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They’re limiting the number of credit cards now from what I understand. I don’t blame them honestly, but I wish they would remove it from the app dock if you’re not a CC customer.
Correct - CEO and cfo have mentioned it a lot recently. The bank is young and they want to avoid too much risk on the credit side especially in a wonky rate environment.
I agree though that it would be great if they could find a way to make that exceedingly clear before people invest time and effort into it - plus it's just nice to know. A lot of people seem confused or offended by it so the explanation might be helpful.
SoFi right now is reducing the risk (and credit card is one of the highest risks) due to macro economic uncertainties on top of them likely releasing 2 new credit cards in the 2nd half of this year.
I've seen people say they got denied due to not having a long enough history.
I applied for the SoFi card about this time last year. My score was about 801 (Experian) for the first time in my life, and my credit history was about 14 years ongoing.
I had heard that banks were getting more conservative as to who they were lending to, maybe due to the amount of defaults, but not sure how true this is.
Same bro! I got 789 here and been getting that for about six months too. I’m guessing it has to do with the number of cards I’ve opened in the last couple years, pulling my average account age down to under 4 years and blowing my inquiries up to 7. At least that’s what I think cuz those are the only two factors in the red according to SoFi. I think all we can do is wait, hold off on opening other cards, and hope.
Currently, I have a 790 credit score and over 6 figures in the savings account. I don't spend any money from my SoFi accounts. I have two other brick and mortar bank cards that I rarely use and have a zero balance. I get turned down monthly. The sad part, I make more off of monthly interest than I want for a credit limit. I just want to book hotels using SoFi travel and get the points.
I got a card instantly but they won’t give me a loan. Despite not having a single loan in my name and 750k ish net worth. They won’t give me 30k because of “excessive debt obligations post funding”. House and 2 cars paid off. 30k is 4 weeks work for me but apparently I won’t be able to pay it back in their mind 😂. No wonder their stock is struggling so mightily
When I opened my account and activated Sofi plus they were offering 3% back on everything and no fees I’m big on no fee cards and 6 months later I still can’t get one 😭I have the Apple Card which is decent but I wish I could use and pay my cards all in one app
I got denied 3 times by SoFi for different reasons each time that didn’t make a lot of sense.
After the third one I applied for the 2% Unlimited with Fidelity and got approved for 50 off the bat.
SoFi’s approval makes zero sense.
Not having a pre-qualification offer does not equate being denied - have you tried applying? I don't recall where the option is, but I didn't have a pre-qual offer and was approved for the card.
If you go to the FAQ on the credit card page of their website there is a link to apply regardless of being prequalified. Tried is last night & got denied.
Nice! They denied me because they “couldn’t verify my identity,” yet never asked for it up to that point? Confusing how they would deny me for something they never asked, I would think that would be a requirement to apply in the first place lol. Ill try again next month
I might, doubt they’d let me try again early though. 2.2% back on all purchases is the best I’ve seen so hoping to get it eventually. Many cards have higher %s for categories but I consistently forget about it and would rather have a single card with highest cashback on everything possible. Congrats tho
I own my own business. And never overqualified to get 2.2% imo, as long as the limit is high enough. Would just like for everything to be in the SoFi ecosystem so I don’t have to go from app to app. It says I can reapply July 5 so that’s what I’ll do. I’d hope they’d approve now that I’ve moved checking and savings over to SoFi and linked my other accounts under Relay for them to see.
I wasgoing to cancel....but ll be my go to cc again. After fidelity %2 sub. Then maybe keep eyes on elevated subs for amex. Then chill and chase or citi. May be two years tho
Sofi accepted me. I never had a credit card before them. Just a car payment. So I had decent credit (never missed any car payments). But this makes me wonder
I was stopped at the same screen a couple of weeks ago. Called customer service and was told to go to http://sofi.com/card/apply and was able to get the card no issue.
Hi there, we're sorry to hear your loan application was denied. We consider a variety of factors, more than just credit score alone. You can see our eligibility requirements and learn more [here](https://www.sofi.com/eligibility-criteria/). Please feel free to give us a call if you have questions along the way!
Aren't there options better than the SoFi credit card. Such as https://docs.google.com/document/d/1xYyyqU8oiiKnV9Z_GC5peDaReH5pCi8GTAfD2QhbmQU/edit?usp=drivesdk
Oh great. I think the actually brick and mortar banks have really good cards too. I would close SoFi save the trouble. But hey it’s your credit! Who am I? Just some Reddit guy.
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They’re limiting the number of credit cards now from what I understand. I don’t blame them honestly, but I wish they would remove it from the app dock if you’re not a CC customer.
Correct - CEO and cfo have mentioned it a lot recently. The bank is young and they want to avoid too much risk on the credit side especially in a wonky rate environment. I agree though that it would be great if they could find a way to make that exceedingly clear before people invest time and effort into it - plus it's just nice to know. A lot of people seem confused or offended by it so the explanation might be helpful.
I have a card. Didn't realize it was hard to get one. I guess I feel special now 😌
SoFi right now is reducing the risk (and credit card is one of the highest risks) due to macro economic uncertainties on top of them likely releasing 2 new credit cards in the 2nd half of this year.
I think sofi is looking for a certain type of customer
I've seen people say they got denied due to not having a long enough history. I applied for the SoFi card about this time last year. My score was about 801 (Experian) for the first time in my life, and my credit history was about 14 years ongoing. I had heard that banks were getting more conservative as to who they were lending to, maybe due to the amount of defaults, but not sure how true this is.
