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SoFi vs. NFCU vs. Others?

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Valued Member

SoFi vs. NFCU vs. Others?

  • Looking to consolidate some debt, SoFi SP prequalified for $50k @13% for 5 years. I have not read many good things on them and am curius about other companies. I was also prequalified at BestEgg but highter %, and unlike SoFi they charge origination fees-a nogo for me. Can anyone comment on their NFCU personal loan experience? I have a stellar record with them, one auo loan, and 2x$25k credit cards. But of course NFCU enjoys HP. Thanks in advance. 

    750ish FICO, 9% util.$160k income.
Message 1 of 7
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Valued Member

Re: SoFi vs. NFCU vs. Others?

I got a 7 year 50K SoFi loan at 11% about 8 months ago and there have been no problems.  I would reccommend them.

Hi ho hi ho its off to the garden I go!!!!
FICO8- 07/26/2018 TU- 753 EQ- 764 EX- 756
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Message 2 of 7
Senior Contributor

Re: SoFi vs. NFCU vs. Others?

I've only had experience with Prosper for a personal loan a couple years ago, decent rate & no problems but they also charge an origination fee.

 

Just be aware that with a personal loan from places like SoFi, Prosper, BestEgg & similar will get you a negative comment on your Fico score "too many consumer finance accounts", even if you just have the one. Personal loans are pretty much all they do, so easy to spot. A personal loan from NFCU or other large CU will be marked as a 'regular' installment loan because personal loans are a small part of what they do so the CRAs can't tell the difference..


Fico 08: 734/716/734 TU/EX/EQ
Message 3 of 7
Valued Member

Re: SoFi vs. NFCU vs. Others?

Thanks for the responses, I went ahead and applied. Did not see a 7 year option, only 5. Upoloaded the docs and completed the employment verification form.  Now on to waiting. 

Message 4 of 7
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Frequent Contributor

Re: SoFi vs. NFCU vs. Others?


@DaveInAZ wrote:

I've only had experience with Prosper for a personal loan a couple years ago, decent rate & no problems but they also charge an origination fee.

 

Just be aware that with a personal loan from places like SoFi, Prosper, BestEgg & similar will get you a negative comment on your Fico score "too many consumer finance accounts", even if you just have the one. Personal loans are pretty much all they do, so easy to spot. A personal loan from NFCU or other large CU will be marked as a 'regular' installment loan because personal loans are a small part of what they do so the CRAs can't tell the difference..

 

Do you have proof of places like Sofi will earn a consumer a negative vs others? 


 

EQ 812 / TU 802 / EX 818 (Before the credit sprees will update soon)
Message 5 of 7
Super Contributor

Re: SoFi vs. NFCU vs. Others?


@FenderGuy wrote:

@DaveInAZ wrote:

I've only had experience with Prosper for a personal loan a couple years ago, decent rate & no problems but they also charge an origination fee.

 

Just be aware that with a personal loan from places like SoFi, Prosper, BestEgg & similar will get you a negative comment on your Fico score "too many consumer finance accounts", even if you just have the one. Personal loans are pretty much all they do, so easy to spot. A personal loan from NFCU or other large CU will be marked as a 'regular' installment loan because personal loans are a small part of what they do so the CRAs can't tell the difference..

 

Do you have proof of places like Sofi will earn a consumer a negative vs others? 


 


I have a Best Egg loan that coded as a CFA on my credit reports. There have been reports about SoFi and Prosper coding as well. 


Scores 1/2019:
Scores 9/2019:

Hover over my cards to see my limits!
Goal cards: Does it look like I really need any more cards? My goal is to garden until 2/2020.
Message 6 of 7
Super Contributor

Re: SoFi vs. NFCU vs. Others?

I can’t edit my post but here is a report that specifically shows SoFi codes as CFA. 

https://ficoforums.myfico.com/t5/myFICO-Product-Feedback/Consumer-finance-account-error/m-p/4689140/...


Scores 1/2019:
Scores 9/2019:

Hover over my cards to see my limits!
Goal cards: Does it look like I really need any more cards? My goal is to garden until 2/2020.
Message 7 of 7
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