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2% back no AF from SoFi - Data Points

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FinStar
Moderator Emeritus

Re: Sofi mastercard invitation email

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 😁

Message 31 of 225
Curious_George2
Valued Contributor

Re: Sofi mastercard invitation email


@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!

Message 32 of 225
jaxstraw
Valued Contributor

Re: Sofi mastercard invitation email

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.

Screenshot_20201112-184303.png

 

Jax

*************************************************************************************
Then you are a fool. Be thankful that when God gave you a face, he gave you a fool's face
Message 33 of 225
Anonymous
Not applicable

Re: Sofi mastercard invitation email

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 

Message 34 of 225
Wavester64
Valued Contributor

Re: Sofi mastercard invitation email


@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? Smiley Happy






Potential Future Cards
Message 35 of 225
jnbowmar
New Contributor

Re: 2% back no AF from Sofi

You guys were right, invitation does not equal preapproval. Applied, and Denied. 

Message 36 of 225
Anonymous
Not applicable

Re: Sofi mastercard invitation email


@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? Smiley Happy


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.

Message 37 of 225
FinStar
Moderator Emeritus

Re: 2% back no AF from Sofi


@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?

Message 38 of 225
MJ-san
Frequent Contributor

Re: 2% back no AF from Sofi

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 Smiley Wink 

 

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. 

Message 39 of 225
ccquest
Established Contributor

Re: 2% back no AF from Sofi

I wonder if they'll tie it into their other cashback perks they offer with the debit card. That'll be stuff like Trader Joe's, Whole Foods, and Netflix sometimes. Right now it looks like the main one is 10% back on Netflix, Spotify and Disney+. Might be exclusive to just SoFi Money, but would be a nice way to give extra incentives on the CC.
as of 1/1/23
Current Cards:
Message 40 of 225
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