Applying for a SoFi Credit Card involves a two-step process for checking your credit, which determines the impact on your credit score.
SoFi utilizes both a soft and a hard credit pull during the application process:
- Soft Credit Pull (Initial Application): A soft credit pull is performed when you initially apply for the credit card. If you do not qualify, the process stops here.
- Hard Credit Pull (Approval): If your application is accepted, a hard credit pull is performed at the time of final approval.
The impact on your credit score is tied directly to the type of credit pull:
- Soft Credit Pull: This initial check does not impact your credit score.
- Hard Credit Pull: This final check, performed upon approval, may impact your credit score.
A soft inquiry may appear on your credit report even if you do not have an active profile or account with SoFi.
- Reason: Companies often use a soft credit pull to generate pre-screened offers for products. This is a common marketing activity and does not indicate an active application on your part.
- Impact: A soft inquiry for a prescreened offer has no effect on your credit score and is not visible to lenders.
If you wish to stop receiving these types of offers from SoFi, you can opt-out by contacting the credit bureaus or by visiting https://www.optoutprescreen.com/.
Additionally, if you would like to opt-out of SoFi’s marketing material (direct mailers), please go to https://www.sofi.com/optout/ and fill out the form. Due to the lead times associated with direct mail efforts, you may receive 1-2 more mailings before you are fully out of the system.
Need more help?
If you have questions about your specific rates or fees, or need further assistance, please contact SoFi customer support at 844-945-7634.