last week · Updated
We’re here to help you understand possible reasons for a SoFi Credit Card application decline. This article explains the application process, common decline reasons, and what you can do next.
SoFi does not provide credit advice. For credit-specific questions, refer to your adverse action letter and contact Experian or a credit counselor.
Thank you for your interest in the SoFi Credit Card. There are several reasons why your application may not have been approved. Please refer to your adverse action letter for the specific reason related to your application. For detailed information on the below adverse action letter reasons and potential steps to take, please refer to the sections below.
You may reapply after the specified waiting period, especially if your situation changes, but approval is not guaranteed.
Below are some of the most common reasons applications may not be approved.
This list is not exhaustive; please refer to your adverse action letter for the specific reason for your denial.
If you have a credit freeze with Experian, SoFi is unable to access your credit report to process your application.
Things to consider:
Temporarily lift the credit freeze before reapplying.
Using a large portion of your available credit, as reflected on your credit report, may impact your eligibility.
Things to consider:
You may reapply after 30 days if your situation changes. For more details, you can request a free copy of your credit report from Experian within 60 days of receiving your adverse action letter.
Outstanding credit performance issues with existing SoFi accounts may make you ineligible for a new credit card.
Things to consider:
Check your SoFi accounts to ensure all obligations are up to date. You may reapply after 30 days if your account status or situation changes.
Collections, liens, or judgments reported on your credit file can prevent approval.
Things to consider:
Review your credit report for accuracy. You may reapply after 30 days if your situation changes.
A garnishment or attachment on your record may result in a declined application.
Things to consider:
Review your credit report for accuracy. You may reapply after 30 days if your situation changes.
A recent foreclosure or repossession can affect your eligibility.
Things to consider:
Review your credit report for accuracy. You may reapply after 30 days if your situation changes.
A bankruptcy on your credit report may prevent approval.
Things to consider:
Review your credit report for accuracy. You may reapply after 30 days if your situation changes
Having limited credit experience or no credit file (such as few open accounts or trades) can result in a decline.
Things to consider:
You may reapply after 30 days if your situation changes.
Multiple recent credit inquiries may impact your application.
Things to consider:
You may reapply after 30 days.
If all necessary information is not received, your application may expire.
Things to consider:
You can reapply immediately with complete information.
If your credit score is below SoFi’s minimum requirement, your application may be declined.
Things to consider:
SoFi considers many factors in addition to credit score. You may reapply after 30 days if your situation changes.
High obligations compared to your income can affect eligibility.
Things to consider:
You may reapply after 30 days if your situation changes.
If SoFi is unable to verify your identity or address, your application cannot be approved.
Things to consider:
You may reapply after 30 days with updated information.
A fraud alert or victim statement on your Experian credit report may prevent SoFi from verifying your identity.
Things to consider:
You may need to resolve the alert with Experian before reapplying after 30 days if your situation changes.