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Apple Details Why Some Apple Card Applicants Might Get Declined
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They saw me wearing wired headphones and sent me a rejection letter, "Sorry, we don't speak poor."
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Wireless headphones are pretty cheap these days (outside the RDF). The rejection is not because you're poor but because you don't have enough "courage" to fully buy into the brand. You care about quality more than the Apple logo, so you don't qualify for an Apple card.
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I’m tempted to sign up just to get that cool titanium physical card 
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I wonder if there’s an annual income “limit”, where if it’s so high, it thinks it’s bogus? Idk.
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To be fair, plenty of people with high income have **** credit... So you're both kind of wrong.
I have a question for people who are applying - and I don't know if this would be specific to USA people or not:
How are they - the bank - determining your yearly income?
DO you just enter in what you make (true or not) or do they have a system to check? Since I read approvals are done in minutes - I'm curious about this. I've only ever applied for a credit card through my bank - where my work salary has been auto-deposited....
Again just curious. I'm in Canada - can't get one of these anyways.
How are they - the bank - determining your yearly income?
DO you just enter in what you make (true or not) or do they have a system to check? Since I read approvals are done in minutes - I'm curious about this. I've only ever applied for a credit card through my bank - where my work salary has been auto-deposited....
Again just curious. I'm in Canada - can't get one of these anyways.
Like most credit card applications in the United States, income is self-reported to the best of your ability. It’s one of the only questions asked on the Apple Card application. From what I understand, credit card companies generally have no reason to verify this information unless you run into any sort of trouble with them (eg. delinquent payments).
Amazing that there has to be this much education over a credit card. People just flocking to it since it is Apple. MacRumors shouldn't have to educate people on credit scores. Sounds like the folks applying or trying to open this card shouldn't have a card in the first place
While they have no system to check, your credit report tells them what balances you have on revolving loans, and what your monthly payments are on installment loans and mortgages. By looking at how much you're spending, they have a model that can get a general idea of what you're making. If those two don't match up, then they will ask for verification.
Oddly enough, there are people who have always had money, that have low credit scores simply because they have never borrowed. You have to borrow and pay back at some time to get a score above 600, otherwise it just stays at 600.
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They can not pull any information you did not hand them. There is a reason when you get a mortgage they ask for last year or 2 worth of tax returns plus a few current pay checks, bank account statement ect. They are wanting to get the exact number and make sure you are not lying.
Now what the credit card issues can do to see if you are totally lying is do some modeling and get a rough idea how much you make.
The modeling is based on your current spending habits with credit cards plus loans you have. What property you do own ect. That information can give a rough idea of what you make. If say for example I spend 5-6k per month with a few spikes here and there but never carry a balance, never have a late payment or anything it starts to feed information that I clearly make enough to support that life style with zero issue.
2019. Apple employs a new breed of enforcers to "retire" a class of human like subjects known as applicants. They are known as Blade Runners.
Screening the applicant: You're in a desert, walking along in the sand, when all of a sudden you look down...
Screening the applicant: You're in a desert, walking along in the sand, when all of a sudden you look down...
Anyways, (sorry), I checked it out. It's a soft pull, so why not? They only offered a $7,500 limit. Interest rate was 17.99% which doesn't matter since I pay all my balances in full. That was with an 803 FICO score, >$100K income, other cards with 5-figure limits, very low balances, and no negative credit at all.
I passed; I was just curious what they would offer. It's a cool-looking card, but as rewards go it's not interesting at all. Even for Apple purchases. Take a new laptop for example. Scenario 1: Buy from Apple with Apple Card, get 3% cash back. Scenario 2: Buy from Amazon with an Amazon Prime card, save $100 most of the time, plus get 5% cash back. Scenario 3: Buy from B&H with their Payboo card, get 9.5% cash back by way of a sales tax refund (in California, your state will vary). I'll take the 9.5%.
As for the 2% Apple Pay rebate, I get that much or better from other cards whether I use Apple Pay or not.
I'd say that this could be a good "starter card" for people with thin credit files, who are looking to improve their credit with the aim of getting a premium card like a Chase Sapphire or something like that.
I passed; I was just curious what they would offer. It's a cool-looking card, but as rewards go it's not interesting at all. Even for Apple purchases. Take a new laptop for example. Scenario 1: Buy from Apple with Apple Card, get 3% cash back. Scenario 2: Buy from Amazon with an Amazon Prime card, save $100 most of the time, plus get 5% cash back. Scenario 3: Buy from B&H with their Payboo card, get 9.5% cash back by way of a sales tax refund (in California, your state will vary). I'll take the 9.5%.
As for the 2% Apple Pay rebate, I get that much or better from other cards whether I use Apple Pay or not.
I'd say that this could be a good "starter card" for people with thin credit files, who are looking to improve their credit with the aim of getting a premium card like a Chase Sapphire or something like that.
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I don't know if Goldman Sachs is using one, but there are actually data brokers that sell salary information to creditors and other interested parties, so they may be able to verify your income. One of the largest brokers is "The Work Number", which is run by Equifax (yes, the same Equifax that "lost" sensitive information on 150 million Americans). Many employers report their employees' salaries to them. Here's a bit more about them:
https://krebsonsecurity.com/2017/11/how-to-opt-out-of-equifax-revealing-your-salary-history/
Those of you who are US citizens and have a residence in the US and bank accounts in the US, as well as outside the US, and have an iPhone acquired outside the US, this question is for you.
Despite my having received an invite for Apple Card via my AppleID tied to my US residence, I cannot get Apple Card to appear in my wallet. And because of that I cannot sign up for Apple Card. Here are more details I posted in Apple’s forum...
https://discussions.apple.com/thread/250557669
If any of you know a workaround for this problem, please let me know.
Despite my having received an invite for Apple Card via my AppleID tied to my US residence, I cannot get Apple Card to appear in my wallet. And because of that I cannot sign up for Apple Card. Here are more details I posted in Apple’s forum...
https://discussions.apple.com/thread/250557669
If any of you know a workaround for this problem, please let me know.
Getting declined would never happen to the forum members here. Based on other threads it seems everyone pays off their credit cards each month and everyone has a FICO score over 800... Oh and six or seven figure income.
Only doing a soft pull unless you accept the card is really really cool.
....so out of interest (genuine) why did you want / need the card? You clearly have cards already, pay them off in full and have plenty of money and probably are rewarded better with your existing cards?
It did.
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My income is about twice what I entered. It's variable so I always enter on the low side to be safe. I haven't had annual income less than $2M for at least 10 years.
Reasons I want the card:
the cash back deal is really good, and I can maximize my rewards by using the Apple Card for certain purchases.
I love the tech
I'm a huge supporter of Apple and I want them to transform the credit card industry the way they did the cell phone industry (remember burning your minutes to listen to voice mail or paying for each text message??)
That titanium card looks really cool...
Finally, I just spent a lot of time traveling through Europe where contact payment are ubiquitous (which is probably what got me flagged). I want the same for the US.
As someone who spends a lot of money on Apple Services (where they really make their money post-iphone), this is not a good start to the Apple Card.
Edit:
these facts:
someone with at least $1m income/yr for 10 years and about $2m/yr average
no debt and no late credit card payments
high monthly credit card bills due to above income and like to travel, paid in full every month
Does Apple/Goldman Sachs want to issue a low cost credit card as stated, or are they really looking just to sign up people who will pay them interest.
Apple: you're better than this.
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