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Knowing your credit score is vital for several purposes. For example, you can estimate your approval odds for a new credit card or loan. You may consider using Credit Insights by SoFi Relay — a free online service that tracks your credit score and provides insights about your credit practices. As a result, you can have more confidence when making upcoming financial decisions.
What SoFi Relay?
Relay is a complimentary service that offers credit insights. For example, the platform tracks your credit score and offers several credit health tools. This tool won’t hurt your credit score.
You can also track financial transactions and your net worth to see “the big picture” when planning your future money goals.
Who Can Join?
This service is free and available to existing SoFi members and those wanting to learn more about their credit scores. While SoFi offers an array of products and enrollment, there is no obligation to use them. For example, you can decide to enroll in credit score monitoring.
Does SoFi Relay hurt your credit score?
No, SoFi only performs a soft inquiry on your TransUnion credit report.
How SoFi Relay Works
It only takes a few minutes to complete the signup process for this credit monitoring tool. After signing up, the service runs a soft credit check to retrieve your credit history. This process is similar to prequalifying for a credit card or loan and doesn’t hurt your credit score.
This diagnostic tool can highlight the positive areas and areas for improvement.
You can enjoy these SoFi Relay benefits as well.
Weekly Credit Score Updates
SoFi updates your TransUnion VantageScore 3.0 credit score each week. The service sends credit alerts as well.
You will see if your current score lands in the excellent, good, or fair range, for example.
This score probably isn’t the same one that lenders use to make a credit decision (there are specific credit score models for each financial product).
However, the metrics are similar and you’ll have an easier time comparing the best travel rewards credit cards to your current credit health, for example.
As a reminder, Relay won’t help you build credit or increase your approval odds for credit applications. However, you can use the insights to make wise credit decisions.
Achieving excellent credit takes time and the in-depth analysis can indicate areas to focus on.
You can see a rundown of these credit factors:
- Credit utilization
- Payment factors
- The average age of credit
- Total accounts
- Derogatory marks
You will be able to view the underlying details for each factor to identify what’s appearing on your TransUnion credit report.
Credit History Graph
The platform also tracks your weekly changes with a credit history graph. This feature can help you effortlessly track your progress if you’re trying to build credit.
Credit Score Simulator
Not knowing how a particular credit event will impact your score — for better or worse — may make you hesitant to apply for credit unless you’re certain you’ll qualify.
The interactive credit score simulator helps remove some of the guesswork from occasions like:
- Reducing your credit utilization
- Opening or closing a credit account
- Changing your payment habits
- Receiving a negative mark
Other Valuable SoFi Benefits
Credit score tools are one way that SoFi helps you evaluate your total financial picture. These complimentary perks are also available from day one.
Net Worth Tracker
You can link your bank accounts and credit cards to view your current account balances. The platform can also provide category-based spending reports and show how much money you’re saving in the current month.
The app also lets you connect your investment accounts, loans, and home value to estimate your net worth. After all, your credit score is only one part of the money puzzle.
Financial Planning Session
After viewing your credit score, you can schedule a complimentary call with a credentialed financial planner. This session can help you plan your long-term goals and also address any short-term circumstances.
There are also remote financial planning workshops you can attend throughout the year.
A complimentary career coach can help you map your professional ambitions. The coach can assist with a customized plan to help you find a new job or navigate a transition.
The SoFi Member Rewards program awards you points by completing certain activities. Some examples include logging into the SoFi app or checking your credit score.
Your point redemption options include:
- Cash deposits with a SoFi Checking & Savings account
- SoFi Credit Card statement credits
- Extra loan payments
- Fractional shares of stock (SoFi Active Invest)
SoFi members can attend exclusive experiences in person or virtually. Some examples can be wine-tasting and cooking sessions.
Sports fans can also enjoy exclusive perks at SoFi Stadium in Los Angeles. Your benefits include express entry, bag check reimbursement, and visiting the SoFi Member Lounge.
Insurance Rate Monitoring
You can also compare car insurance rates and potentially find similar coverage with a lower premium.
The service also lets you receive quotes for home insurance, renter’s insurance, and term life insurance through high-tech insurance companies.
