

Yeah, this is why I posted to avoid issues like this for other people. Normally, this is easy to resolve, but I feel like they've put too much faith in their automated system, that they do not have a backup of sorts for resolutions.

Re: My experience:

RootDet — Sat, 16 Oct 2021 06:15:37 GMT

do realize that sofi isnt the only place taking this route. many places seem to be fully automated with no human intervention.

Re: Beware of SoFI credit card.

fuzzle — Sat, 16 Oct 2021 08:01:17 GMT

reminds me of Blisspay, but maybe this is just an isolated incident

Re: Beware of SoFI credit card.

trant3 — Sat, 16 Oct 2021 12:09:38 GMT

Theres tons of lenders going the automation route with the use of technology, nothing new here. Honestly OP, I have not seen many or any, complaints about the sofi card. Also, if I am not mistaken, their application process now is SP unless you are approved for the card, which most FinTechs are doing.

Re: Beware of SoFI credit card.

Trini88 — Sun, 17 Oct 2021 17:04:53 GMT

Reminds me of Apple who can't verify my identity for almost a year now.

Re: Beware of SoFI credit card.

CreditJourney007 — Mon, 18 Oct 2021 04:54:50 GMT

I app'd twice - 1 HP and 1 SP, and they can't identify me either, so I gave up.

Re: Beware of SoFI credit card.

coldfusion — Mon, 18 Oct 2021 11:45:17 GMT

This thread reads like it might be time for some people to pull their Lexis Nexis consumer disclosure and their secondary credit (Innovis, ARS, Sagestream) reports and examine them for errors.

Re: Beware of SoFI credit card.

TheBuccaneerGentleman — Mon, 18 Oct 2021 16:53:30 GMT

My wife and I applied for SoFi CCs. She got approved in 1 day with no checks. I had to wait a week, send a copy of a bank statement and a picture of me holding my drivers license. It all worked out in the end but it was a hassle at first.

Re: Beware of SoFI credit card.

Anonymous — Mon, 18 Oct 2021 16:59:42 GMT

Wow, that is interesting. I just applied with a 670 score and was approved ($6,000 limit). This is my sixth account this year. Thanks for the heads up!

Re: Beware of SoFI credit card.

GrabbedByTheGhoulies — Tue, 19 Oct 2021 15:47:37 GMT

@Anonymous wrote:
Wow, that is interesting. I just applied with a 670 score and was approved ($6,000 limit). This is my sixth account this year. Thanks for the heads up!

Congrats on the new SoFi card!

Re: Beware of SoFI credit card.

Anonymous — Tue, 26 Oct 2021 20:52:52 GMT

@coldfusion wrote:
This thread reads like it might be time for some people to pull their Lexis Nexis consumer disclosure and their secondary credit (Innovis, ARS, Sagestream) reports and examine them for errors.

This x10. People forget Experian uses LN (Sagestream) for Identification purposes which then pulls from Innovis. Make sure those CRAs are unfrozen also when apping if you're experiencing issues.

Re: Beware of SoFI credit card.

Anonymous — Wed, 01 Dec 2021 14:22:18 GMT

I applied a loan with them one time and I was having that same issue. They couldn't verify me. I was lucky at the time a rep called me while I was still waiting for my flight. I was in Europe using a 2g/wifi signal which was really bad but T-mobile allows me to use it for roaming free. Anyway, good thing the person caught me in time and after several lenghty talk things were resolved otherwise I might get hp with no approval. That was more than 4 years ago. I want to get a card with them but now I am pausing after reading this message. I don't like the hassle.

Update: I applied for Sofi and they gave me $20,000 instantly, 14.99% APR. Few days before the application, I made investment on regular stocks and crypto just to make sure my membership is still good. It is a good thing I gave it a try after they mentioned no hp on failed application.

Re: Beware of SoFI credit card.

cr101 — Sat, 06 Nov 2021 23:53:36 GMT

@staticvoidmain Did you try contacting the CEO's office? The info's on the site. I would try to get them have someone manually confirm your identity to move forward w your app. How funny that you got declined bc they couldn't confirm you, and yet they won't remove the HP. So, they're ok w possibly HPg the wrong person? Also ask them to remove both HPs if they can't verify your ID.