SoFi CC Denied Data Point

[frenzied]

So, I was recently denied for a SoFi credit card due to "too many recent inquiries". I read somewhere that they are inquiry sensitive but I had 6 total and three of them were new credit cards, one of which isn't reported on my accounts yet, and the most recent before that was 3 months ago. 1 was a CLI request, and two were installment plans.

I had just applied for Cap 1 SavorOne and got a very low $1000 SL (which dinged all three credit bureaus), applied for U.S. Bank Cash+ (which is still pending and the pull was only from TU), so I thought I'd try my luck at SoFi for a general 2% card before a new account is reported.

Essentially in terms of credit cards I'm 1/6, 2/12, 2/24 until my SavorOne gets reported.

Income: $60000

FICO 8

Ex: 701

Eq: 745

TU: 727

Current Cards:

Discover IT: $1700 (opened 6/16/19, 0% util)

Chase Freedom Flex: $1000 (opened 4/05/21, 0% util, also the CLI was for this card from 500 to 1000 after 9 months 🙄)

AMEX BCP: $8000 (opened 1/27/22, 43% util)

Cap1 SavorOne: $1000 (just opened, not reported yet)

Synchrony NewEgg card: $500 (opened 6/06/20, was closed "randomly" after paying off in full for 2 months and not used for 3 months)

AAoA: 6 yrs, 3 months

I have about $15000 in federal student debt that I have 100% payment history on.

I'm aware it's probably the high utilization of the Amex card but that's not what they said on the rejection letter so I'm confused because from I can tell, it's not a lot of inquiries.

Thoughts?

[FinStar]

Hi @frenzied - welcome to the forums.

An item to keep in mind, when declined for credit, financial institutions are required to provide at least 1 reason for why the application was not approved. More often than not, there may be other reasons that weren't disclosed on that letter. By and large, it's algorithms and AI making that decision. But, on the upside, getting declined by SoFi is SP. You can always try again after 30 days.

[frenzied]

Oh that's a good point. Thanks!

Yeah that is true but I doubt my situation is going to change dramatically. I won't get Amex paid off entirely until 2 months from now, thanks to the 0% into APR offer.

So hopefully by then my scores will improve and the reason they rejected me wont be there, whatever exactly it was.

[FinStar]

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@frenzied wrote:

Oh that's a good point. Thanks!

Yeah that is true but I doubt my situation is going to change dramatically. I won't get Amex paid off entirely until 2 months from now, thanks to the 0% into APR offer.

So hopefully by then my scores will improve and the reason they rejected me wont be there, whatever exactly it was.

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So, hopefully, as things age with your credit profile, that should lessen some of the impact on your inquiries as well. What you can do if you are still interested in the SoFi CC, monitor your reports around the timeframe you want to apply to make sure your utilization and anythng else that needs to be addressed is in check, then try again.

[bigseegar]

It's not the INQ's because I was preapproved and instantly approved at $5,000 SL last month with 10/24, 6/12 INQ. So as FinStar said that's just the "reason" they gave you. It was something else.

[FormosaSavage]

Sofi rejected me in 2021 for the same reason even with a stellar score and plenty of income. To this day, I absolutely refuse to work with them.

# of inquiries should never alone be the basis of a rejection. Shows how immature they are as a financial firm.