You should have received a communication outlining the reasons for the decrease in your limit. Some of the most common reasons are:
Missed or late payments: SoFi might have detected a number of missed or late payments
High credit utilization: Your credit reports might show that you’re using a significant amount of credit. This is reflected in your credit utilization ratio, or the amount of revolving debt you’re using. 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.
Can I have my original credit line back?
We are unable to overturn this decision at this time. However, we will continue to monitor the account and could increase the line at some point in the future.
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, credit utilization, among others. If we see evidence of these things, the decision is made to decrease the line of credit.