Yeah, I had just tried a bit ago and the denial letter didn't given any reason at all, lol.
Edit: Looks like it's now saying "Apple Card" unavailable, so wonder if they took it down to fix.
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Apple Details Why Some Apple Card Applicants Might Get Declined
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Edit: Looks like it's now saying "Apple Card" unavailable, so wonder if they took it down to fix.
I would not take it as an insult. Interest rates are partially determined by overall market conditions. My FICO score is 835 on Transunion (which is the agency they pulled) and I got the same interest rate. The 8500 credit line is the lowest of any of my current credit cards. My utilization on other revolving accounts is less than 1% and income is low six-figures, if that helps give any perspective, and no “derogatories” on any of my reports.
One of my friends who has similar income and credit as me speculates that for this product, GS may not be allocating a huge amount of funding at this stage. He got the same interest rate as I did, with a CL $1,000 lower than what I got. Also keep in mind that this is still “late beta” and that there’s a strong overall feeling of a recession being imminent.
And if part of this product’s “mission” is overall accessibility to the widest range of customers (including those with relatively low FICO scores) that “spread” may be diluting the overall available credit lines available. Just a hunch.
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I've never bothered to look at the APRs for any of my credit cards - because it doesn't matter.
None of us know the exact terms between apple and GS Being GS is the issuing bank they would have last say over the terms of the card not apple. Apple coming out with this card will change nothing in the CC industry. Apple used to make computers DARN good computer at that. Ever since the iphone they have been letting the computer aspect of their business suffer some. Now all they seem to care about is the iphone and maybe the apple watch, everything seems to get a back seat.. But I'm willing to bet when all is said and done, when an account default's it's gonna be GS and not apple that send it to collections. Their money their terms....
James
If Apple cares more about newer market segments like smartphones and smartwatches rather than personal computers, it's because no technology company that ever survived the passage of time did so by not constantly evolving. Look at IBM now and where it was even two decades ago. A lot has changed when it comes to enterprise and personal computing. They knew they couldn't compete in the PC market any longer and that the future was in big data.
In the same way, Apple is realizing that the future of computing is mobile, not just being able to take your computer anywhere, but being able to have access to the Internet and information at any time and place. No one can say if Apple Card will change credit cards, but it will definitely change individual payments. Like I said, the credit card association is just a medium for the payments to go through, the execution on Apple's part is what will set this product apart.
I got $20,000 at 12.99%. I have 850 according to TransUnion (the others report 830).
Was invited to apply for Apple Card today but got denied. No explanation except "please contact Goldman Sachs by chat or phone or mail at the address below if you'd like to learn more about this decision". Seriously? My credit score is 828 and have a steady mid-6 figure income. I've been a loyal Apple customer for years but this really dampens my enthusiasm. Broken screening process for sure.
This might explain your results:
https://forums.macrumors.com/thread...ght-get-declined.2193790/page-5#post-27630583
This is the first time in my life I ever saw the public broadcast their APR, credit scores, and credit limits on a card online. This is like the day an iPhone launches and they innocently state what model they were able to get. However that's a product....this is a card.
I caved in and got the Apple Card but Im definitely not broadcasting my personal information out there....just saying I have one is too much.
I caved in and got the Apple Card but Im definitely not broadcasting my personal information out there....just saying I have one is too much.
None of that information is personally identifiable. And for all anyone knows they aren’t even real numbers.
We are in a similar boat as you, only difference was we were approved, but our friend's approval is what got us all laughing...
I was approved for 8000, but wife who has a higher FICO (Damn near 900) was approved for 6500.
My FICO was 828 and i got the 8000 she got the 6500 it should have been the other way around.
But when we were looking at each other's credit report i had over 21 accounts (not all open) and she only had 8. Average credit age for me is 9 years, wife's is 5 years.. This most likely played a role in it for the limits. However we don't really use our credit cards very often, except to take advantage of the rewards and flexibility.
Get this: My friend apply with a 740 score, has 20% credit utilization and makes about 75k a year, a repo'd vehicle 4 years ago and he got a 10,000 limit Im still scratching my head on that one... And believe me he was laugh his A** off and said "Can you believe that S**T.?"
But in all honesty i thought the card looked cool as hell and was the one of the determining factors... It is also the cheapest credit line out of my 3 cards i carry. (4th one is business card).
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Lol yeah like the other guy said my profile has none of my personal information like name or address. A total stranger posting there credit limit APR and FICO really means nothing. And also, it’s the Internet.... Anyone can lie.
[doublepost=1565966877][/doublepost]
Here’s the thing... If they approve someone with a slightly worse credit profile, they’ll be more likely to accrue interest.
Someone who has stellar credit won’t really do much for the bank.
"Only financially responsible people, please."
Fixed that for you..,
[doublepost=1565972070][/doublepost]Approved for $16k at 17.99%, 742 FICO here
Not absolutely true--notwithstanding a customer's repayment habits and/or ability, a customer who uses his credit card frequently for retail purchases is generating revenue for the CC company via the CC processing (i.e., interchange) fee that retailers who accept CCs for payment have to pay the CC company (indirectly--IIRC they pay the vendor who processes their CC transactions, who then pay the CC company) for each and every CC retail transaction. Basically speaking, every time you use your CC you are generating revenue for the bank--the more you use and/or spend against your CC, the more revenue you generate for the bank.
LOL i had a Chipotle casher think the card was not real 
Once I explained that it like Apple Pay but is for places like this that do not have Apple pay yet, she wanted a card and wanted to know how she could apply for one. She used Apple Pay on her phone at Target.
Once I explained that it like Apple Pay but is for places like this that do not have Apple pay yet, she wanted a card and wanted to know how she could apply for one. She used Apple Pay on her phone at Target.I fear this may be a common experience until the card has been out for awhile.LOL i had a Chipotle casher think the card was not real
Has anyone been asked to share with GS what Apple products they own, etc through the application process?
My score is also well over 800, and I got the same interest rate. From all the comments I've seen posted in various places about this, 12.99% interest rates are exceedingly rare and 17.99 seems to be the most common even with high scores.
In my case, they may be factoring in AMEX charge card balances when determining debt-to-income ratio.
There also appears to be a certain "randomness" factor going on, assuming people are posting truthful information.
Look at American Express to see how it works. AMEX has the highest credit standards in the industry: no bankruptcies on record, and lifetime ban if any of your debt to them is written off. AMEX has a popular line of charge (not credit) cards where carrying a balance is disallowed.
Why would they not consider charge card balances? It's something you owe. AMEX charge can be an issue sometimes because there's no set credit limit. Instead, they list the highest balance you've ever held on your credit record. Many banks simply divide your current balance to max balance to get the utilization for that line, which ends up giving you a signifcantly higher utilization than normal credit cards.
Yep - got asked for full SSN, ID, and then to share with GS what Apple Products I owned, etc, only to get denied for insufficient credit history, when last time I tried said something about real estate balance wasn't paid down enough. I think just gives credence to that they're still working on bugs.
I got the 12.99%. Exceedingly rare is probably not quite accurate. 800+ score, no late payments ever. No recurring debt except home mortgage and mortgage on rental property we own.