2% back no AF from SoFi - Data Points

[notmyrealname23]

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@Matt9543 wrote:

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This is exactly what's happening. And while they have every right to do it, I do find it of disappointing that within three months they're already significantly reducing the points you can early with the program. I understand they would be losing too much money but they had to have thought about this before they came out with the program 

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"Oh no, you mean we were PAYING people $70+ a year to hold our no-AF card?"

At this rate, 2 cents a day + 10 cents every 4th day = $16.40 a year to hold a no annual fee card. That's probably more sustainable.

[Credit12Fico]

Has anyone had their card report to the bureaus yet?

I saw earlier someone said it reported to two of the bureaus, and not the third?

Someone else mentioned that it reports at the beginning of  the month?

What are the reporting habits of the SoFi card?  Is it statement balance on statement closing date? Or something else?

[notmyrealname23]

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@Credit12Fico wrote:

Has anyone had their card report to the bureaus yet?

Yes. Reported on 12/31, at statement close. Reported as a zero balance. Statement was zero balance.

[Credit12Fico]

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@notmyrealname23 wrote:

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@Credit12Fico wrote:

Has anyone had their card report to the bureaus yet?

Yes. Reported on 12/3, at statement close. Reported as a zero balance. Statement was zero balance.

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Thank you!

[cashorcharge]

Woke up this morning to an email that my statement was ready. It was dated the 15th. 
Had my zero balance.  No notifications of posting....but it's the weekend. Will report back when I get the notice it's on a CB. 

[MoneyBurns]

Anyone know how SoFi determines credit line increases? Is it possible to just ask for one? I would like a higher SL as 5k is a bit on the low side.

[Credit12Fico]

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@MoneyBurns wrote:

Anyone know how SoFi determines credit line increases? Is it possible to just ask for one? I would like a higher SL as 5k is a bit on the low side.

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From memory, someone posted here very early on that SoFi said they were not accepting CLI at the moment due to "new product". Whatever that means. 

[FinStar]

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@MoneyBurns wrote:

Anyone know how SoFi determines credit line increases? Is it possible to just ask for one? I would like a higher SL as 5k is a bit on the low side.

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@MoneyBurns - I think it's a bit too premature for this given that the card hasn't been released to the rest of the public as far as applications go.  I'd be happy with the $5K all things considered with your profile.  Plus, many interested folks are still on the waitlist.  I'd say give SoFi 6-12 months to see how this new product develops over time.

[credit_endurance]

Any specific formula to getting accepted for the invite to apply? What's been the average wait time for the ones who eventually got the invite to apply? 

[FinStar]

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@credit_endurance wrote:

Any specific formula to getting accepted for the invite to apply? What's been the average wait time for the ones who eventually got the invite to apply? 

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I don't think there's a specific formula.  I'm sure there's some analytics they've conducted to determine which recipients are of potential interest to offer their CC product.  There's folks that have (or have had) SoFi products and received the invite while others didn't.  Same for those who have not had any SoFi products.  

You can likely go through the approvals forum to get some sort of idea plus any of the DPs offered on this thread for those who were invited.