SoFi Personal Loan Preapproved with 583 FICO

[Anonymous]

So I'm a bit weary as they preapproved me last evening - for the first time ever (I've applied a few times before) - scores haven't changed much - yet preappoved and currently under review for $5000 @ 9.49% 36 month term.  Is this too good to be true?  Someone bust by bubble before underwriting does.  High number of inquiries (they pull EXP) and derogs on my report, but I also make $80K annually and have no debt.  Super confused, excited - but don't want to get my hope up.  Have you all had any experience with them?

[Anonymous]

Wow. Congrats on the preapproval! 
Maybe I need to try my luck. Got debt though😏

[AMJ50]

May have to try my luck, as well. That's a good rate for your Fico

[justbeyou0724]

Did the loan get approved with the pre approval terms you were given?

[AzCreditGuy]

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@Anonymous wrote:

So I'm a bit weary as they preapproved me last evening - for the first time ever (I've applied a few times before) - scores haven't changed much - yet preappoved and currently under review for $5000 @ 9.49% 36 month term.  Is this too good to be true?  Someone bust by bubble before underwriting does.  High number of inquiries (they pull EXP) and derogs on my report, but I also make $80K annually and have no debt.  Super confused, excited - but don't want to get my hope up.  Have you all had any experience with them?

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Make sure you understand you will get a CFA code on your report and it will stay on the loan even after you pay it off...I learned the hard way

[Relatxbles]

Wow! Sofi is a great one. 

[CrimsonMoon93]

@AzCreditGuy can you explain more of this?

[ghgirll40]

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@AzCreditGuy wrote:

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@Anonymous wrote:

So I'm a bit weary as they preapproved me last evening - for the first time ever (I've applied a few times before) - scores haven't changed much - yet preappoved and currently under review for $5000 @ 9.49% 36 month term.  Is this too good to be true?  Someone bust by bubble before underwriting does.  High number of inquiries (they pull EXP) and derogs on my report, but I also make $80K annually and have no debt.  Super confused, excited - but don't want to get my hope up.  Have you all had any experience with them?

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Make sure you understand you will get a CFA code on your report and it will stay on the loan even after you pay it off...I learned the hard way

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What is a CFA code? I have never seen this before.

[AzCreditGuy]

@CrimsonMoon93  Here is some reading for you https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/CFA-notation/td-p/6266907

Short explanation CFA = Consumer Finance Account, which are loans for people with bad credit or who have issues getting loans. SOFI is not a CFA company, I even emailed the CEO to explain to him why they were designated as such, he told me they were not a CFA. The problem is FICO and its old ways of only giving banks a pass and will not do to this to the new way of getting loans like SOFI, which they give them the CFA code, which is wrong and penalizes the consumers for no reason. 

No one knows how many points one gets dinged when they have the CFA code on their report, but I have a feeling its keeping me from being around 800 again.

I had a 4-year term with SOFI and closed out my loan in June 2021, my scores before I closed my loan were around, the 820’s. Once I closed the loan my scores dropped anywhere from 30 to 45 pts. You get penalized by Fico for not having a loan on your report.  This loan even though it is closed will carry that CFA code for 10 years, further penalizing me because FICO is can’t even update its old ways

[AzCreditGuy]

@ghgirll40 See my post above