Consolidate with Sofi ?

[Andy77]

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

[RobertEG]

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.

[RonM21]

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.