Can I Get Approved for Sofi Loan?

[Ahava18]

Hi All,

I applied for a Sofi loan and was denied for the following reason.

Thank you for your recent application. Your request for a loan was carefully considered, and we regret that we are unable to approve your application at this time, for the following reason(s): Limited credit experience

I do have limited personal credit accounts at the moment, however, I have a great score of 747.

Do they offer reconsideration? Is there a path to get a loan from them or any other lender?

Best

[JoeRockhead]

You don't specify what scoring model your quoted score is... Fico 8, Vantage? But, Score alone isn't the only factor considered. They also look at your income, DTI, length of credit history, how much you're trying to borrow, etc...  in addition, some lenders also consider risk assessment based on what you want the money for.

I don't know that SoFi has a reconsideration dept. for their loans like they do for their credit cards, but it wouldn't hurt to call their customer service to see if they can expand on why you were denied.  

I'm sure there are lenders out there that will lend you some amount of money, the question will be what kind of rates will they offer. I'd recommend you look into a credit union.   

[Ahava18]

According to Chase Credit Journy 

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@JoeRockhead wrote:

You don't specify what scoring model your quoted score is... Fico 8, Vantage?

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The 747 score was what the SoFi letter stated that the've obtained my score from Experian. Chase CreditJourney puts my Experian Vantage 3.0 at 775.

I have 2 open accounts and 8 OLD closed accounts in good standing. Most of them closed 5+ years ago.

[FlaDude]

I assume the Sofi Experian score was some version of FICO. The vantage score is used by few, if any, lenders and doesn't really matter.

I've had good luck using the prequalification tools at CK, Nerdwallet, Wallethub, etc. to find loans. They will shop a bunch of lenders with only an SP until you actually apply. I've gotten three loans that way and always ended up getting the loan at the interest rate and terms that the prequal page offered.

[AzCreditGuy]

Had I know that the Dinosaur system of Fico would have coded my SOFI loan as a CFA, I would have never gotten a loan with them. I paid off that loan in 2 years instead of 4 and closed the account and this CFA will affect my credit for 10yrs, what BS

[KatzNDawgs]

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@AzCreditGuy wrote:

Had I know that the Dinosaur system of Fico would have coded my SOFI loan as a CFA, I would have never gotten a loan with them. I paid off that loan in 2 years instead of 4 and closed the account and this CFA will affect my credit for 10yrs, what BS

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You can dispute at 7 years and they should remove even if "in good standing" if you want the CFA tag off. Still not ideal but shaves some years off.