SoFi Personal Loan

[Revelate]

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@cmoynihan wrote:

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@Revelate wrote:

Doubtful; on the score disclosure you got, did it say FICO on it or not?  If it did, no modification.  If it didn't it might be an internal score using Experian's data.

What you're looking for is the score range, as that can often identify (at least currently) which verion was actually used.  If you wouldn't mind sharing that data I'd appreciate it if it's there, I'm going to need to be sorting some financing in the future and while SoFI is more for student loan consolidation for me in the future if I go that route, I'd be very intersted in seeing if we can figure out what version they are using.

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Here is a screenshot of the score in my application. What you say makes more sense to me, but the ambiguity of the page in that screenshot lends to confusion.

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For what it's worth I find that a little ambiguous too.  I don't have the letter handy but for example when JCB approved me, they pulled a TU (300-850) which matched FICO 8 exactly, and EX and gave me a score range of 320-844 which is uniquely EX Risk Model v2... which I also happened to know since it was just post mortgage application and that matched my EX score from there.

I'm actually a little disappointed by SOFI's score disclosure, ah well.

[Anonymous]

From what I understand, they are taking a different approach than most lenders with internal UW criteria that is not focused on scores....

I think this is absolutely correct. I've apped, (checked rates), with all of them and I've gotten approvals from every one except SoFi. The last time I apped with them my EX score was sitting at 799.

[Revelate]

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@Anonymous wrote:

From what I understand, they are taking a different approach than most lenders with internal UW criteria that is not focused on scores....

I think this is absolutely correct. I've apped, (checked rates), with all of them and I've gotten approvals from every one except SoFi. The last time I apped with them my EX score was sitting at 799.

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Was it a SP or HP and I assume your score was from either here or CCT?

[Anonymous]

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@Revelate wrote:

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@Anonymous wrote:

From what I understand, they are taking a different approach than most lenders with internal UW criteria that is not focused on scores....

I think this is absolutely correct. I've apped, (checked rates), with all of them and I've gotten approvals from every one except SoFi. The last time I apped with them my EX score was sitting at 799.

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Was it a SP or HP and I assume your score was from either here or CCT?

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For me, it was a SP to check rates and get preapproval. HP appeared the day I submitted my app.

[Anonymous]

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@Revelate wrote:

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@Anonymous wrote:

From what I understand, they are taking a different approach than most lenders with internal UW criteria that is not focused on scores....

I think this is absolutely correct. I've apped, (checked rates), with all of them and I've gotten approvals from every one except SoFi. The last time I apped with them my EX score was sitting at 799.

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Was it a SP or HP and I assume your score was from either here or CCT?

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Soft pull, and the score was from CCT.

[Revelate]

Thanks both of you!

[Appleman]

Congrats on your SoFi.com loan. Like you I felt I was stuck with high utilization on my CCs. When I applied my Exp score was 716 or so. I have a flawless payment history and an income north of $100,000. Sincxe my utilization dropped like a rock and my scores have increased. Currently I am at 756 with Experian as I did go on a bit of an app spree (Exp seems to be pulled the most). I do have 20 year old tradelines so my AAoA was good with current AAoA at 8 years plus.

I was very pleased that SoFi.com helped me re-finance my CC debt and save plenty on payments and interest charges. I still use my credit cards a lot but I am also on a budget and only buy what I can pay off immediately. YNAB truly changed the way I view money and I believe will keep me on track to continue to shed debt.

I have the same interest rate of 10.125% but this beat Prosper and LendingClub offers by 5%.

It has been 6 weeks and SoFi has not posted the account to the CRAs so we will see what that does to my scores.

As an aside, on my same HP I also refinanced my student loans saving 2% on the rate ($3,500 in savings with the same payment schedule but less monthly payment).

Enjoy paying off those credit cards!. You should be getting a SoFi.com gift box 6 weeks or so after your loan is funded.

[Anonymous]

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@Appleman wrote:

As an aside, on my same HP I also refinanced my student loans saving 2% on the rate ($3,500 in savings with the same payment schedule but less monthly payment).

Enjoy paying off those credit cards!. You should be getting a SoFi.com gift box 6 weeks or so after your loan is funded.

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Thanks! I am very excited to getting things moving in the right direction.

I plan on looking at the student loan rates again at some point, as the rates I got on pre-qualification were too high to make it worth redoing them. I am going to chat with them to see what I would need to get their lowest rate. The best they had was 4.74% for 5 years fixed, and 3.69% for 5 year variable. If it was 2-3% then I'd be in.

[Anonymous]

I just got a letter from them saying I've been "pre-selected" for a loan up to $98,370 dollars!  lol, I have no idea where that number came from, but cripes, that's a lot and I would never borrow that much, ever.  It said variable rate at 4.73% APR or fixed rate at 5.95%, which is slightly lower than my Lending Club loan.  Unfortunately, even though the APR is just slightly lower than what I got earlier, with the origination fees I already paid between the earlier and what I will have to pay for the latter, net-present-value of both options is still cheaper if I stay put in my Lending Club loan.

In any case, I didn't really know about SOFI prior to me getting my Lending Club loan.  I probably would have went for SOFI first just because the APR is seemingly less, but it's too late now.  Both have origination fees, which is a percentage of the loan, so please take that into consideration. 

[Appleman]

Yes, SoFi goes up to $100,000 so you about topped it out. 

I did the pre-qual soft pull and was told I was approved for $88,000. I took the loan but for a lower amount.

SoFi.com is very easy to work with and it is good to know they are there if you need them.