does sofi loan affect credit score

Best answer

To check the rates and terms you qualify for, SoFi conducts a soft credit pull thatwill not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

People also ask

  • Will a consolidation loan hurt my credit score?

  • As is the case with most loans, making late payments on a consolidation loan can hurt your credit score (depending on the severity of the situation). Loans in a delinquent status are mostly likely to have a negative impact on your credit, depending on the lenders鈥?policies. Learn more about payment history. Amount currently owed (30%)

  • Do student loans affect your credit score?

  • However, student loans can also positively affect your credit score. A responsible debt owner may experience no credit changes or even see positive shifts, such as if they continually make on-time payments. Here are the main factors to look for that could impact your credit, in either direction:

  • Does applying for multiple loans hurt your credit score?

  • And if you apply for multiple loans or credit cards, looking for a lender that will accept your application, this can also hurt your score. Multiple requests for your credit report information (known as 鈥渋nquiries鈥? in a short period of time can decrease your score, though not by much.

  • What is a FICO score and why is it important?

  • Because FICO is used widely throughout the lending industry, including by mortgage, auto loan and credit card providers, it gives lenders an apples-to-apples comparison of potential borrowers. How Is My Credit Score Calculated? Unfortunately, how FICO calculates your credit score is kind of a black box.

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