Apple Launches 'Path to Apple Card' Program to Help Declined Applicants Get Approved

[SBlue1]

Do you really think we do it this way? I have been living in America all my life, and I use Apple Pay 90% of my day, paychecks are just in name only, as they are really just direct deposits to a bank account, bills are deducted automatically, and I haven't been inside of a bank branch in 20 years, other than when I went to go open the actual account, which was when I was a teenager. I don't carry any cash usually, unless its a few bucks I keep in my wallet to give to the homeless. I never wrote a check once in my life, and even pay my rent with Apple Pay and a debit card.

Most of my friends and family are in the same boat. I don't know anyone who still writes checks unless they're 85+.

Well ok it was 10 years ago that I visited a friend in the states and she had stacks of unpaid bills on her desk and letters with paper paychecks that she had to cash. When I asked her why does she need to open each letter and pay each bill individually and if there is something like auto pay she replied nobody would trust auto pay in the US. Good to see times have changed in such a short span.

As a European, have you heard of Germany?

I am from Germany actually. Last time I saw a bank from the inside was when I opened up my account with Citibank in 1994. I think they were the first with phone and online banking in Germany. But I know your point as most Germans love paying in cash. But hey we are getting there now with COVID19 as people find out they can pay contactless without touching anything.

 

[bigchrisfgb]

Don't act so smug. The secret with UK banks is that they get their profits from the overdraft facilities with 40% interest rates they bundle with your account. That's why it's "free".

Your checking accounts are basically credit cards in a different name.

There are plenty of banks who charge less than 40% in overdraft interest rates. Also that figure is for unwarranted overdrafts. Pretty much all banks will agree to 0% overdrafts for periods of time. Most banks also offer students 0% overdrafts whilst they are studying, and for a period of time after that as well.

 

[ksec]

When is it coming to UK, Canada , EU and RoW?

 

[C DM]

Well ok it was 10 years ago that I visited a friend in the states and she had stacks of unpaid bills on her desk and letters with paper paychecks that she had to cash. When I asked her why does she need to open each letter and pay each bill individually and if there is something like auto pay she replied nobody would trust auto pay in the US. Good to see times have changed in such a short span.

More than likely that wasn't the case for many back then either.

 

[Pirate!]

Creditors see no "score" number.

They do see the number.

 

[konqerror]

There are plenty of banks who charge less than 40% in overdraft interest rates. Also that figure is for unwarranted overdrafts. Pretty much all banks will agree to 0% overdrafts for periods of time. Most banks also offer students 0% overdrafts whilst they are studying, and for a period of time after that as well.

And why are they agreeing to 0%? Because they're counting on you to not repay that amount before the interest starts. Exactly like a credit card.

In fact, why are they offering to cover overdrafts at 40%? In the US, they deny the transaction/bounce the check.

It's all the same: UK checking accounts are supported by the very expensive overdraft interest.

 

[jlocker]

I love my Apple Card and I really like that when I buy my next computer I can pay for it over 12 months and I get 3% cash back with Apple Cash. So I would get a card right away and buy a new MacBook Pro and pay for it over 12 months. Keep it for two more years and then get one of the new Mac's with an Apple processor. That is about the right time when Apple will have all the bugs worked out of the hardware and OS 11. Then go to a Apple store turn in the old MacBook Pro in and get credit for it. A win all around.

 

[iGeek2019]

When is it coming to UK, Canada , EU and RoW?

In terms of the U.K. and Europe if we ever see it over here there’s no way on Earth Apple Card will have the same benefits as over in the United States-as mentioned previously the Interchange Fee is capped to 0.3% so any cash back rewards would be pitiful.
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And why are they agreeing to 0%? Because they're counting on you to not repay that amount before the interest starts. Exactly like a credit card.

In fact, why are they offering to cover overdrafts at 40%? In the US, they deny the transaction/bounce the check.

It's all the same: UK checking accounts are supported by the very expensive overdraft interest.