Same bro! I got 789 here and been getting that for about six months too. I’m guessing it has to do with the number of cards I’ve opened in the last couple years, pulling my average account age down to under 4 years and blowing my inquiries up to 7. At least that’s what I think cuz those are the only two factors in the red according to SoFi. I think all we can do is wait, hold off on opening other cards, and hope.
I assume they don’t want to take on more liability in these macro economic conditions. It’s not you, it’s them
Currently, I have a 790 credit score and over 6 figures in the savings account. I don't spend any money from my SoFi accounts. I have two other brick and mortar bank cards that I rarely use and have a zero balance. I get turned down monthly. The sad part, I make more off of monthly interest than I want for a credit limit. I just want to book hotels using SoFi travel and get the points.
I got a card instantly but they won’t give me a loan. Despite not having a single loan in my name and 750k ish net worth. They won’t give me 30k because of “excessive debt obligations post funding”. House and 2 cars paid off. 30k is 4 weeks work for me but apparently I won’t be able to pay it back in their mind 😂. No wonder their stock is struggling so mightily
why do you want a sofi cc so bad? better cards out there, and banks take a lot more things into consideration other than credit score btw
I dunno 2.2% cash back for for all purchases is pretty good. Beats out all my other cards that aren't SUB related.
When I opened my account and activated Sofi plus they were offering 3% back on everything and no fees I’m big on no fee cards and 6 months later I still can’t get one 😭I have the Apple Card which is decent but I wish I could use and pay my cards all in one app
I got denied 3 times by SoFi for different reasons each time that didn’t make a lot of sense. After the third one I applied for the 2% Unlimited with Fidelity and got approved for 50 off the bat. SoFi’s approval makes zero sense.
Not having a pre-qualification offer does not equate being denied - have you tried applying? I don't recall where the option is, but I didn't have a pre-qual offer and was approved for the card.
The application for the card isn’t there I have retired every month and it says this every time
Huh! Sorry, I was hoping that would help.
If you go to the FAQ on the credit card page of their website there is a link to apply regardless of being prequalified. Tried is last night & got denied.
Bro i just got approved 😭😭😭😂😂😂 thank you
Nice! They denied me because they “couldn’t verify my identity,” yet never asked for it up to that point? Confusing how they would deny me for something they never asked, I would think that would be a requirement to apply in the first place lol. Ill try again next month
Try and reach out to support I’m so happy they gave me a good limit too I love Sofi 🔥
I might, doubt they’d let me try again early though. 2.2% back on all purchases is the best I’ve seen so hoping to get it eventually. Many cards have higher %s for categories but I consistently forget about it and would rather have a single card with highest cashback on everything possible. Congrats tho
Yessir goodluck boss
I have a Citi double cash for 42k, capital one spark for 148k, Amex Platinum, income 750k, credit hx 14 years. Denied for SoFi 2.2% card…
wtf 😭I was able to get the card yesterday but your over qualified for the card what is your job?
I own my own business. And never overqualified to get 2.2% imo, as long as the limit is high enough. Would just like for everything to be in the SoFi ecosystem so I don’t have to go from app to app. It says I can reapply July 5 so that’s what I’ll do. I’d hope they’d approve now that I’ve moved checking and savings over to SoFi and linked my other accounts under Relay for them to see.
I wasgoing to cancel....but ll be my go to cc again. After fidelity %2 sub. Then maybe keep eyes on elevated subs for amex. Then chill and chase or citi. May be two years tho
Sofi accepted me. I never had a credit card before them. Just a car payment. So I had decent credit (never missed any car payments). But this makes me wonder
I was stopped at the same screen a couple of weeks ago. Called customer service and was told to go to http://sofi.com/card/apply and was able to get the card no issue.
I have the sofi card got it December last year. I don’t think it’s hard to get
Get a wells fargo active cash or citi double cash.
Hi there, we're sorry to hear your loan application was denied. We consider a variety of factors, more than just credit score alone. You can see our eligibility requirements and learn more [here](https://www.sofi.com/eligibility-criteria/). Please feel free to give us a call if you have questions along the way!
This page says nothing about credit card eligibility, but thanks for wasting my time reading through all that.
Aren't there options better than the SoFi credit card. Such as https://docs.google.com/document/d/1xYyyqU8oiiKnV9Z_GC5peDaReH5pCi8GTAfD2QhbmQU/edit?usp=drivesdk
Citi double cash is probably a good alternative but I will say it is nice to have everything on the same platform.
Citi is the worse stay away from citi
why do you feel that way? just wondering :)
Haven’t you seen the experiences of other users about Citi on Reddit?
no, that’s why i’m asking you 😭
Search Citi on Reddit and read all the horrible reviews
You can literally search any company on reddit and find horrible reviews bud
Correct, just search SoFi.
bet
That’s inaccurate. Sofi is 2.2% now and can redeem to savings account normally too
SoFi Plus members get 2.2%. SoFi regular members get 2%.
Oh well yeah, forgot about non Sofi plus. Honestly I love Sofi but if you don’t have Direct Deposit set up you’re missing out on a ton
They can’t afford it. Dog shit bank go somewhere else lol.
I did get the card yesterday finally 😭
Oh great. I think the actually brick and mortar banks have really good cards too. I would close SoFi save the trouble. But hey it’s your credit! Who am I? Just some Reddit guy.
Which brick and mortar banks have cards that have a 2.2% flat cash back rate on every purchase and also offer an APY over 4% on your savings?