SOFI LOANS......need some experience

[rchvmz]

I did the SOFI  pre-approval application online, and asked for 10k-----came back PRE-APPROVED with 2 offers---from 2k to 5k at 21%, or 5k to 8k at 24%--my credit isnt pretty, no collections, 7 open, clean CC with perfect pay history for 1.5 year, 1secured installment-- AND I have a Chaptr13 BK that just discharged but the discharge has not hit my file yet-- SOFI PRE-APPROVED me anyway!!! I called and lady said they did a soft pull to pre-approve me, and said that with them coming back with rates, that usually ends up with a solid loan approval?...they had to have seen the BK?--income nothing big, 74k...they only asked for front/back of DL----most recent paystub....and had me add bank info for auto pay---equifax 701  TU 695  EP  661.......seems to good to be true with the BK not showing its discharged yet.......anyone with any SOFI experience

[FinStar]

Based on DPs reported here, it appears a variety of SoFi loans tend to trigger CFA negative reason codes for FICO scoring - if that matters to you. Lots of DPs in the Understanding FICO Scoring section.

[rchvmz]

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@FinStar wrote:

Based on DPs reported here, it appears a variety of SoFi loans tend to trigger CFA negative reason codes for FICO scoring - if that matters to you. Lots of DPs in the Understanding FICO Scoring section.

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I do not understand what you are saying here---Im so new to this stuff, I do not know what CFA means---Im perplexed SOFI pre approved me with the BK still sowing filed. 

[FinStar]

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@rchvmz wrote:

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@FinStar wrote:

Based on DPs reported here, it appears a variety of SoFi loans tend to trigger CFA negative reason codes for FICO scoring - if that matters to you. Lots of DPs in the Understanding FICO Scoring section.

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I do not understand what you are saying here---Im so new to this stuff, I do not know what CFA means---Im perplexed SOFI pre approved me with the BK still sowing filed. 

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CFA = Consumer Finance Account.

Below is one of several threads that have been posted on this particular topic:

https://ficoforums.myfico.com/t5/Personal-Finance/The-CFA-problem/m-p/6305785

Also, plenty of lenders can pre-qualify loan applicants with not-so-perfect credit histories including the presence of BK on credit reports. Terms will of course can differ on loan amount and maturity.

[rchvmz]

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@FinStar wrote:

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@rchvmz wrote:

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@FinStar wrote:

Based on DPs reported here, it appears a variety of SoFi loans tend to trigger CFA negative reason codes for FICO scoring - if that matters to you. Lots of DPs in the Understanding FICO Scoring section.

---

I do not understand what you are saying here---Im so new to this stuff, I do not know what CFA means---Im perplexed SOFI pre approved me with the BK still sowing filed. 

---

CFA = Consumer Finance Account.

Below is one of several threads that have been posted on this particular topic:

https://ficoforums.myfico.com/t5/Personal-Finance/The-CFA-problem/m-p/6305785

Also, plenty of lenders can pre-qualify loan applicants with not-so-perfect credit histories including the presence of BK on credit reports. Terms will of course can differ on loan amount and maturity.

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Finstar---so, if the pre approval, (this is a pre approval, not pre qualify) comes back with rates and $ offers with the presence of a BK, would that indicate the likelyhood of a solid approval?......seems like if they seen the BK it would have been instant denial...Thoughts?

[FinStar]

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@rchvmz wrote:

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@FinStar wrote:

---

@rchvmz wrote:

---

@FinStar wrote:

Based on DPs reported here, it appears a variety of SoFi loans tend to trigger CFA negative reason codes for FICO scoring - if that matters to you. Lots of DPs in the Understanding FICO Scoring section.

---

I do not understand what you are saying here---Im so new to this stuff, I do not know what CFA means---Im perplexed SOFI pre approved me with the BK still sowing filed. 

---

CFA = Consumer Finance Account.

Below is one of several threads that have been posted on this particular topic:

https://ficoforums.myfico.com/t5/Personal-Finance/The-CFA-problem/m-p/6305785

Also, plenty of lenders can pre-qualify loan applicants with not-so-perfect credit histories including the presence of BK on credit reports. Terms will of course can differ on loan amount and maturity.

---

Finstar---so, if the pre approval, (this is a pre approval, not pre qualify) comes back with rates and $ offers with the presence of a BK, would that indicate the likelyhood of a solid approval?......seems like if they seen the BK it would have been instant denial...Thoughts?

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I can't say for sure as far as a solid approval. I'd defer this to others who are more familiar or have been pre-approved by SoFi with a BK on CRs.

[Anonymous]

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@FinStar wrote:

Based on DPs reported here, it appears a variety of SoFi loans tend to trigger CFA negative reason codes for FICO scoring - if that matters to you. Lots of DPs in the Understanding FICO Scoring section.

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True, but IF (big IF, given those interest rates) the loans help you better manage your finances without again running up credit card debt, then it's probably worth the hit for having a Consumer Finance Account. I've had several loans from Lending Club, Discover & Lightstream and my score has recovered nicely over time. Not sure how the BK plays into it, though.

[FinStar]

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@Anonymous wrote:

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@FinStar wrote:

Based on DPs reported here, it appears a variety of SoFi loans tend to trigger CFA negative reason codes for FICO scoring - if that matters to you. Lots of DPs in the Understanding FICO Scoring section.

---

True, but IF (big IF, given those interest rates) the loans help you better manage your finances without again running up credit card debt, then it's probably worth the hit for having a Consumer Finance Account. I've had several loans from Lending Club, Discover & Lightstream and my score has recovered nicely over time. Not sure how the BK plays into it, though.

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Good point @Anonymous, expecially for individuals who may not have viable options with other lenders.  I've read some reports that LendingClub can trigger the CFA reason code, but IIRC, Discover PLs and Lightstream are not categorized or considered as CFAs.

[Remedios]

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@rchvmz wrote:

I did the SOFI  pre-approval application online, and asked for 10k-----came back PRE-APPROVED with 2 offers---from 2k to 5k at 21%, or 5k to 8k at 24%--my credit isnt pretty, no collections, 7 open, clean CC with perfect pay history for 1.5 year, 1secured installment-- AND I have a Chaptr13 BK that just discharged but the discharge has not hit my file yet-- SOFI PRE-APPROVED me anyway!!! I called and lady said they did a soft pull to pre-approve me, and said that with them coming back with rates, that usually ends up with a solid loan approval?...they had to have seen the BK?--income nothing big, 74k...they only asked for front/back of DL----most recent paystub....and had me add bank info for auto pay---equifax 701  TU 695  EP  661.......seems to good to be true with the BK not showing its discharged yet.......anyone with any SOFI experience

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I'm assuming they gave you total amount you'll end up paying. 

If $8000 at 24% sounds like a good idea, it is not.  

[AzCreditGuy]

If your BK is discharged and no longer showing up, I would wait to see what other loans you can get. I had clean credit but not many cards when I applied for SOFI, I got pre-approved for $12,500 at 12%. I thought that was high  rate for what they stated better credit would get. I regret not reseraching SOFI, while no fault to them, its really Fico that has the issue and gives the CFA. I emailed the CEO of Sofi and he got back and stated they are not a CFA FIRM. All the new money and ways to get loans has changed and Fico isnt keeping up and now I have a CFA code for 10 yrs due to BS....I paid off my loan within 2 years of getting it and was dinged another 30 pts for not carrying debt, its the Fico way.