It’s only very recently that we’ve started to see APRs applied to overdraft rates; previously people were charged fees eg 50p/day for every day you were overdrawn. In fact some people are probably better off than they were before, as bizarre as that may sound.

Plus for day to day banking most personal current accounts are free to operate in terms of paying in cash etc.

 

[CausticSoda]

They do see the number.

Perhaps in the US or somewhere? I am speaking for the UK, where they do not. They may apply their own number, but it is not a number you would ever see. Indeed, the various credit agencies all have different numbers (in the UK, at least).

 

[PickUrPoison]

I'm the type of person that credit card companies hate... I pay my bills in full every month while I rack up the cashback for making use of the card.

If I can buy something on the card, it goes on the card... I just don't let it get away from me.

Credit card companies don’t hate transactors. If they actually hated you they’d cancel your card or drop your credit limit.
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I have an 847/850 credit rating and Tim Cook's buddies at the bank declined my application. Jajajajajaja! I can only guess who was responsible for writing the approval algorithm. Jajajajajajaja!

Goldman doesn’t rely exclusively on credit scores You might want to find out what data is indicating that you’re at such a high risk of default.
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Exactly. mine lists a reason of severe delinquency, and I haven't been late at all in years. Is there somewhere you go if you were recently denied, or do you just have to try again? And I wonder if it is if you do all these to the T, you ARE in, or you COULD be in.

How many years? More than seven? But in any event, the “reasons” given by TransUnion are sometimes inaccurate. They attempt to tell you why you didn’t score higher, but they’re occasionally nonsensical/not valid.

If you get your paper credit report directly from the credit reporting agency, you should easily be able to determine why your score isn’t higher.

 

[ilikewhey]

That’s really great of them, Credit card should be more transparent on why you got declined

 

[konqerror]

Goldman doesn’t rely exclusively on credit scores You might want to find out what data is indicating that you’re at such a high risk of default.

Somebody who actually has an 847, which requires real work to get at, and has to be at least middle-aged due to mortgage history, isn't going to write "Jajajaja"

 

[Pirate!]

Perhaps in the US or somewhere? I am speaking for the UK, where they do not. They may apply their own number, but it is not a number you would ever see. Indeed, the various credit agencies all have different numbers (in the UK, at least).

Referring to the US. Also, 3 agencies here, each with a different score. Not all are included in each credit request, could be just one, could be more.

 

[LV426]

A trillion dollar company shouldn’t be encouraging people to get a credit card.

 

[WLS]

so if you have your credit reports blocked to prevent fraud and already have a credit card for over 10 years and a credit score 0f 820 do you still get denied?

 

[Cycom]

As a European I was stunned when I heard that in the US people still used paper cheques and pay bills manually. We do everything with a bank account, money transfer and auto pay. We get our "paycheck" directly to the account, the bills get deducted automatically from the same account. No late fees, no forgotten payments, no fraud, no money lost in the mail. I haven't been inside a bank for 25 years, you can do everything online or by phone.

Thanks for letting us know. What a revelation!

 

[bigchrisfgb]

And why are they agreeing to 0%? Because they're counting on you to not repay that amount before the interest starts. Exactly like a credit card.

In fact, why are they offering to cover overdrafts at 40%? In the US, they deny the transaction/bounce the check.

It's all the same: UK checking accounts are supported by the very expensive overdraft interest.

You generally have to apply for an overdraft facility when you apply for an account, and of course you can change the terms etc by asking too if your circumstances change.

Credit cards are used quite often over here as well. I’d honestly say credit cards are used over overdrafts. You can get them for periods of 0% interest, and depending on your credit score can have ones with a permanent interest rate as low as 3%.

 

[PickUrPoison]

so if you have your credit reports blocked to prevent fraud and already have a credit card for over 10 years and a credit score 0f 820 do you still get denied?

You’ll have to unfreeze your TransUnion report before you apply or you won’t be approvable.

