SoFi MasterCard - app can be a hard or soft pull

[ClevelandIndians]

SoFi has be updated the language on their app page to insinuate you will get a hard pull if you're approved, but if you're declined it's presumably just a soft pull.

My guess is they do a soft first to see if you qualify then a hard to complete the app and show an official record of the application

[Wavester64]

I wish more lenders did this.

To think right now I am worried concerned about getting a HP for apping for Citi Custom Cash when I am 0/6 in both INQs and NEW accounts in a few days because the last thing I want is a HP with nothing to show for it.

If they adopted this method, I'd have nothing to be concerned about. If I get a HP, I am approved.

[Credit12Fico]

New terms for SoFi CC application.. Hard pull if approved, but only a soft pull if you are not approved. Enjoy!

This is now showing in the fine print on the SoFi card website:

"When you apply, SoFi conducts a soft credit pull that will not affect your credit score. An approved application will result in a hard credit pull, which may impact your credit score."

[FinStar]

@Credit12Fico - it appears the terms were updated as of last year (see above).

[difringe]

Was poking around on Sofi and saw their 2% credit card...the website says applying won't impact your credit score, but when I logged in to apply, it said applying 'may not impact your credit score.' Has anyone gone through the application process for this card? Did you log in to apply or just apply when logged out? Was your credit report only hard pulled when you accepted the offer? Thanks!

[DakotaM]

I recently got it. I was logged in when I applied. The application is just a soft pull but if you accept the offer, then they Diba hard pull. 

[FinStar]

@difringe - please reference discussion/posts upthread.

[Janneman]

---

@difringe wrote:

Was poking around on Sofi and saw their 2% credit card...the website says applying won't impact your credit score, but when I logged in to apply, it said applying 'may not impact your credit score.' Has anyone gone through the application process for this card? Did you log in to apply or just apply when logged out? Was your credit report only hard pulled when you accepted the offer? Thanks!

---

I recently applied prequalify to see if im approved for it or not, and if its approved then for how much...prequalify stated no impact to credit...and i thought it to be like Apple Card which would give you an option to accept or not, but i was wrong...it right away approved me without giving me any option if i wanted it or not..and it gave me toy limit...i right away called them but they said that their terms and conditions state that if deny then it would be sp, but if it would approve then it would be hp...there is no option of giving you a choice to accept it or deny the offer...this is what happened to me last week. 

[FinStar]

---

@Janneman wrote:

---

@difringe wrote:

Was poking around on Sofi and saw their 2% credit card...the website says applying won't impact your credit score, but when I logged in to apply, it said applying 'may not impact your credit score.' Has anyone gone through the application process for this card? Did you log in to apply or just apply when logged out? Was your credit report only hard pulled when you accepted the offer? Thanks!

---

I recently applied prequalify to see if im approved for it or not, and if its approved then for how much...prequalify stated no impact to credit...and i thought it to be like Apple Card which would give you an option to accept or not, but i was wrong...it right away approved me without giving me any option if i wanted it or not..and it gave me toy limit...i right away called them but they said that their terms and conditions state that if deny then it would be sp, but if it would approve then it would be hp...there is no option of giving you a choice to accept it or deny the offer...this is what happened to me last week. 

---

@Janneman- SoFi doesn't work like Apple Card, some of the FinTechs or even the SYNCB pre-qualification sites. Plenty of previous SoFi threads and DPs that confirm no pre-approved amount/APR would display.

In the past, one would get a HP -- approved or declined. The only thing that changed (as per the info upthread) is getting a SP, if denied. Otherwise, if SoFi finds an applicant creditworthy, it's HP all the way (i.e. no option to ponder on life or decline it once you click submit).