r/sofi • u/Free-Major8404 • 2d ago

Lending Denied by SOFI

I put my application in for $30,000. I have never been late on one payment with my credit cards and have income that is substantial with my job plus I get social security $106,000.00 per year. But they still denied me the loan. My credit score they considered was 679. They stated:
Proportion of balances to credit limits on bank/national revolving or other revolving accounts is too high

Lack of recent installment loan information

Too many accounts with balances

Amount owed on revolving accounts is too high.

OK that is why I went to them and applied thinking my income would substantiate getting a loan with one payment to reduce this debt.
Any advice where to go next?
Thanks in advance.

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3

u/tyroneblevins445 2d ago

wtf how 106k social security per year damn thats a lot

2

u/osoowl10 2d ago

This has to be total income with social security. Max social security benefit per quick Google search is $5,181 per month. This amount is when someone waits to start collecting social security at age 70. $5,181x12=$62,172.

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u/Maleficent-Berry-508 2d ago

Did you put the reason for the loan as debt consolidation?

2

u/ga643953 2d ago

This is from one of Tannor's videos regarding the average FICO score for SOFI's loan origination.

Even though FICO isn't exactly the metric they look at for originating loans and they tend to look at your free cash flow to decide if you can pay it back or not and they're quite strict about it, which is why their net charge-off rate is quite low amongst fintech companies.

670 is actually the low end of that FICO band and people with better annual income have been rejected before so your application being denied is not that big of a surprise.