I got DENIED for apple lease program!

LucasLand

macrumors 6502a
Original poster
Mar 6, 2002
754
87
New England
I DIDNT GET APPROVED FOR APPLE LEASE PROGRAM!!!!!

earlier this month I got approved for a car loan and bought a new car. The apple store just ran my soc sec # to see if I could buy an iPhone in their lease program. I didn't get approved! What a joke. My only other option was to buy the phone for full price. Unreal. Ends up being same price, but not getting approved for a measly phone is super lame. Spent 20 mins talking to girl and giving all my personal and T-Mobile info

One benefit is I now own a n unlocked iPhone outright. I can cancel service anytime and sell it
 

doboy

macrumors 68020
Jul 6, 2007
2,478
962
I DIDNT GET APPROVED FOR APPLE LEASE PROGRAM!!!!!

earlier this month I got approved for a car loan and bought a new car. The apple store just ran my soc sec # to see if I could buy an iPhone in their lease program. I didn't get approved! What a joke. My only other option was to buy the phone for full price. Unreal. Ends up being same price, but not getting approved for a measly phone is super lame. Spent 20 mins talking to girl and giving all my personal and T-Mobile info

One benefit is I now own a n unlocked iPhone outright. I can cancel service anytime and sell it
Well there you go. You used up all your credit and they find you not credit worthy :)
 

maflynn

Moderator
Staff member
May 3, 2009
66,665
33,521
Boston
What's your credit score? Did you review your credit report to see if there's any error's or red flags?

Since you were approved a loan already, this new loan may have been too risky, i.e., Your income to debt ratio is not where it should be to carry another loan OR your credit score is just too low.
 
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LucasLand

macrumors 6502a
Original poster
Mar 6, 2002
754
87
New England
What's your credit score? Did you review your credit report to see if there's any error's or red flags?

Since you were approved a loan already, this new loan may have been too risky, i.e., Your income to debt ratio is not where it should be to carry another loan OR your credit score is just too low.
This lease program was for $36 per month. No excuse to not get approved for it, just cause I got a new car.
 

LucasLand

macrumors 6502a
Original poster
Mar 6, 2002
754
87
New England
Maybe I'll keep the phone sealed, deactivate and sell it to one of the many Asian scalpers that were in line
 

AppleWes

macrumors 6502
Oct 9, 2013
475
388
This lease program was for $36 per month. No excuse to not get approved for it, just cause I got a new car.
You missed all the other important questions [credit score/debt to income/history/etc...]

Credit can be very tricky- just because you financed a new car doesn't mean Apple (or other credit companies) will automatically approve you. Makes no difference that it's "only $36 a month". In fact, car loans are normally easier to get approved for since they want the sale no matter what, and will track your car down if you don't pay.
 

maflynn

Moderator
Staff member
May 3, 2009
66,665
33,521
Boston
This lease program was for $36 per month. No excuse to not get approved for it, just cause I got a new car.
There's more to it then just 36 dollars a month and there is an excuse. Apple saw red flags somewhere in your credit history/report that made you a risk in their eyes. I can understand your frustration, I've been there myself but its a numbers came and an automated one at that. You'll get a letter in the mail I believe detailing the failure of the credit check.
 

burgman

macrumors 68020
Sep 24, 2013
2,060
1,542
This lease program was for $36 per month. No excuse to not get approved for it, just cause I got a new car.
No the loan is for about $1000 depending on model. You were declined you got a phone why whine about it?
 
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CheesePuff

macrumors 6502a
Sep 3, 2008
745
499
Southwest Florida, USA
There's more to it then just 36 dollars a month and there is an excuse. Apple saw red flags somewhere in your credit history/report that made you a risk in their eyes. I can understand your frustration, I've been there myself but its a numbers came and an automated one at that. You'll get a letter in the mail I believe detailing the failure of the credit check.
Apple didn't see red flags, Citizen Bank did.
 

kupkakez

macrumors 68000
Apr 4, 2011
1,865
717
Austin, TX
This lease program was for $36 per month. No excuse to not get approved for it, just cause I got a new car.
The new account will affect your AAoA (average age of account). This can lead to a denial. The new car payment is also factored into your DTI, the $36 payment could have put you above an ideal DTI, it's hard telling.
 
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maflynn

Moderator
Staff member
May 3, 2009
66,665
33,521
Boston
Apple didn't see red flags, Citizen Bank did.
Perhaps but thats splitting hairs in that the lease program was denied and is unable to take advantage of it. I used Apple generically in that sense since Apple would have sub contracted out the service.
 

areyes163

macrumors 6502a
Jun 15, 2012
565
347
Actually there are many reports of people getting declined even with excellent credit.

Sounds like there is a problem on their end. Doesn't necessarily mean there is a problem with your credit.

A car loan is easier to get in most cases than a credit card most times because there is something the banks can go after and repossess if need be.
 

EW800

macrumors 6502
Jul 4, 2012
365
92
Check out some of the other threads. There are a lot of reports of people with great credit in the 775-800 range getting denied by Citizens Bank. The fact that they are hitting everyone with a Hard Inquiry on the credit reports is also a deal breaker for me. This program is not worth a hard pull hit to the credit, in my opinion.
 

