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New Credit Card: SoFi


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*You can earn rewards points of 1% of all eligible purchases. If you elect to redeem points as cash deposited into your SoFi Money® account, for shares in your SoFi Invest® account, or as payments to a SoFi Student or Personal Loan, then SoFi will match the value with an additional 1% in cash, so you will receive a total of 2% cash back. For more information, please see rewards, opens in new window for details. 

 

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  • 7 months later...
6 hours ago, Burgerwars said:

My fingers are getting itchy to apply for another credit card, but so far I've refrained myself.  This card might be it.  

 

I suspect they have support groups for this type of compulsion ( ... if nothing else, you can go "garden" over on the "other white meat board")

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On 7/1/2021 at 10:06 AM, hdporter said:

 

I suspect they have support groups for this type of compulsion ( ... if nothing else, you can go "garden" over on the "other white meat board")

I almost applied for the card right now, but their application website is temporarily down. I have a bit more time to think about it. There's medication to control this, but I didn't refill my Rx. ;)

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On 7/1/2021 at 10:06 AM, hdporter said:

 

I suspect they have support groups for this type of compulsion ( ... if nothing else, you can go "garden" over on the "other white meat board")

I almost applied for the card right now, but their application website is temporarily down. I have a bit more time to think about it. There's medication to control this, but I didn't refill my Rx. ;)

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On 7/1/2021 at 10:06 AM, hdporter said:

 

I suspect they have support groups for this type of compulsion ( ... if nothing else, you can go "garden" over on the "other white meat board")

I almost applied for the card right now, but their application website is temporarily down. I have a bit more time to think about it. There's medication to control this, but I didn't refill my Rx. ;)

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I pulled the trigger. Instant approval for $12K. Card should arrive within 10 days. I don't know who they hard pulled, but when I know I'll post.

This will be the last credit card I apply for this year. I applied for a Charles Schwab Amex card several months ago, so I need to stop for now.

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  • 3 months later...
11 hours ago, centex said:

Fastest growth story tends to have a follow-up about crash landings.

 

I suspect the naming rights deal will be along that of the University of Phoenix Stadium and won't survive the term of Agreement..

I own about 30 shares of SOFI that I bought on SoFi. I'm ahead about 80 bucks if I sell today.

There's one "big" benefit SoFi gives you every time you logon through their app seven days in a row. Hold on to your hats folks because this big: 10 cents! Incredible, isn't it? 

Edited by Burgerwars
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On 10/12/2021 at 10:19 AM, Burgerwars said:

I own about 30 shares of SOFI that I bought on SoFi. I'm ahead about 80 bucks if I sell today.

There's one "big" benefit SoFi gives you every time you logon through their app seven days in a row. Hold on to your hats folks because this big: 10 cents! Incredible, isn't it? 

Still more interest than Bank of America is paying!

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6 hours ago, RehabbingANDBlabbing said:

Still more interest than Bank of America is paying!

Ain't that the truth. 0.01% "money market" rates. I still remember lessons in school about the "magic" of compound interest. I wonder if students today do compound interest problems in math class using a 0.01% interest rate. 😕

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Sofi has mostly mixed reviews.  As a company im not sure I would want to invest in someone buying up student loans and repackaging the debt.  It feels like every other day I hear someone chanting about student loan forgiveness though so who knows they may get too big to fail and get a bailout when all the kiddos decide the 40K a year college degree is not able to easily pay off the 60K debt once interest rates start to rise due to the unavoidable incoming inflation.  

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Sofi has mostly mixed reviews.  As a company im not sure I would want to invest in someone buying up student loans and repackaging the debt.  It feels like every other day I hear someone chanting about student loan forgiveness though so who knows they may get too big to fail and get a bailout when all the kiddos decide the 40K a year college degree is not able to easily pay off the 60K debt once interest rates start to rise due to the unavoidable incoming inflation.  

I would have considered SoFi as a solution to credit boredom until you mentioned that it is with Skank of Missouri.

Skank of Missouri issued the Sprint credit card -- bankrupt after 1/2 year. They issue a few others, all major turds. Even Stinkrony's poop smells better than Skank of Missouri.


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I pulled the trigger. Instant approval for $12K. Card should arrive within 10 days. I don't know who they hard pulled, but when I know I'll post.
This will be the last credit card I apply for this year. I applied for a Charles Schwab Amex card several months ago, so I need to stop for now.

What are your stats? INQ? New accounts?


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15 hours ago, PotO said:


What are your stats? INQ? New accounts?


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Very low.  I think only one new account and inquiry in the last year showed on my report at the time.  I applied for two cards this year.  The Schwab Amex card and the SoFi Visa.  Both approved.  

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16 hours ago, PotO said:


I would have considered SoFi as a solution to credit boredom until you mentioned that it is with Skank of Missouri.

Skank of Missouri issued the Sprint credit card -- bankrupt after 1/2 year. They issue a few others, all major turds. Even Stinkrony's poop smells better than Skank of Missouri.


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I'm not sure about this. TBOM also issues the Ollo cards. They have the 2.5% flat cash back Optimum card. The only problem with that card is that it is invite only. My DH just got their Rewards+ for nurses, which is a 2% flat cash back card with no FTFs and no AF. They started him with a $2k CL, which is great for someone rebuilding.

 

Anyway, I think TBOM and some of these other shadow banks are going to become more prominent in the next few years as we see more fintechs issuing credit cards. It seems like the fintechs prefer to design the card and then let one of these shadow banks do the rest of the work for them. Celtic Bank, Deserve, Evolve, Coastal Community Bank, and a few others come to mind. What's interesting is that these shadow banks are behind some super basic cards (like Jasper and Tomo) all the way up to some more premium cards (X1, M1 Finance, BlockFi). I also believe we will start to see credit unions and smaller banks start using these shadow banks to issue cards, rather than Elan/US Bank or other larger card issuers.

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I'm not sure about this. TBOM also issues the Ollo cards. They have the 2.5% flat cash back Optimum card. The only problem with that card is that it is invite only. My DH just got their Rewards+ for nurses, which is a 2% flat cash back card with no FTFs and no AF. They started him with a $2k CL, which is great for someone rebuilding.
 
Anyway, I think TBOM and some of these other shadow banks are going to become more prominent in the next few years as we see more fintechs issuing credit cards. It seems like the fintechs prefer to design the card and then let one of these shadow banks do the rest of the work for them. Celtic Bank, Deserve, Evolve, Coastal Community Bank, and a few others come to mind. What's interesting is that these shadow banks are behind some super basic cards (like Jasper and Tomo) all the way up to some more premium cards (X1, M1 Finance, BlockFi). I also believe we will start to see credit unions and smaller banks start using these shadow banks to issue cards, rather than Elan/US Bank or other larger card issuers.

Maybe we have different standards. Ollo is a crap card. Always has been, always will be.

Fintech also sucks. So far almost every fintech goes bankrupt. They exist for a year or so, suck up money from idiot investors and then go bankrupt. Blispay. Petal will be bankrupt soon. They cannot survive with their limited market.

TBoM is basically a dead man walking. They pimp themselves out to harebrained ideas backed by angel investors that ultimately collapse. The closest they ever came to being a mainstream operation was Sprint, and they failed dismally at that.


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Very low.  I think only one new account and inquiry in the last year showed on my report at the time.  I applied for two cards this year.  The Schwab Amex card and the SoFi Visa.  Both approved.  

I have more INQs and, more importantly, a ton of new accounts. I will only apply to lenders that have very deep pockets.


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