SoFi is a great platform to use if you want to take advantage of their checking and savings accounts. However, they also have a new credit card program that features great perks like 2 percent cashback. You will want to use this card all the time to take advantage of these benefits. What can you expect from the SoFi credit card limit?
The SoFi credit card limit starts at just $1,000. If you are a high-income earner with good credit, you might see a credit limit of up to $12,500. Limits can be increased with good payment history and increases in your income.
If you want to learn more about what you can expect from this card, this breakdown has everything you need to know.
SoFi Credit Card Limit
As with most credit cards, your ability to be approved for a SoFi card will be determined based on your creditworthiness. Those with higher credit scores are more likely to be approved for a higher limit.
Credit scores are determined by five main categories:
- Payment history (35% of your score)
- Credit utilization (30% of your score)
- Length of credit history (15% of your score)
- Credit mixture (10% of your score)
- New credit lines (10% of your score)
These main categories are used to determine your overall FICO credit score. This informs whether you are likely to be approved for a new SoFi card, but it does not determine your actual SoFi credit card limit.
Your credit score can influence the amount that you are allowed to borrow. However, your annual income will also play a large role in determining your credit limit. SoFi is going to account for your annual salary and wages as well as other documented annual income.
In addition, they will take a cursory view of your debt, particularly debts listed on your credit report. Compared to your income, SoFi looks for low debt-to-income ratios if you want a higher credit card limit.
When you are approved for a credit card account, they will let you know what your revolving credit limit will be. Some accounts start with credit limits as low as $1,000 according to their terms of service.
If you have a high income and high credit score, you could be approved for a SoFi credit card limit between $1,000 and $12,500.
How Long Does It Take to Increase Credit Card Limit?
Maybe you got approved for the SoFi credit card, but the limit is less than you would like. If you want to take advantage of the cashback benefits of this card, you might want to use it more often and will need a larger revolving credit limit. How long does it take to increase the limit?
Unfortunately, there are no hard and fast rules about how quickly you can request a SoFi credit card limit increase.
Most of the time, they will consider your account details before making a decision. They will weigh how long you have been a customer, your payment and purchase history, your income, and your credit score.
If you have been a customer for a while with good payment history, you might be up for a credit limit increase. This is particularly true if you have had an increase in income or a boost in your credit score for timely payments on your SoFi credit card.
You can request a credit limit increase online or simply update your income information. Whether you choose to do this manually or the credit card company prompts you to do it, this is one way to be granted an automatic credit limit increase.
For those who do not find the information they are looking for online, you can always call in and ask. Be prepared to make a strong case for why you deserve a SoFi credit card limit increase when you pick up the phone.
Answers to your credit limit increase inquiry can be issued in just minutes. If SoFi needs time to investigate further, it may take up to thirty days to receive an answer.
What Credit Score is Needed for the SoFi Credit Card?
If you want to qualify for the SoFi credit card, you are going to need a good credit score. Most people who are approved for the card have a 690 FICO credit score or higher.
A higher credit score can score you more favorable terms like a higher credit limit or a lower interest rate. The regular APR ranges from 12.99 percent to 24.99 percent variable APR.
Even if you qualify for a higher interest rate, you might see a decrease over time. Credit cardholders who make on-time payments for a full year will receive a one percent decrease in their APR. This might be due to a small boost in your credit score that can come with making timely payments over a long period of time.
Does SoFi Do a Hard Credit Pull?
A hard credit pull can have a slight but negative impact on your credit score. Many people want to avoid this dip in their numbers. Does SoFi do a hard credit pull to determine you qualify?
The good news is that you might be able to skate by without a hard credit pull at first. To check the rates and terms that you may qualify for, SoFi will do a soft credit pull first. This allows you to pre-qualify for some of their products.
Once you have been determined eligible, you have to decide if you would like to move forward. If you apply for a credit card after being pre-qualified, they will conduct a hard credit pull. There is no way around this if you want to qualify for the card.
How Can I Raise My Credit Limit Without Hard Credit Pull?
Putting in a request for a credit limit increase often results in a hard credit pull. Lenders like SoFi want to ensure that you have good credit with low credit utilization rates before offering you the opportunity to borrow more money.
Raising your credit limit without a hard credit pull is possible though.
The best thing you can do is always pay your bills on time. This signals to the credit card company that you are a trustworthy borrower. If you can, pay the bill off in its entirety each and every month instead of using the revolving line of credit.
Always make sure that your income is updated with the credit card company. They may prompt you to update this a few times a year. If you have a raise, it can be good to go through and do it on your own preemptively.
An account that has been around for a while is likely to be considered for a credit limit increase. Give it six to twelve months before you are notified of an increase on your account. SoFi wants to see that you are well-established and reliable before they allow you to borrow more money so quickly.
Increasing Your Limit with the SoFi Credit Card
Depending on your income and credit score, the SoFi credit card limit can be quite high with some users reporting $12,500 limits. Even if you start as low as $1,000, you can work hard to get a credit limit increase in the years ahead. All you have to do is keep current with your payments and keep your income updated as you earn raises.