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Does SOFI report as an installment loan or..

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rayj102
New Member

Does SOFI report as an installment loan or..

Hi,

 

   Does SOFI report to credit bureaus as a personal/installment loan or a consumer finance account likeOne Main? I think an installment/bank/CU loans help more but credit scores aren't where I need them. Trying to use to payoff credit cards. 

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GZG
Valued Contributor

Re: Does SOFI report as an installment loan or..


@rayj102 wrote:

Hi,

   Does SOFI report to credit bureaus as a personal/installment loan or a consumer finance account likeOne Main? I think an installment/bank/CU loans help more but credit scores aren't where I need them. Trying to use to payoff credit cards. 


all of those are 'installment loans' but an installment loan can also be classifed as a CFA or not classifed as a CFA. 

 

I wouldn't imagine a personal loan from Sofi does, personally.

 

but maybe somebody has one and can tell if that triggered the CFA FICO reason code or not.

Starting FICO 8:
Current FICO 8:


2/6, 3/12, 11/24
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MissLiz
Frequent Contributor

Re: Does SOFI report as an installment loan or..

I really wish a definitive list existed of what lenders are classified as a CFA. Moreover, I wish FICO would just tell us!

“A woman’s best protection is a little money of her own.” – Clare Boothe Luce
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