Refinancing as SoFi Loan

cakkd · ‎11-01-2018

I just got a SoFi loan for credit card debt, and lo and behold with the greatly reduced utilization, my credit score shot up. My score is now 782 on Transunion and 815 on Equifax.

The loan I got for $17k at SoFi has an IR of 11 point something.

Question: Would it now be appropriate to shop for a better rate with the credit bump and all? Any idea on what the lowest rate I could get on an unsecured loan would be?

Btw, there are no pre-payment penalties.

Starting scores (June 9,2012): 591(TU), 582(EXP), 591(EQUI)
Current score: 721 (Discover Fico)
Goal scores: 761 across the board

the1picard · ‎11-01-2018

I know penfed has great loan rates right now with no origination fees.

07/21/07 TU: 642 EQ: 680 EX: 675
10/19/07 TU: 648 EQ: 682 EX: 682
01/20/09 TU: 679 EQ: 675 EX: 699
05/05/09 TU: 682 EQ: 675

FlaDude · ‎11-05-2018

There are plenty of lenders you can check without a hard pull. Marcus worked well for me last year with no origination fee at 6% (10k for 3 years) with a score in the low to mid 700's.

You can also check on Credit Karma or other similar sites for pre-approvals with no hard pull. It won't take much time to do some shopping and see what is actually available to you. Just make sure they say that checking has no effect on credit score so you don't inadvertently get a hard pull.

Scores: March 21 FICO 8: EX 810, TU 808, EQ 813
AoOA: closed: 40 years, open: 30 years; AAoA: 14 years
Amex Gold, Amex Blue, Amex ED, Amex Delta Blue, Amex Hilton Surpass, BoA Platinum Plus, Chase Freedom Unlimited, Chase Amazon, Chase CSP, Chase United Explorer, Citi AA, Sync Lowes, total CL 203k

Anonymous · ‎11-06-2018

Those are really high scores. You'd stand a good chance of beating that rate just walking into a bank. I know Wells Fargo has unsecured personal loans starting at around 7.5%

Maybe a silly question since you're asking, but do you own a house? You can get sub 7% rates with security.