If your application is approved and you accept your Apple Card offer, a hard inquiry is made, which may impact your credit score.
Apple Card uses FICO Score 9. FICO Score 9 ranges from 300 to 850, with scores above 660 considered favorable for credit approval.
Cons. Lower rewards when using the physical card: If you aren't using Apple Pay for your purchases, you're likely only earning 1% cash back and probably could be getting more competitive rewards.
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They will then be prompted to enter the amount they would like to borrow and agree to the Apple Pay Later terms. A soft credit pull will be done during the application process to help ensure the user is in a good financial position before taking on the loan.
If your credit score is low
Goldman Sachs evaluates your Apple Card application using TransUnion and other credit bureaus. If your credit score is low (for example, if your FICO® Score 9 is lower than 600),6 Goldman Sachs might be unable to approve your Apple Card application.
A soft pull on your credit shows basic personal information, a summary of your credit history, recent inquiries, any public records related to your credit, and sometimes a summary of your credit scores. It does not reveal detailed account-specific information and doesn't affect your credit score.
It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.
Some possible reasons for why the transaction is declining even though the digital card still appears in the Apple wallet include: Your card has been temporarily locked. Your card or the transaction account has insufficient funds or limit for the transaction. An incorrect card PIN has been entered at the terminal.
Apple Pay is designed with your security and privacy in mind, making it a simpler and more secure way to pay than using your physical credit, debit, and prepaid cards. Apple Pay uses security features built-in to the hardware and software of your device to help protect your transactions.
Partnerships. To create Apple Card, we needed an issuing bank and a global payment network. Apple Card is the first consumer credit card Goldman Sachs has issued, and they were open to doing things in a new way.
Being denied for a credit card doesn't hurt your credit score.
You don't have to request a credit limit increase to get one—Goldman Sachs regularly evaluates Apple Card accounts for credit limit increases.
If you're 18 years or older, you can opt in to build your credit history while you're part of a shared Apple Card account.
The Apple Card is made of titanium and weighs around 15 grams, compared to a traditional credit card made of plastic, which only weighs 5 grams. Functionally, the metal Apple Card doesn't work any differently than a plastic credit card, though it will be more durable.
The Apple Card is hard to get because it requires good credit for approval, which means you need a credit score of 700+ to have good odds of being approved. This requirement may be difficult for the average American to meet. On top of that, you'll need to have a steady income and meet a few other requirements.
Bottom line. It's possible to get approved for the Apple Card with a credit score under 670, but your chances improve as your credit score increases. And an excellent credit score doesn't guarantee your approval, other factors are considered, such as income and payment history.
Applying for a new credit card also triggers a hard inquiry, which involves a lender looking at your credit reports. According to credit-scoring company FICO®, a hard inquiry can cause a slight drop in your credit scores. Multiple hard inquiries in a short period of time can have a more pronounced impact.
Closing a credit card can hurt your credit, especially if it's a card you've had for years. An account closure can cause a temporary hit to your credit by increasing your credit utilization, lowering your average age of accounts and possibly limiting your credit mix.
Making on-time payments to creditors, keeping your credit utilization low, having a long credit history, maintaining a good mix of credit types, and occasionally applying for new credit lines are the factors that can get you into the 800 credit score club.
There's no such thing as a bad number of credit cards to have, but having more cards than you can successfully manage may do more harm than good. On the positive side, having different cards can prevent you from overspending on a single card—and help you save money, earn rewards, and lower your credit utilization.
Late or missed payments can cause your credit score to decline. The impact can vary depending on your credit score — the higher your score, the more likely you are to see a steep drop.
Income is not part of your credit report. And while lenders often factor your income into their lending decisions, they'll typically get that information directly from you during the credit application process.
For a score with a range of 300 to 850, a credit score of 670 to 739 is considered good. Credit scores of 740 and above are very good while 800 and higher are excellent.