Apped for SoFi Personal Loan score went up 20 points!?

[thisladyz]

So I applied for a personal loan with this SoFi company after reading on the forum that folks had good experiences with them. Got a notification after they pulled my credit and my Experian jumped 20 points! I'm not mad at that but has anyone else had that happen?

[CreditCuriosity]

It wasn't the application or inquiry that did this it was the event that triggered an update to your score as only a few events do this.  So in reality your score was already higher, but just wasn't updated yet.

[Appleman]

If you have not applied for credit for some time there is the potential for getting an increase in a score. 20 points is quite a jump for taking on an inquiry.

Congrats!

[Appleman]

Although, what Curiosity said makes a bit more sense!

[thisladyz]

Makes sense, I guess. But Experian was the only one that changed. My TU and EQ are still the same, or maybe they have not updated yet....thanks for the insight!!

[Anonymous]

+1 the score have updated yet. Now, if you're using that loan to pay off a few cards, you'll enjoy another increase, as a personal structured loan scores better than a bunch of credit cards even if the debt is the same.

[RonM21]

More than likely, the others not updating is what happened, and what CreditCuriousity said is correct.

[thisladyz]

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@thisladyz wrote:

So I applied for a personal loan with this SoFi company after reading on the forum that folks had good experiences with them. Got a notification after they pulled my credit and my Experian jumped 20 points! I'm not mad at that but has anyone else had that happen?

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@Anonymous today I get an email from SoFi that my loan has funded and the funds would be in my account in a couple of days! Come home and check my account and the funds are there!!!! They approved mr for a personal loan for $45k @ 5.9% for 5 years payments about $867 mo.! So happy!

Definitely going in the garden now until about 2019! LOL

[Anonymous]

Thats an awesome rate for a personal loan!! Congrats!!

[thisladyz]

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@Anonymous wrote:

Thats an awesome rate for a personal loan!! Congrats!!

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Thanks, I know right? I was going to get one with my CU and even they were quoting a 9.5%! I said, SoFi, here I come!