Advice Needed

[Anonymous]

Help Please!!  

I am trying to consolidate my federal student loans.  I received a pre-approval from Sofi after the soft credit check (experian) with a great rate.  They requested a recent paystub; I am curently a salary employee with an income of $100k.  The next day, I recieved a denial email.  My credit score is 794, confirmed by Sofi confirmed in their denial letter.  The denial letter states an explanation which states: "largest credit limit on open bankcard or revolving account is too low".  

Does anyone aware of what this means?

Here is a list of my credit cards and the limits: 

Bank of America MC $30,000 (joint card with my husband, balance $60)

Bank of America MC $9000 (balance $800)

Discover $9500 (balance $37)

Citibank $4600 (balance 0)

Kohls $2000 (balance 0)

Old Navy $2900 (balance 0)

Can anyone recommend any other other student loan refinance companies that offer great rates to people with good credit scores and moderate income?   Many Thanks!!  

[SoCalifornia]

You should probably consider posting this on the Student Loan board- under Types of Credit. Or perhaps a Mod will move it, to get better exposure amongst those more adept to answer your questions.

[SouthJamaica]

---

@Anonymous wrote:

Help Please!!  

I am trying to consolidate my federal student loans.  I received a pre-approval from Sofi after the soft credit check (experian) with a great rate.  They requested a recent paystub; I am curently a salary employee with an income of $100k.  The next day, I recieved a denial email.  My credit score is 794, confirmed by Sofi confirmed in their denial letter.  The denial letter states an explanation which states: "largest credit limit on open bankcard or revolving account is too low".  

Does anyone aware of what this means?

Here is a list of my credit cards and the limits: 

Bank of America MC $30,000 (joint card with my husband, balance $60)

Bank of America MC $9000 (balance $800)

Discover $9500 (balance $37)

Citibank $4600 (balance 0)

Kohls $2000 (balance 0)

Old Navy $2900 (balance 0)

Can anyone recommend any other other student loan refinance companies that offer great rates to people with good credit scores and moderate income?   Many Thanks!!  

---

My suggestion would be going to a credit union.

1. They have the best rates and customer service.

2. Their loans don't get tagged as 'consumer finance accounts'.

[Anonymous]

I second the credit unions, like Navy Federal.

The BofA card, it's a joint card or you're an authorized user on your husband's card?

How much are your loans? Undergraduate or graduate? If the total balance is too much and you have multiple loans you could always consider consolidating only a portion of the loans. That way, if anything happened, at least some of them would be protected by federal student loans benefits too.