A friend recently told me about sofi and I was thinking of consolidating with them, but I had a few questions.
1. Do they always ask for paystubs (I ask because I don't work all year round, but I have other non-steady land income I receive to aid in my living)
2. Does the utilization differ meaning...if I have a CC with a 23k limit and my bal is at 22k, I know I am heavily dinged for utilization on this with the sofi loan being a fixed payment loan, is the utilization ding on that loan less dramatic or severe then on a CC ?
3. Are they bk friendly ? (I have a bk that is just over 7 years old)
Installment loans are not included in your % utilization.
Percent util applies only to revolving accounts.
Installment loans have a percent remaining on original loan balance, but that is weighted very low in your scoring.
If you use the loan to pay down your credit cards, then you will see a reduction in % util, and any impact of the balance on the installment loan will be much less.
|TCL: $306,100||Utiliz: 6%||AAoA: 5yrs 2m||Other: Lease, Loan, *No Mortgage||Collections-Lates-BK's: 0|