SOFI Question

[Anonymous]

Couple months back borrowed 14k from lendingclub at high interst to pay off CC's.  I paid off CC's, scores jumped a bit and thought I should get a lower interest loan to pay for the LC loan.  I tried pre approval application process at SOFI about a month ago and was declined (soft pull but they make you fill out a decent amount of info and register for their site).  I logged back into my account today and re applied with same information (however tax lien did just get deleted since I went for pre approval last time and scores have jumped a bit) and was pre approved for 28k.  I took out 14k at 12% to pay off LC which was over 20%.  I went through the application process and uploaded all pertinent docs (birth cert, pay stub, DL) and recieved the "Thank you for providing your information. We are currently processing your application. We'll contact you shortly with next steps. Please don't hesitate to call us at 1-855-456-SOFI with questions."  For anybody else who has applied and been approved, is this standard?  If I was denied, would they have denied me right there or not even let me go through the process with the pre approval?  Thanks!

[RonM21]

The thing is, pre approval does not guarantee approval. What I'm thinking is that this is just the message given when the application goes into review, or when they need more time to look it all over before making a decision.

I hope it works out for you!!

[Anonymous]

RM, I hope, this would help me out greatly!  From doing research on SOFI, I think the pre approvals are pretty solid.  I hope I am not the exception.  

[Anonymous]

Lol....

[Anonymous]

---

@Anonymous wrote:

RM, I hope, this would help me out greatly!  From doing research on SOFI, I think the pre approvals are pretty solid.  I hope I am not the exception.  

---

+1

[Anonymous]

Why the lol donny?  Do you have any experience with Sofi loans?  I'd greatly appreciate any info.

[Anonymous]

---

@Anonymous wrote:

Why the lol donny?  Do you have any experience with Sofi loans?  I'd greatly appreciate any info.

---

I thought it was funny that another poster was explaining to you what a preapproval means. When I knew you already knew what it means and that you know SOFI pre approvals are solid for the most part.

[Anonymous]

Yeah, sometimes I use this board as a reassurance.  I stress out and get anxious about non-immediate credit decisions because I really want my score to be the best it possibly can and also save money on top of it.  But yeah, I do know SOFI preapprovals are pretty solid.  696 experian credit score, no liens, 52k income (kind of low for their standards), Bachelors degree from a good university (I know they want at least a bachelors degree), and pre approved already....should be good yet I am still anxious lol. 

[Anonymous]

Personally, I think you're good to go!

[gdale6]

Lets stop the direct going after of a poster, its not inline with the spirit of these boards and it can lead to flaming incident which is a violation of our TOS. Thank you for your understanding on this.