What Credit Score Do I Need for a SoFi Loan?

Q: What credit score do I need to qualify for a SoFi loan?

Once we started recommending SoFi personal loans and student loan refis, a lot of readers have wanted to know what credit score they need to qualify for a SoFi loan.

Since SoFi offers some of the lowest interest rates available, and do not charge any original, prepayment, or other hidden fees, they can choose to be picky about who they approve.

We recommend SoFi to applicants who have a credit score of 700 or more. But you need more than just a good credit score. To qualify, You will need to demonstrate to SoFi that:

  1. You have a strong history of making on time payments; and
  2. You have ​a good source of income; and
  3. Your other expenses will not impact your ability to make your loan payments on time.

Click here for resources for free credit scores and reports

So, although SoFi is not a FICO-score driven lender (because they look at your education, employment and cash flow too), they will be examining your credit report. They will want to see a history of repayments. But they will not reject you merely because you have a "thin file" (i.e., a limited credit history).

Even if your credit score is above 700, you might have difficulty getting approved if your report shows missed payments or a rapid build-up of debt.

But if you our score is below 700 because you have limited history with credit (such as being a recent graduate), but never missed a payment, you actually will have a good chance of getting approved.

If you have items in collections, judgments or other negative legal action on your credit report, it is unlikely you will get approved.

Now, if you have a good job and a history off paying your debts on time, SoFi will be a great fit for you.

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