Nov
28
2023
SoFi Blog
Tips and news—
for your financial moves.
Nov
28
2023
Not Getting a House After All? Here’s What to Do With That Would-Be Down Payment
Priced out of the housing market, some would-be homebuyers are redirecting their down payments elsewhere.
Read moreNov
28
2023
Nov
28
2023
Sam CSM Control
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FAQs
SoFi leverages the TransUnion VantageScore 3.0 model which includes several key components:
- Payment History – comprised of whether you regularly pay your bills on time.
- Credit Age and Type – average age of your credit accounts and mix of various types such as revolving debt and installment debt. An example of revolving debt is a credit card and an example of installment debt is a student loan.
- Credit Utilization – the percentage of your credit limit you currently have outstanding.
- Balances – balances on your credit accounts including current balances as well as delinquent accounts.
- Inquiries – recent inquiries or applications for new credit.
- Available Credit – amount of available credit that is unused.
Checking your own credit report is considered a soft inquiry, which does not impact your credit score.
Your credit score is used by lenders, among others, as they review your applications for credit and determine your creditworthiness which might influence if they are willing to extend credit and at what terms. It might also be used by landlords, utility providers, and prospective employers.
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Nov
28
2023
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