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Apple Card Begins Arriving to Customers, Wide Range of Credit Scores Reportedly Being Approved

tribeaumes said:
Kind of annoyed about the APR.

I got approved for $20K with an interest rate of 17.99% - - Credit Score is 815

What gives with the crappy interest rate!
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Interesting as I was approved for $10,000 @ 12.99% and 834 credit score.

So I'm wondering what gives with my crappy credit limit. I have an AMEX with a $40,000 limit and a Chase with a $30,000 limit. Have zero credit card debt as well.
 
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seinman said:
My credit score is under 500, think I'll get approved? o_O
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It depends if you have a delincuent charge or a payment you havent done for something recent.

I have 600 but because I had a problem paying my student loan recently, my loan defaulted and I got super fu*****.

So in my case it didnt allow me (even though I have a Saphire) I honestly thought I would get approved for $300 at least.

But no. :( Oh well keep working on my credit.
 
Both hubs and I were denied and we have credit scores of 802 and 800, respectively, with combined annual income of almost $200k. I have never ever been denied a credit card or loan - EVER, but obviously there's a first time for everything. What a joke.
 
realtuner said:
The best feature, IMO, is the virtual card number for online transactions.

I can buy something from a site I've never visited before without worrying about them "skimming" my card number. I just have my Wallet App generate a virtual card number/EXP/CCV. If I visit another site I want to buy something from I can generate a brand new virtual card number. If I want I could literally generate a virtual number for every single transaction I do online.

Just think how this will help with fraud investigations. If I used a virtual card at an online retailer, and a week later that number is attempted again for another purchase the bank will immediately know it's a fraud attempt. Further, if a virtual number I used at one online store is attempted to be used at a different online store the bank not only knows it's a fraud attempt, but they now have a verified link between the two entities. This should go a long way to reducing fraud and catching the organized criminals as you now have a "paper trail". With a regular card that might have been used at dozens (or hundreds) of locations it can be difficult to figure out which of those locations was the source of the skimming.
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I agree with this. However, I wonder about the mag stripe on the Apple Card. If there are no CC numbers/EXP/CVV2 on the card (VERY good, Apple!), what's in the mag stripe? If those numbers are in the mag stripe (on other cards, they are present there), then a stolen Apple Card will be very useful to anyone who can read the mag stripe.
 
bfChris2 said:
I agree with this. However, I wonder about the mag stripe on the Apple Card. If there are no CC numbers/EXP/CVV2 on the card (VERY good, Apple!), what's in the mag stripe? If those numbers are in the mag stripe (on other cards, they are present there), then a stolen Apple Card will be very useful to anyone who can read the mag stripe.
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Once you activate your physical card, you can see the information from Apple Wallet’s ‘Card Information’ menu about your physical card (which is basically nothing). There is a dedicated card number for the physical card, although all you can see is the last 4 digits and that’s about it.

So basically you get three numbers for your cc account. Apple Pay device identifier, A cc number for web/manual input purpose, physical card number that you can’t even see.

EFE387BF-74AD-4EF0-8EDB-1DE6830D699D.png

Concerns on stolen cards, you can lock your physical card from Wallet App instantaneously.
Also, both card numbers from ‘Card Information’ menu and an invisible card number for your physical card are likely to be random numbers and easily get replaced upon your request.
283CE87A-6EE5-4451-92B1-6E2544BBCB0C.jpeg

I’m surprised and pleased on how they implemented things into Wallet App.
 
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So what determines how much your interest rate will be? I see some of you got pretty low rates. But seems like most of us got 17.99% +-.
 
MacDaddyPanda said:
So what determines how much your interest rate will be? I see some of you got pretty low rates. But seems like most of us got 17.99% +-.
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They probably have some sort of algorithm that looks at not only the FICO Score, but also number of inquiries, recent payments, etc... Or, it could all be ridiculously random.
 
pgharavi said:
What was the process to remove the freeze? During sign-up I got the "You have placed a fraud alert on your credit report. Goldman will call you w/in 24 hours to verify ID."

Did you call TransUnion and then re-start the process in Wallet; or did you wait (and get) that call?

Thanks!
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I just went to https://www.transunion.com/credit-freeze/home-lit

Once logged in, there is an option to temporarily thaw which took effect almost instantly after selecting for how long.

Originally, the app warned me that my credit was frozen, and needed to be thawed before it could continue. After unfreezing, I just did the app again, and all good.
 
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maniacmedia said:
They probably have some sort of algorithm that looks at not only the FICO Score, but also number of inquiries, recent payments, etc... Or, it could all be ridiculously random.
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I've only seen three distinct Interest rates thrown out as well. 12.99, 17.99, and 23.99. There may be others I've missed.
 
790/20k/17.99%.

I love the app and it’s functionality, Apple raised the game from several of my other credit cards clunky websites.

Just bought a Hermès band from the Apple store that I’ve wanted for a while, nice getting the 3%.
 
Has anyone looked far enough ahead to see how the monthly bill is paid? Does Sachs require a bank account with the routing number to be on file? Or can my bank transfer electronically like every other recurring bill I have? Or how about my granddad who still pays everything by check. Could he pay the balance on his Apple Card (if he had one)?
 
If you already requested to be notified, check your wallet app. I didn’t get an email, but the option to apply for the card was in my wallet app.
 
TroyBoy30 said:
almost 18% and you guys are happy? OMG

ill loan it to you for 17.5%
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I haven't paid interest on a credit card for 20 years. I always pay it in full. What interests me are other benefits, like cashback, security features, maybe warranties on purchases, etc.. This card have some of these and when it comes to Canada I'll be comparing their offering to what I already have and make a decision.
 
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maniacmedia said:
They probably have some sort of algorithm that looks at not only the FICO Score, but also number of inquiries, recent payments, etc... Or, it could all be ridiculously random.
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It's not random.
There is the calculated risk assessment and a profitability assessment.
They'll look at your current utilization of existing credit, length of credit history, etc.
Yes those are used to determine your overall score, but some lenders will ding you even if you have a high score if they see you have a lot unused credit cards (lot of cards with zero balance). They know if they won't making money off of you.
 
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