SoFi Approval by mistake

[Libra85]

I thought I was completing the SoFi soft pull pre-approval application. Entered personal information, uploaded a picture of my DL and had to take a selfie for verification. I never received a SL or APR to decide if I wanted the card or not. Next thing I knew I was logged into my new account screen showing my credit limit and asking me to add the card to my apple wallet.

SL $3K 

HP EX did not receive alert.

EX Fico8 721

Should I close the account? I truly thought I was only doing the pre-approval application. 

[Hex]

You can cancel the card but you can't undo the application. Even if you cancel you still will have a new account on your reports. Maybe this cards limit can grow?

[805orbust]

Not sure what the terms are (AF/%/etc) however, I'd say if they're favorable to you (which I gather they were thus the interest in the card) I'd keep it open for a year.  You won't be hurting yourself, and you can always opt to not use it.  If there is no annual fee then no harm/no foul.

I would however caution you moving forward that DL verification is a pretty high level of document verification and not "generally" associated with a soft pull pre-approval type of situation. You're pretty much all in at that point.  Congrats on the approval my friend!

[JoeRockhead]

It's a decent all around "catch all" card and you can extra points for a wide variety of things with them. While they don't currently have an avenue to request CLIs, they will give Auto CLIs. That's a decent SL. Congratulations on your accidental approval! 

[Yasselife]

Ouch, that hurts @Libra85 

[TimFlorida]

"The Accidental Approval". Sounds like a movie title, perhaps ChatGPT can spit out a script.

[NoMoreDebt]

congrats on the approval

[nytokyobred79]

As others have correctly mentioned, unfortunately, what's done, can't be redone other than closing the acct which will still stay on your report as closed upwards of 10 years. 

Have you considered some of the questions others posited about what type of SL, APR and benefits did you get? Is there value in keeping it. At the very least, you may have been considering it. Maybe you can chalk it up as a weird win 😊

[CreditAggie]

Congratulations on your SoFi approval! You have already taken the score hit so I would keep it open. An approval is a lot better than a denial resulting in a HP with nothing to show for it.

[LADave]

---

@TimFlorida wrote:

"The Accidental Approval". Sounds like a movie title, perhaps ChatGPT can spit out a script.

---

Challenge accepted. Here's what Bing AI gave me for this prompt: "I'd like to generate a 2 paragraph synopsis for a screenplay called "The Accidental Approval," where a guy thinks he is applying for preapproval on a SoFi Mastercard but actually gets approved for the credit card."

When Jake, a struggling freelance writer, decides to apply for preapproval on a SoFi Mastercard to boost his credit score, he is shocked to find out that he has been approved for the card with a $50,000 limit. Thinking it's a mistake, he tries to cancel the card but learns that he has already activated it and can't return it without paying a hefty fee.

Jake decides to use the card as an opportunity to live his dream life and impress his crush, Mia, a successful travel blogger. He books a luxury vacation to Hawaii with Mia and splurges on everything from fancy hotels to helicopter rides. But Jake soon realizes that he can't keep up with his extravagant spending and that Mia is not who she seems. As his debt piles up and his lies catch up with him, Jake must find a way to pay off the card and win back Mia's trust before it's too late.

It's probably good enough for Netflix. 😁

EDIT: Bing offered to add romance to it. This story is worse for MyFICO, but better for Hallmark Channel.

The Accidental Approval
Jake is a broke freelance writer who dreams of becoming a bestselling author. One day, he receives an email from SoFi, offering him a chance to apply for preapproval on their new Mastercard. Jake thinks it’s a harmless way to check his credit score, so he clicks on the link and fills out some basic information.

To his astonishment, he finds out that he has been approved for a $10,000 credit limit on the spot. He panics and tries to cancel the card, but it’s too late. The card is already on its way to his mailbox.

Jake decides to ignore the card and pretend it never happened. But when his laptop dies on him right before an important deadline, he gives in to temptation and uses the card to buy a new one online. He figures he can pay it off later with his next paycheck.

But Jake soon discovers that his new card has a catch: he only gets 2% cash back rewards if he uses them toward investing, saving or paying off debt with SoFi. Otherwise, he gets nothing. And if he misses a payment or goes over his limit, he will lose his rewards forever.

With the help of Mia, his best friend and secret crush who works at SoFi, Jake tries to make the most of his accidental approval. He goes on a shopping spree, buys gifts for his friends and family, and even splurges on a romantic getaway with Mia.

But as Jake’s balance grows higher and higher, so does his anxiety. He realizes that he has no idea how to manage his money or his feelings for Mia. He also learns that Mia has a secret of her own: she was the one who approved him for the card in the first place.

Will Jake be able to forgive Mia for her deception and pay off his debt? Or will he lose both his credit score and his true love?