SoFi Personal Loan

[Anonymous]

Thank you for those links. Maybe it is just a case of maneuvering through uncharted, if not ill-advised territory for Sofi. We shall see.

[Anonymous]

I am also waiting for funding.  I signed my documents on March 8th.. waited untl the 18th to call them back.  The rep told me that they had just completed verifications on that day - the 18th  and their "7 to 10 business day" window started after verifications.   Very strange that they told me I was approved before they completed all verifications.  Anyway - my loan has been in "fundng" status since March 8th.   I am glad they removed their "in the next few days" message on their website since it was totally unrealistic.   I'm hoping that "7-10 business days"  is closer to the outcome.  It is frustrating though since I am having to make April payments to my credit cards which I had not planned.

[Anonymous]

I was approved for a personal loan through SoFI and experienced the same wait/delay as the previous posters.   My wait was about 14 days before the direct deposit.   Quick question - has anyone noticed an improvement in their credit scores after they paid off their credit cards with the SoFI personal loan?  Thank you.

[Appleman]

The score improvement will depend on where your current utilization is currently. My scores went from 705-728 up to 776-795 as my utilization dropped like a rock(60 to 14%). To further drop utilization consider apping the Cap1 Venture card (I received 20K CL) and I was approved for the Chase Marriott (12K CL). This could further improve your utilization IF you did not fully pay off your cards. These are just my data points. YNAB also is keeping me honest with my spending.

Now, please don't go and run up the cards or you will really crater your scores.

YMMV

[Anonymous]

I paid off two credit cards already but my SoFI loan will be paying off 2 cards at 100% utilization and the remaining balance on my Lending Club personal loan (MUCH higher interest rate).   I will have 0 balances on my credit cards. 

Will definitely not be running up our credit cards...will only use them within our budget to keep them active and pay off monthly.

I have a Cap1 QuickSilver card but was considering the Venture card.   What is the difference?

Also, what is YNAB?

Thanks!

[Anonymous]

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@Anonymous wrote:

 Quick question - has anyone noticed an improvement in their credit scores after they paid off their credit cards with the SoFI personal loan?  Thank you.

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I paid off my cards about two weeks ago and my scores are already climbing.

As you can see in my sig, EQ is +27, TU is +28, and EX is +49. And there are still a few more cards that have not reported, especially to EQ and TU. Those should happen over the next 10 days or so.

My UT across the board prior was 90% or so, and now it is ~1%.

I just got my DCU FICO 5 on Friday and it is now 702, which is +38 points since last month. DCU Home Equity Loan here I come.

[Anonymous]

I just chatted with SOFI customer support to clarify the delay.

They told me that the delay is 30 BUSINESS days,  which means 6 weeks..   altho it could be sooner.    Just to let everyone know.   For me, I was approved on Mar 8th - so I should expect funding by mid April.

[Anonymous]

Ugh, I am sorry to hear of more delays....we too went from "a few days" to "7-10 days" to "7-10 business days from signing" to "30 days", which now I see from your post is "30 business days", so I am fully expecting this to turn into "30 business days from last contact" !!! What a roller coaster! The extra interest we are paying without this particular loan almost seems more desireable than the uncertainty of living in Limbo with this Mickey Mouse outfit.

Again, honesty and transparency with the delay would do more for their reputation than the on-going vague promise scheme they are utilizing. Sigh.

[Anonymous]

Hah!  I guess I need to stop calling them!

[Appleman]

YNAB = You need a budget, some of us on the forum live by the program. You can try it out for 34 days for free after that it is $45 if you pay annually.

I had a Cap1 Plat with annual fee. Had it upgraded to QS no AF. However, I could never get a CLI on that card. I read a lot about the Venture and that some people were given high CLs (it is relative) and they gave me $20,000 CL. Not my highest limit but certainly higher than a few of my cards.

Sounds like growing pains with SoFi.com but I would say very worth the wait.