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Consolidate with Sofi ?

Valued Contributor

Consolidate with Sofi ?



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)



Thank you

Message 1 of 3
Legendary Contributor

Re: Consolidate with Sofi ?

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.

Message 2 of 3
Valued Contributor

Re: Consolidate with Sofi ?

As for the BK friendly question, it may be worth searching these threads for that answer. I'm sure there are different accounts of others experiences with this.

TCL: $306,100Utiliz: 6%AAoA: 5yrs 2mOther: Lease, Loan, *No MortgageCollections-Lates-BK's: 0

LWS-35k | BOA-50k | AMX-32.4k | DISC-33.6k | ALNT-25k | NFCU-33k | BARC-15k | BBUY-12k | CSE-10k | CP1-10k | CITI-11.7k | PF-38.4k

Message 3 of 3
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