The information for the SoFi Credit Card has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
SoFi offers several banking products with attractive features:
- Checking account and savings account: Fee-free account offering a competitive interest rate, debit card rewards, and up to $50 in overdraft coverage.*
- SoFi Credit Card: This rewards card earns up to 2% cash back without an annual fee.*
- Investment accounts: Self-directed and automated investing platforms for stocks and ETFs. Each trade carries no commission and fractional investing means you can invest as little as $5 at a time.*
You can also apply for various loans with competitive rates and flexible repayment options. The company also offers interest rate discounts on future loans after opening your first SoFi loan.
If you’re curious about your credit score and want to view your other financial details in one place. It’s free and doesn’t hurt your credit. The other member benefits like financial counseling or career coaching can also be valuable when you join SoFi Relay today.
SoFi Checking and Savings
*The SoFi Checking Account and the SoFi Savings Account are deposit accounts offered by SoFi Bank, N.A (“SoFi Bank”), a member of FDIC and a wholly owned subsidiary of Social Finance, Inc. Only deposit products offered by SoFi Bank are FDIC insured.
*SoFi offers personal tools to view, aggregate, and manage your information from multiple accounts. The information compiled includes accounts held at SoFi and at external financial institutions, such as a bank account or a loan serviced by another institution. SoFi offers these tools under the product name brand of “Relay.” If you elect to connect an external account in Relay, you authorize SoFi to obtain information from the Connected Account external account and use it as described below (“Connected Accounts”). SoFi’s Relay tools are intended to only provide organizational services for your financial information. The SoFi Relay tools and services are not intended to provide any financial planning, investment, tax, or retirement planning services or advice. SoFi does NOT undertake any review of your account information to provide you with any advice or guidance. SoFi does not make any determination about the suitability or appropriateness of any transactions you might undertake at SoFi or elsewhere. If you elect to use Relay, you are fully and solely responsible for your accounts and agree SoFi’s only role is to aggregate compile data to information for presentment to you.
|Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org).
SoFi Online Insurance
*[SoFi offers customers the opportunity to reach the following Insurance Agents]:
Home & Renters: Lemonade Insurance Agency (LIA) is acting as the agent of Lemonade Insurance Company in selling this insurance policy, in which it receives compensation based on the premiums for the insurance policies it sells.
LEMONADE is a registered trademark of Lemonade, Inc.
Term Life Insurance: Ladder policies are issued in New York by Allianz Life Insurance Company of New York, New York, NY (Policy form # MN-26) and in all other states and DC by Allianz Life Insurance Company of North America, Minneapolis, MN (Policy form # ICC20P-AZ100 and # P-AZ100). Only Allianz Life Insurance Company of New York is authorized to offer life insurance in the state of New York. Coverage and pricing is subject to eligibility and underwriting criteria. SoFi Agency and its affiliates do not guarantee the services of any insurance company. Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, Social Finance. Inc. (SoFi) and Social Finance Life Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under Ladderlife™ policies. SoFi is compensated by Ladder for each issued term life policy.
By selecting Get a Free Quote, you agree to Ladder sharing with SoFl information about any insurance application you submit and any policy you may obtain Social Finance, Inc. (“SoFi”) will be paid by Ladder when a policy is issued to customers through this SoFi Protect link.
Ladder offers coverage to people who are between the ages of 20 and 60 as of their nearest birthday. Your current age plus the term length cannot exceed 70 years.
SoFi offers customers the opportunity to reach Ladder Insurance Services. LLC to obtain information about estate planning documents such as wills: ladderlife.com/sofi-will.
All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder. SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.
Auto Insurance: Not available in all states. Gabi is a registered service mark of Gabi Personal Insurance Agency, Inc. SoFi is compensated by Gabi for each customer who completes an application through the SoFi-Gabi partnership.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions.
SoFi Credit Card
The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Rewards points, which in turn can be redeemed as cash rewards, are earned with every eligible purchase made with the SoFi Credit Card for a customer who is in good standing. No points will be earned with respect to reversed transactions, returned purchases, or other similar transactions. See Rewards Details<SoFi.com/card/rewards> for more information on eligible purchases.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer to sell, solicitation to buy or a pre-qualification of any loan product offered by SoFi Lending Corp and/or its affiliates.