After we recommended SoFi’s personal and student loans, many readers have inquired about the credit score needed to qualify for a SoFi loan.
Because SoFi offers some of the lowest interest rates available and don’t charge a ton of fees, they can choose to be particular about who they approve of.
We recommend SoFi applicants have a credit score of 700 or more. But to qualify, you need more than just a good credit score. You also will need to demonstrate that:
- You have a strong history of making on time payments.
- You have a good source of income.
- Your other expenses won’t impact your ability to make your loan payments on time.
SoFi isn’t a FICO-score driven lender because they look at your education, employment, and cash flow along with examining your credit report. They want to see a history of repayments; however, they won’t reject you merely because you have a “thin file,” i.e., a limited credit history.
If your score is below 700 or have a limited credit history but never missed a payment, you have a good chance of getting approved. If you have items in collections, judgments, or other negative legal action on your credit report, it’s unlikely you’ll get approved.
Even if your credit score is above 700 but your report reveals missed payments or a rapid build-up of debt, you might have difficulty getting approved.Bottom line, SoFi is a great fit for individuals who have a high credit score and a history of paying their debts on time.
