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As the CC program seems to be fairly new, there haven't been any reported instances on here as of yet with declined or approved outcomes with receiving the invite to apply. So far about 3 approved reports in the Approvals forum via the pre-approved route. Nothing ventured, nothing gained I suppose if you want to test the waters and your profile supports it. The community certainly loves GPs and DPs 😁
@jnbowmar wrote:Just got an email from sofi inviting me to apply for their world elite mastercard, and noticed in a couple of threads people said they got a pre-approval email and we're approved.
My credit hovers around 600-630 all brueas fico 8 and I just can't imagine that I'm pre-approved has anyone gotten an invitation email and been declined?
As you know, there is often a huge difference between an invitation to apply (translation: an advertisement that could be sent to literally anyone) and a pre-approval. My scores are around 775 and I got their invitation to apply email. In other words, neither you nor I are pre-approved.
I think we have some reports of the Missouri-based bank that's underwriting these cards being pretty conservative.
Datapoints are always great, but if an HP and a denial would be problematic for you, I think you might be better off waiting until we get a better idea of their underwriting standards for this new card. Either way, good luck!
Got the same email this morning.
Don't really need another CC .... especially with a known conservative issuer....but am always tempted a little bit.
Will update if I do anything.
Unless the email specifically says you're preapproved, then it's just marketing.
The email I got from SoFi last week said "You're one of the first members to be pre-approved for the new SoFi credit card"... I would consider that a pre-approval, but as always, approvals are never guaranteed
@Anonymous wrote:Unless the email specifically says you're preapproved, then it's just marketing.
The email I got from SoFi last week said "You're one of the first members to be pre-approved for the new SoFi credit card"... I would consider that a pre-approval, but as always, approvals are never guaranteed
Are you going to try for the card since you got the preapproval?
You guys were right, invitation does not equal preapproval. Applied, and Denied.
@Wavester64 wrote:
@Anonymous wrote:Unless the email specifically says you're preapproved, then it's just marketing.
The email I got from SoFi last week said "You're one of the first members to be pre-approved for the new SoFi credit card"... I would consider that a pre-approval, but as always, approvals are never guaranteed
Are you going to try for the card since you got the preapproval?
Nah. Plenty of other cards out there I'd rather get, and currently gardening. It was nice of them to throw a pre-approval my way though.
@jnbowmar wrote:You guys were right, invitation does not equal preapproval. Applied, and Denied.
Ah bummer! Did they provide the reasons online or do you have to wait for the letter?
Notified I was "off the waitlist" yesterday, so went ahead and did it.
I know, I know ... why take a card with no initial promos, but I was getting twitchy in the garden
Instant approval, $18k @ 13.99%
That's 1% higher APR vs. my Citi DoubleCash, but it will come down 1% in 12 months, so will be a match.
Let's see what kind of promos they offer, worse case scenario, another $0 FTF card that earns something.
Let's see what kind of promotions they offer, could be interesting.