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Sofi Personal Loan Experience

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Regular Contributor

Sofi Personal Loan Experience

Had a number of cards at high rates, applied for debt consolidation loan with Sofi. Wife was in grad school and wasnt working for a while so some hard times caught up with me. Applied 4/4, preapproved for 50K, filed paperwork, hard pull a week later, approved on 4/13 for 40K @ 8%ish (status changed to funding). Loan funded 4/20 and deposited in account on 4/21, Start to finish, 16 calendar days. Felt like forever. However they said they were crazy busy hence the timing. 

 

Score on apporval was 677, utilization was 38%, income 100K+, had a couple of baddies a while back. 30 & 60 day late of a Cap 1 card back in 2010. Card was closed, and I Paid off the balance in 2012. Also had a collection from 2011. Was paid back in early 2012. 

 

Let me know if you need any other data points.

 

Every single cent went to pay off my cards.. Disputed all three bureaus immediately, and waiting to see what happens to my scores...

 

Simply feverish

400K+ in open revolvers. 8% UTIL,
Inquiries- TU:2, EQ:2, EX: 3
Starting Scores: 6/12 EX: 613 11/13 TU:614
06/18: F08EX: 781; F08EQ: 787; F08TU:769 Short term goal: 800+ across all 3 Bureaus. Last app 07/19 (BBVA Personal Loan - Approved with Hard pull).
Message 1 of 8
7 REPLIES 7
Valued Contributor

Re: Sofi Personal Loan Experience

Congrats on the SoFi.com loan. Is your personal loan fixed or variable?

Thanks for providing the data points, it will help others.

Message 2 of 8
Regular Contributor

Re: Sofi Personal Loan Experience

There was the option of both. i took the fixed rate.

400K+ in open revolvers. 8% UTIL,
Inquiries- TU:2, EQ:2, EX: 3
Starting Scores: 6/12 EX: 613 11/13 TU:614
06/18: F08EX: 781; F08EQ: 787; F08TU:769 Short term goal: 800+ across all 3 Bureaus. Last app 07/19 (BBVA Personal Loan - Approved with Hard pull).
Message 3 of 8
Super Contributor

Re: Sofi Personal Loan Experience

Nice.. Enjoy it and thanks for sharing.

Message 4 of 8
Moderator Emeritus

Re: Sofi Personal Loan Experience

Congrats!

 

Disputing balances like never ever helps.  Neither the bureaus nor the lenders will do anything about it (as they have 30 days to sort it, which would include another statement generation), and disputes can do wonky things on one's scores for extended periods of time unfortunately.




        
Message 5 of 8
Regular Contributor

Re: Sofi Personal Loan Experience

Got a 20 point drop in equifax after all the reinvstigating/disputes alerts hit.. Completely mystified by myfico. Only other thing there was a 5 dollar balance that reported on my cap1 card. Nothing fell off my reports, no inquiries, no derogatory accounts...Nothing... Mystified

400K+ in open revolvers. 8% UTIL,
Inquiries- TU:2, EQ:2, EX: 3
Starting Scores: 6/12 EX: 613 11/13 TU:614
06/18: F08EX: 781; F08EQ: 787; F08TU:769 Short term goal: 800+ across all 3 Bureaus. Last app 07/19 (BBVA Personal Loan - Approved with Hard pull).
Message 6 of 8
Frequent Contributor

Re: Sofi Personal Loan Experience

I posted a new thread - http://ficoforums.myfico.com/t5/General-Credit-Topics/Prosper-loan-and-impact-on-FICO-score/td-p/456...

 

But, I wanted to attempt to piggyback on your thread.  For those who have secured personal loans, when you look at your credit report - does these types of loans show as a negative factor for Mortgage Lending and older variations of Credit Card FICO scores.  

 

I have a Prosper loan with some great terms.  However, the loan appears to be negatively impacting certain FICO scores.  Unfortunately, myfico.com does not disclose how big of an impact consumer finance loans are.  But, in my situation - I was hoping to apply for a mortgage in the next several months.  Now, I am wondering if accepting the Prosper loan was such a great idea after all.

 

 

Message 7 of 8
Moderator Emerita

Re: Sofi Personal Loan Experience


@TrueGeminiNC wrote:

I posted a new thread - http://ficoforums.myfico.com/t5/General-Credit-Topics/Prosper-loan-and-impact-on-FICO-score/td-p/456...

 

But, I wanted to attempt to piggyback on your thread.  For those who have secured personal loans, when you look at your credit report - does these types of loans show as a negative factor for Mortgage Lending and older variations of Credit Card FICO scores.  

 

I have a Prosper loan with some great terms.  However, the loan appears to be negatively impacting certain FICO scores.  Unfortunately, myfico.com does not disclose how big of an impact consumer finance loans are.  But, in my situation - I was hoping to apply for a mortgage in the next several months.  Now, I am wondering if accepting the Prosper loan was such a great idea after all.

 

 


Hard to know without seeing your specific mortgage scores.  Mortgage lenders don't necessarily care if you have a 'consumer finance' type account. They are looking at your score and your DTI,  If the loan you received has good terms, then don't worry about the notation of "consumer finance account", but this is my individual opinion.

 

 I have seen people clean up their reports by getting Prosper loans (for example) and paying off the revolving debt. That is an excellent use for the loan and overall increases FICO scores. 

Message 8 of 8
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