SoFi leverages the TransUnion VantageScore 3.0 model which includes several key components:
• Payment History- comprised of whether you regularly pay your bills on time.
• Credit Age and Type- average age of your credit accounts and mix of various types such as revolving debt and installment debt. An example of revolving debt is a credit card and an example of installment debt is a student loan.
• Credit Utilization- the percentage of your credit limit you currently have outstanding.
• Balances- balances on your credit accounts including current balances as well as delinquent accounts.
• Inquiries- recent inquiries or applications for new credit.
• Available Credit- amount of available credit that is unused.