The list is too long for me to bother making without being paid for it at this point. Research into it if you’d like to know why.
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Apple Card Now Appearing on Experian Credit Reports
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The list is too long for me to bother making without being paid for it at this point. Research into it if you’d like to know why.
I have researched it, and for my needs it simply isn’t....which is why blanket statements like the one made are silly.
No, which is why I ask.
So I'm guessing you can pay with the chip just like a normal card, got it.
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It must feel sophisticated to give a sarcastic non-answer in response. Enjoy your Apple card.
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Well considering CSP and CSR both carry annual fees... hardly an apples to apples comparison. Never mind the fact that both of those cards are also travel cards and may not make sense to the majority of potential cardholders.
It is a “normal card”. The only major functional difference from any other card is that the card number and expiration date and security code aren’t printed on the card. It also is not a contactless card, they expect you to use Apple Pay for contactless, but a lot of other cards have now gained contactless on the card itself.
Gotcha, though it seemed like a loaded question, which I understand now wasn’t your intent 🙂
Yes it’s got a chip, and also a mag stripe on the back, which is important here in the US. No NFC chip though, so yes you would need to use your iPhone for contactless (or Watch as you mentioned).
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Thanks for the info, that makes sense. Even if Goldman continues to only pull TransUnion when applying, I’m sure they want Equifax and Experian for periodic account review purposes.
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I took a hit on my credit score.
Three months ago I looked at my score using Experian and it recommended I get another card because it indicated I had a “thin line of credit”. I don’t have a very big limit on the single credit card I have and I pay it off almost every month so I thought I would apply for an Apple Card. Well as of yesterday I got an alert that my credit score dropped(not significantly) when the card was reported. I haven’t even use the card yet!
I guess it only helps your experian credit score when you apply for a card that experian recommends. Credit reporting agencies are such a scam!
Three months ago I looked at my score using Experian and it recommended I get another card because it indicated I had a “thin line of credit”. I don’t have a very big limit on the single credit card I have and I pay it off almost every month so I thought I would apply for an Apple Card. Well as of yesterday I got an alert that my credit score dropped(not significantly) when the card was reported. I haven’t even use the card yet!
I guess it only helps your experian credit score when you apply for a card that experian recommends. Credit reporting agencies are such a scam!
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Especially since credit bureau reporting is standardized and everyone should be transmitting on Metro II at least. My guess is GS has reporting challenges. I’d hate to be on their CB team.
Yup. You added a new credit line (the amount of new credit makes up 10% of your score. You also lowered the average age of your accounts (another 15% of your score).
Experian was telling you the truth, the mix of credit makes up 10% of your score, so having more credit that one uses responsibly is important. Paying off your card “almost” every month is probably fine, as long as the months you run a balance you use leave less than 30% (better less than 10%) of your balance. Utilization (how much of your credit you have reported in use at anyone point makes up 30% of your score), so having more credit if you are not increasing your spending lowers your utilization.
Nope. Even had you applied for one of the cards for which they said you were pre-qualified you would have taken a credit score hit. However, the only way to improve your score is to build your card portfolio and use it responsibly. The single largest component of your score is your payment history (35%) - how many times you are reported as paying on time vs. 30/60/90 days late. If you continue to use your new card responsibly, keeping it under 30% utilization and pay it on time (even if you run a balance), your score will improve, and will end up higher than it was before.
Still a scam! The outcome is I now have a lower score than if I would have ignored their “recommendations” and if I cancel the card that won’t put things back the way they were and possibly make things worse.
This company that has taken it upon itself to track my credit tells me, hey you should get more credit and then turns around and lowers my score when I do? That is BS.
No. In order to build your credit, you needed more diversity. There is a short term hit, but after, it will be higher than it was before. It is just like working out. If you are weak, you will not be able to lift much weight. If you start lifting weights, you will be sore for a short time, but after you will be able to lift more.
That is not what happened. The credit bureau, that tracks your credit as requested by its primary customers (the credit grantors), told you that one thing you could do to increase your credit score is to open more accounts. You decided to do that, and as a result took a small short term hit for three reasons:
- You added an inquiry.
- You added a new account.
- You lowered the Average Age of (your) Accounts (AAoA).
If you leave your new account open, and use it responsibly (always paying on time, never carrying a balance more than 9% of your card’s limit, etc.), within a few months your score will not only be return to where it was, but be higher than it was and be more resilient.
I understand your frustration, but this will be good for your score (assuming your use it responsibly). It is too bad that people do not understand enough about how credit scores are calculated, but be clear, despite your earlier statement, no matter if you applied for a new card from their recommendations or, as you did, one you found yourself, you would have taken a hit to your score.