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Apple Details Why Some Apple Card Applicants Might Get Declined
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What was your credit score if you dont mind me asking - also can we get people to post credit scores of approvals and denials?
This is all normal banking stuff. Was there ever any suggestion that everyone would be approved? Goldman Sachs is going to apply normal credit underwriting standards, just as they would for any card.
Yes. Get it, use it to buy iPhones every year, then forget about it for the next 364 days.
The card for people who care about credit cards is the Amex Platinum or the Chase Sapphire Reserve. $500 but you can easily get yourself filled to the brim with lounge food, plus travel insuranc, miles and whatnot.
The Apple Card is... a hassle-free credit card. And that's it. Just like a regular cashback card, but you can film an unboxing
Someone please help me understand why the Apple Card is such a big deal? Who cares if the card is made out of titanium, or metals from the space shuttle -- it is a credit card..
What am I missing here?
What am I missing here?
Got denied for having too high of a balance on another card. Fair enough. Probably doing me some good 
Good luck with that given the way that the "trash can" Mac, the MacBook Pro, the eMac, the Mac mini, the Cinema Display, the Time Capsule, the AirPort, etc. all fared over the years.
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You're missing that this is an Apple forum. It's slightly biased. You should try going to a non Apple forum and asking if anyone has even heard of it.
You don't have to be rich to have a pattern of controlling your expenses and paying off things in a responsible manner.
Did you accept the card? If you started the application, but declined, should only be soft. If you agree and accept, it will be a hard inquiry.
I have a client in that situation right now. She literally is a multi-millionaire. Has a very high net worth, a $2m house, Tesla Model X, and the works. She has a 400 something credit score because of a recent cancer experience, and medical bills her fiduciary didn’t pay. Now she can’t even approve for an Apple Card. Needless to say I’m sure she is doing fine with her Amex Platinum.
Income, wealth, and credit score are all different things. In simple terms:
People can have high income and low wealth (maybe they haven't had high income for long or they've spent their high income on items that quickly depreciate or are consumed). People can have high wealth and low credit score (maybe they don't use credit or have a short credit history or maybe they just don't pay bills on time). You can even have high wealth and low income, really any combination of the above.
So as it relates to this discussion, you can have a very modest income (say $40k/year) but a great credit score (you've had multiple credit cards and other loans for a long period of time, always paid on time, don't have any current balances) and you'll likely be approved easily. To the contrary, you could make well into six figures but pay your bills very late and go to collections and result in a low credit score that would be denied. You could even be a multi-millionaire but have no credit history (maybe it's family wealth and you've paid cash for everything, unlikely but it could happen) and also be denied.
Finally, I don't consider myself "rich" but I know many people would. I have multiple credit cards and use them. There are many advantages to doing so not the least of which is convenience. I don't carry balances on any of them but I use them daily. Some advantages:
- Income is the amount of money you earn each year
- Wealth is the value of all the things/assets you own minus the debts/liabilities you owe
- Credit score is a simple metric driven by a variety of factors (slow or no pays on obligations, how many loans you have, average age of those loans/LoC, outstanding balances, credit inquiries, etc...) that is often used as a measure of how likely you would be to repay a new loan
People can have high income and low wealth (maybe they haven't had high income for long or they've spent their high income on items that quickly depreciate or are consumed). People can have high wealth and low credit score (maybe they don't use credit or have a short credit history or maybe they just don't pay bills on time). You can even have high wealth and low income, really any combination of the above.
So as it relates to this discussion, you can have a very modest income (say $40k/year) but a great credit score (you've had multiple credit cards and other loans for a long period of time, always paid on time, don't have any current balances) and you'll likely be approved easily. To the contrary, you could make well into six figures but pay your bills very late and go to collections and result in a low credit score that would be denied. You could even be a multi-millionaire but have no credit history (maybe it's family wealth and you've paid cash for everything, unlikely but it could happen) and also be denied.
Finally, I don't consider myself "rich" but I know many people would. I have multiple credit cards and use them. There are many advantages to doing so not the least of which is convenience. I don't carry balances on any of them but I use them daily. Some advantages:
- debit cards carry more risk
- if I exclusively used a debit card I would have to keep a very high balance in checking or constantly be moving funds, credit cards act as a buffer
- I can better segment purchase types such as various business expenses
- some types of purchases can NOT be made via debit card (hotels, rental cars)
- some benefits directly offset annual fees (e.g. airline club membership)
- much lower on the list would be points/rewards/cash back. I see those perks as things that disproportionately benefit a few users and if usage would expand to everyone then merchants would need to offset pricing to account for the costs of high perk cards being universal, that would be a net negative to all consumers. One of those "but what if everyone did it" concepts. That said, I accrue a lot of them but it makes me feel a bit dirty
I still didn't even get an invitation. It feels I got declined even before applying.
You really don’t understand how credit works are you just trolling?
you don’t have to be rich to have good credit and get approved. Just responsible.
cc: me
Did you get approved and/or accept the card?
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Ehh I think it’s easier for them to add features/benefits to a credit card than to mass produce new/updated hardware. (Not that it should be difficult at all for a company their size to regularly update all of its hardware)
Last night I was reading a Reddit thread where many users with scores greater than 750 were denied. So the timing of this article is inline. Peep it:
https://www.reddit.com/r/apple/comments/cmsn0z/has_anyone_been_denied_apple_card_yet/
https://www.reddit.com/r/apple/comments/cmsn0z/has_anyone_been_denied_apple_card_yet/
These Apple Card threads are gold. I don’t think any of these people are trolling. That’s what makes it sooooo funny lmao.
Apple approves a credit card for someone, they get accused of subprime lending.
Apple rejects someone’s application, they are accused of being elitist.
Apple just can’t win.
Apple rejects someone’s application, they are accused of being elitist.
Apple just can’t win.
