Got the Apple Card invite, but should I?

decypher44

macrumors 6502a
Original poster
Feb 24, 2007
753
865
Orange County, CA
I got my invite/application today. I was in the process of applying, and stopped.

It took 7.5 years after my divorce to get my credit score back. Now I’m north of 785. I know that a hard inquiry will effect my score. That, and it will bring my credit average age down.

What do you all think?
 

5KDan

macrumors member
Sep 21, 2017
62
57
Michigan
The hard inquiry won't affect your score that much... I've seen mine drop for past INQs, but only by 5 points or so. And the additional credit line is likely to decrease your percent-utilization, which is likely to increase your score in the long run- provided you don't charge right up to the limit of this or your other card(s).

But more importantly... do you need another credit card?
 

decypher44

macrumors 6502a
Original poster
Feb 24, 2007
753
865
Orange County, CA
The hard inquiry won't affect your score that much... I've seen mine drop for past INQs, but only by 5 points or so. And the additional credit line is likely to decrease your percent-utilization, which is likely to increase your score in the long run- provided you don't charge right up to the limit of this or your other card(s).

But more importantly... do you need another credit card?
Need? No. I think I was just getting caught up in the “new and shiny”. Thanks for saying what needed to be said.

But I’d really like the shiny titanium!
 

myscrnnm

macrumors 65816
Sep 16, 2014
1,395
857
Seattle, WA
An inquiry will only affect your score by around five to ten points, and goes away after six months. It’s much better to have a no-fee Card that will increase your overall credit limit in the long run.
 
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maniacmedia

macrumors regular
Jan 9, 2007
116
20
Unless you have multiple inquiries over the last 6 months, a single inquiry won't make a difference to your credit score. Obviously you're careful about this kind of thing, so you likely know how many you have.

A hard inquiry will stay on your credit report for 2 years, but they really only look at the past 6 months unless they see something that makes them question otherwise.

Good luck to you.
 

mecloud

macrumors newbie
Aug 15, 2019
14
17
I got my invite/application today. I was in the process of applying, and stopped.

It took 7.5 years after my divorce to get my credit score back. Now I’m north of 785. I know that a hard inquiry will effect my score. That, and it will bring my credit average age down.

What do you all think?
I predict that you'll see an immediate 5-10 point drop on your Transunion FICO score (from the hard inquiry), followed by an increase of more than that over the following 2-3 months because of the new account, and presumably lower overall credit utilization (assuming your overall purchasing habits stay about the same).
 

decypher44

macrumors 6502a
Original poster
Feb 24, 2007
753
865
Orange County, CA
I predict that you'll see an immediate 5-10 point drop on your Transunion FICO score (from the hard inquiry), followed by an increase of more than that over the following 2-3 months because of the new account, and presumably lower overall credit utilization (assuming your overall purchasing habits stay about the same).
Yep. Hit with 6 points for the hard inquiry. I’m ok with that. Now exactly how much once the line is added, no clue. Can’t be too bad. I just need a good score by next June. I’m at 794 now (after the 6 point hit).
 

mecloud

macrumors newbie
Aug 15, 2019
14
17
Yep. Hit with 6 points for the hard inquiry. I’m ok with that. Now exactly how much once the line is added, no clue. Can’t be too bad. I just need a good score by next June. I’m at 794 now (after the 6 point hit).
794 is a "good" score by any standards. I believe "good" starts at 720. 794 means you really should have little to worry about, unless your file is "thin" (very few accounts). Even if that's the case, I'm pretty sure you'd have to make some fairly obvious mistakes (late payments for example) to take your score down enough to worry about it.
 

dwfaust

macrumors 603
Jul 3, 2011
5,630
6,415
794 is a "good" score by any standards. I believe "good" starts at 720. 794 means you really should have little to worry about, unless your file is "thin" (very few accounts). Even if that's the case, I'm pretty sure you'd have to make some fairly obvious mistakes (late payments for example) to take your score down enough to worry about it.

There was a report in another thread about a guy with 850 score rejected... something about the amount of available credit and the ratio to income being excessive.

My Vantage score via CreditKarma dropped from 816 to 813, but the paperwork from Apple said my FICO was 850... haven't checked it afterwards.

Screen Shot 2019-08-17 at 5.16.13 PM.png
 
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StarShot

macrumors 6502a
Mar 31, 2014
950
352
... more importantly... do you need another credit card?
I just received mine today. Yes, it is nice looking but...

The main reason I signed up for it was the cash rebates which overall I thing are better than airline mileage. However, I'm having doubts now. First of all, it's a Master Card which I believe is not as accepted as a Visa. And I'm not sure exactly why it would benefit me to carry it in my REAL wallet.

As I understand it, I have to find a dealer/store that accepts Apple Pay. Then I pull out my phone, go to Wallet and tap/whatever and I'm on my way with my purchase. The card does have a chip in it so I'm guessing if I could find a store, I could slide the card into the reader and be on my way.

Then, I'm not sure how I would pay for anything purchased with the card. Does it automattically deduct my bill from my checking account? Finally, if I build up a credit balance, does that wash out any purchases I make that month?

Regardless, it's a pretty card. No annual fees (read $90).
 
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