Got the Apple Card invite, but should I?

Discussion in 'Apple Music, Apple Pay, iCloud, Apple Services' started by decypher44, Aug 12, 2019 at 9:34 AM.

  1. decypher44 macrumors 6502a

    decypher44

    Joined:
    Feb 24, 2007
    Location:
    Orange County, CA
    #1
    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?
     
  2. 5KDan macrumors member

    Joined:
    Sep 21, 2017
    Location:
    Michigan
    #2
    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?
     
  3. decypher44 thread starter macrumors 6502a

    decypher44

    Joined:
    Feb 24, 2007
    Location:
    Orange County, CA
    #3
    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!
     
  4. 5KDan macrumors member

    Joined:
    Sep 21, 2017
    Location:
    Michigan
    #4
    LOL... you're welcome!

    Not trying to add to your temptation, but I received my card today, and it's really, really nice :cool:
     
  5. myscrnnm macrumors 65816

    myscrnnm

    Joined:
    Sep 16, 2014
    Location:
    Seattle, WA
    #5
    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.
     
  6. jbachandouris macrumors 601

    jbachandouris

    Joined:
    Aug 18, 2009
    Location:
    Upstate NY
    #6
    Still waiting on my invite.

    I also don't need it.
     
  7. maniacmedia macrumors regular

    maniacmedia

    Joined:
    Jan 9, 2007
    #7
    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.
     
  8. mecloud macrumors newbie

    mecloud

    Joined:
    Thursday
    #8
    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).
     
  9. decypher44 thread starter macrumors 6502a

    decypher44

    Joined:
    Feb 24, 2007
    Location:
    Orange County, CA
    #9
    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).
     
  10. mecloud macrumors newbie

    mecloud

    Joined:
    Thursday
    #10
    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.
     
  11. dwfaust, Aug 17, 2019 at 5:11 PM
    Last edited: Aug 17, 2019 at 5:17 PM

    dwfaust macrumors 603

    dwfaust

    Joined:
    Jul 3, 2011
    #11

    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
     

Share This Page

10 August 12, 2019