Can I increase the credit line on my SoFi Credit Card?
At this time, we currently do not have the option to review requests for a credit limit increase. Please keep an eye out for future updates.
Why was my credit line decreased?
Some of the most common reasons for credit line decreases are:
- Missed or late payments: SoFi may have detected missed or late payments, which could include late payments on other credit accounts, and lowered your credit limit
- Credit utilization: Your credit reports might show you’re using a significant amount of credit. This is reflected in your credit utilization ratio or the revolving debt you use. The ratio is figured by dividing the amount you owe across all of your credit cards and other revolving credit accounts by the credit limits of those accounts.
- Low Credit Utilization: If you haven’t used a credit card much or at all over a certain amount of time, SoFi might lower your credit limit.
How is the decision to decrease a credit line made?
We regularly monitor your account and credit profile for changes. Our risk strategy reviews items such as missed or late payments and credit utilization, among others.
Can I have my original credit line back?
We don't have an appeal process at this time, and we will continue to monitor the account for a potential line increase in the future.