topic Re: CLD by SoFi in Credit Cards

CLD by SoFi

SouthJamaica — Tue, 05 Dec 2023 19:47:17 GMT

My utilization has been going up, and scores going down, for awhile, so I was on the lookout for adverse action by someone. It finally came from a source I would have considered unlikely -- SoFi. They lowered my 7500 limit to 1000. Since I have little use for them in general, I closed my accounts.

I always paid promptly and in full, had a relatively low limit, and had very little exposure with them, rarely spending as much as $200 in a month, so I don't know what they were worried about. But now they can stop worrying

Re: CLD by SoFi

JoeRockhead — Tue, 05 Dec 2023 20:00:28 GMT

I've not been very wowed by SoFi myself... Despite regular monthly use of about 40% of my big $2k CL (that was with an auto CLI too)... It's been crickets from them...

Congratulations on freeing up a spot for that new Ink card you're going to get this coming year.

Re: CLD by SoFi

SouthJamaica — Tue, 05 Dec 2023 20:12:13 GMT

@JoeRockhead wrote:
I've not been very wowed by SoFi myself... Despite regular monthly use of about 40% of my big $2k CL (that was with an auto CLI too)... It's been crickets from them...

Congratulations on freeing up a spot for that new Ink card you're going to get this coming year.

I believe the reason it's crickets is that the way Capital One securitizes some of its credit card accounts, SoFi securitizes ALL of its accounts. They even had a disclaimer on their site that they don't grant credit limit increases.

Re: CLD by SoFi

Citylights18 — Sat, 09 Dec 2023 02:39:29 GMT

@SouthJamaica wrote:
@JoeRockhead wrote:
I've not been very wowed by SoFi myself... Despite regular monthly use of about 40% of my big $2k CL (that was with an auto CLI too)... It's been crickets from them...

Congratulations on freeing up a spot for that new Ink card you're going to get this coming year.
I believe the reason it's crickets is that the way Capital One securitizes some of its credit card accounts, SoFi securitizes ALL of its accounts. They even had a disclaimer on their site that they don't grant credit limit increases.

That is total garbage.

Re: CLD by SoFi

Anonymous — Sat, 09 Dec 2023 13:52:15 GMT

@Citylights18 wrote:
@SouthJamaica wrote:
@JoeRockhead wrote:
I've not been very wowed by SoFi myself... Despite regular monthly use of about 40% of my big $2k CL (that was with an auto CLI too)... It's been crickets from them...

Congratulations on freeing up a spot for that new Ink card you're going to get this coming year.
I believe the reason it's crickets is that the way Capital One securitizes some of its credit card accounts, SoFi securitizes ALL of its accounts. They even had a disclaimer on their site that they don't grant credit limit increases.
That is total garbage.

Why? While people here want the card to "grow" many others don't care and accept the CL as fixed. OK, I am biased as SoFI gave me a big SL but...

Re: CLD by SoFi

JoeRockhead — Sat, 09 Dec 2023 14:34:00 GMT

@Anonymous wrote:
@Citylights18 wrote:
@SouthJamaica wrote:
@JoeRockhead wrote:
I've not been very wowed by SoFi myself... Despite regular monthly use of about 40% of my big $2k CL (that was with an auto CLI too)... It's been crickets from them...

Congratulations on freeing up a spot for that new Ink card you're going to get this coming year.
I believe the reason it's crickets is that the way Capital One securitizes some of its credit card accounts, SoFi securitizes ALL of its accounts. They even had a disclaimer on their site that they don't grant credit limit increases.
That is total garbage.
Why? While people here want the card to "grow" many others don't care and accept the CL as fixed. OK, I am biased as SoFI gave me a big SL but...

I suppose for some the inability to request CLIs is bothersome. Do I care... ¯\_(ツ)_/¯ IDK, I did get an auto CLI out of them... It's likely Ms SoFi is jaded and needs more attention from me... Other lenders have my attention right now, so we'll see.

Re: CLD by SoFi

pinkandgrey — Sat, 09 Dec 2023 17:02:46 GMT

Ouch, @SouthJamaica

That probably brings your total available credit down to only 1.9 million.

But seriously, congrats on a good closure-- cleaning out always feels good lol.