 

[tooloud10]

As a European it's also hard to understand for me that Americans pay for so much stuff with credit cards (in other words: money that you don't have) and just apply for a new one as soon as the old one is maxed out (correct me if I'm wrong about this though). If I want to have something I save up for it and then buy it when I'm actually able to pay for it.

Yeah, I have no idea where some you guys are getting your info about Americans, but the idea that many of us think you can just max out credit cards and open new ones is pretty unfounded.

FWIW, I pay for everything with a credit card because everything is cheaper that way. It all gets paid off every month and I pay zero interest.
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If your credit is so bad that you can’t get an Apple Card you should definetly not be looking for credit cards.

Apple denied me credit for the iPhone Upgrade Program when I had an 850 FICO score, 20 years of credit history, and plenty of income. At the time they wouldn't even explain why I was being denied--just generic reasons.

 

[konqerror]

As a European it's also hard to understand for me that Americans pay for so much stuff with credit cards (in other words: money that you don't have) and just apply for a new one as soon as the old one is maxed out (correct me if I'm wrong about this though).

Yeah, I have no idea where some you guys are getting your info about Americans, but the idea that many of us think you can just max out credit cards and open new ones is pretty unfounded.

It's a myth to make themselves feel better when in realty, households the rich parts of Europe are in significantly more debt than Americans, when normalized to their income.

The US has more gross debts, but the US simultaneously has the highest household incomes in the world.

Household debt

Household debt is defined as all liabilities of households (including non-profit institutions serving households) that require payments of interest or principal by households to the creditors at a fixed dates in the future.

data.oecd.org

 

[tooloud10]

Well ok it was 10 years ago that I visited a friend in the states and she had stacks of unpaid bills on her desk and letters with paper paychecks that she had to cash. When I asked her why does she need to open each letter and pay each bill individually and if there is something like auto pay she replied nobody would trust auto pay in the US. Good to see times have changed in such a short span.

Have you considered that your friend isn't representative of all Americans? I've been paying my bills online for the better part of 20 years.

 

[Hieveryone]

Lol looks like Apple is desperate to get you to owe them money rather than whoever it is you already owe money.

SMH

 

[urnotl33t]

As a European I was stunned when I heard that in the US people still used paper cheques and pay bills manually. We do everything with a bank account, money transfer and auto pay. We get our "paycheck" directly to the account, the bills get deducted automatically from the same account. No late fees, no forgotten payments, no fraud, no money lost in the mail. I haven't been inside a bank for 25 years, you can do everything online or by phone.

Similar here for me in the US, with USAA. They pioneered a lot of stuff here in the US; Bank of America wasn't too far behind, around 1999 for them. Around 1998-ish, I was in the "customer beta" program with USAA for the Web Bill Pay service, then again in 2003-ish, I was in the beta again when they did a LOT more mobile stuff and the mobile deposit service. Before mobile deposit, USAA did deposit-by-mail (overnight delivery), which was still speedy (the money really was THERE in my account the next morning!). So yeah, I've been all-electronic on banking for decades now. I find it jarring and foreign when I see others break out their old-school checkbooks for stuff. "WTF is that relic? oh... that... sheesh".

My only walk-in to a bank recently was just to get some coin wrappers for my daughter's loose change. That was at a bank where I don't even have an account!

 

[4jasontv]

Exactly. I don't know why people should ever miss a payment. Just set automatic payments for the minimum due and then pay more if you can in a second payment. Then you never have a missed payment on anything. Crazy how stupid many people are.

Years ago I had a card that would alter the date it would pull a payment. By the end of the year you were paying your bill a week early. It would have been really easy for someone living paycheck to paycheck to get an overdraft.

What's worse is my friend had a car loan that charged a fee if you paid more than your loan amount in one month, so you couldn't even get ahead.

 

[cmaier]

I have an 847/850 credit rating and Tim Cook's buddies at the bank declined my application. Jajajajajaja! I can only guess who was responsible for writing the approval algorithm. Jajajajajajaja!

The algorithm scrapes forum posts for nonsense syllables and docks you 15 points for each.