Hankster

macrumors 68020
Jan 30, 2008
2,360
269
Washington DC
I DIDNT GET APPROVED FOR APPLE LEASE PROGRAM!!!!!

earlier this month I got approved for a car loan and bought a new car. The apple store just ran my soc sec # to see if I could buy an iPhone in their lease program. I didn't get approved! What a joke. My only other option was to buy the phone for full price. Unreal. Ends up being same price, but not getting approved for a measly phone is super lame. Spent 20 mins talking to girl and giving all my personal and T-Mobile info

One benefit is I now own a n unlocked iPhone outright. I can cancel service anytime and sell it

Just because you got "approved" while buying a new car doesn't mean your credit is good. If your credit is 750 you can still buy a car, you will just get a high interest rate. However, 750 is not good enough for Apple. Car companies will almost always approve anyone to purchase a car because if your credit is low they just give you a higher interest rate and that's where the companies make the real money.
 

EW800

macrumors 6502
Jul 4, 2012
365
92
The new account will affect your AAoA (average age of account). This can lead to a denial. The new car payment is also factored into your DTI, the $36 payment could have put you above an ideal DTI, it's hard telling.
You are spot on! This whole deal is not good in my opinion. Not worth a hard pull on the credit report and a reduction of the Average Age of Account on the credit report, in my opinion.
 
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CheesePuff

macrumors 6502a
Sep 3, 2008
745
499
Southwest Florida, USA
Perhaps but thats splitting hairs in that the lease program was denied and is unable to take advantage of it. I used Apple generically in that sense since Apple would have sub contracted out the service.
Well not perhaps, thats who declined him, not Apple as they are not a bank and have no business in handing out loans to end users. He will receive a decline details letter from Citizen Bank, not Apple in the coming weeks.
 

cardfan

macrumors 68020
Mar 23, 2012
2,433
3,233
That's pretty funny to imagine all those waiting in line only to be dinged for an inquiry and denied. Congrats. You made your credit even worse. Even those with decent scores shouldn't be going anywhere near this.
 

Mike B in ok

macrumors member
Sep 15, 2015
78
35
Oklahoma
I also was declined this morning. My credit score bounces slightly from month to month but is approximately 800, I have at least two credit cards that I've had for over 20 years, and I have no debt, paying off credit card balances every month and paying cash for a new car three years ago (I realize I'd be even better off for credit report purposes with a small amount of debt, but I don't think that's why I was turned down). I changed apartments within the same building about a year ago and that's the only thing I can think of that could possibly trigger this, though I had checked before hand to make sure that my credit card and driver's license address were correct and the same.

I wanted to run a different credit card and resubmit, but the store staff flatly refused (they are of course bound by what the bank lets them do). They offered to sign me up on the Verizon annual trade-in plan, and in retrospect I kind of wish I had done that. For me the only significant difference would be that Verizon's insurance is better than Apple's for a lost or stolen phone, but not as good for a damaged phone, and I'd have better tech support from Apple). I just bought the phone outright.The store manager indicated that when I received a letter explaining why I was turned down, I could come back and if the problem was fixed, return the phone and then rebuy it on the Apple plan.

I will give it some thought, but I will probably just keep the phone and be done with it. I may get Apple Care and cancel my Verizon insurance. The whole thing was embarrassing, but not the end of the world. But I do recommend that you be prepared to be turned down and have a backup plan. I figured it was more likely that I would get shot at the store then turned down on credit, but I was turned down!
 
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pudcraft

macrumors regular
Sep 23, 2013
193
139
Houston
What everyone else here is saying is valid. Just because you got a car loan approval doesn't mean you can get approved for this right away either. Your AAoA decreased, your risk increased, and it also depends on your income / credit spread. Citizen's Bank found you as a risk. It could be because you just got a new car and your credit could be stretched thin. It could be because you may have too many lines of credit, your balances not below 10% if not $0 and so much more. Only you know this information.

You will get a letter with the reason why. Good for you to outright buy it, if I read that correctly. Depending more on cash and less on credit is a great approach, in general.
 
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pudcraft

macrumors regular
Sep 23, 2013
193
139
Houston
I also was declined this morning. My credit score bounces slightly from month to month but is approximately 800, I have at least two credit cards that I've had for over 20 years, and I have no debt, paying off credit card balances every month and paying cash for a new car three years ago (I realize I'd be even better off for credit report purposes with a small amount of debt, but I don't think that's why I was turned down). I changed apartments within the same building about a year ago and that's the only thing I can think of that could possibly trigger this, though I had checked before hand to make sure that my credit card and driver's license address were correct and the same.

I wanted to run a different credit card and resubmit, but the store staff flatly refused (they are of course bound by what the bank lets them do). They offered to sign me up on the Verizon annual trade-in plan, and in retrospect I kind of wish I had done that. For me the only significant difference would be that Verizon's insurance is better than Apple's for a lost or stolen phone, but not as good for a damaged phone, and I'd have better tech support from Apple). I just bought the phone outright.The store manager indicated that when I received a letter explaining why I was turned down, I could come back and if the problem was fixed, return the phone and then rebuy it on the Apple plan.

I will give it some thought, but I will probably just keep the phone and be done with it. I may get Apple Care and cancel my Verizon insurance. The whole thing was embarrassing, but not the end of the world. But I do recommend that you be prepared to be turned down and have a backup plan. I figured it was more likely that I would get shot at the store then turned down on credit, but I was turned down!

Just a quick point out - if any of you have your CREDIT FROZEN with any of the companies, EQ, TU, EX, then you WILL GET DENIED. They will NOT tell you that your credit is frozen. Generally, they get an error, but that is not the case with this program. There is no credit specialist or recon you can call for their program. Make sure you don't have any credit reports FROZEN before you apply, else the ban hammer.
 

CE3

macrumors 68000
Nov 26, 2014
1,518
2,417
Pretty messed up if someone with an 800 credit score is getting denied. Personally, I think this program stinks because despite being unlocked and paying directly to Apple, I still can't activate it with any carrier or plan I want.
 

kupkakez

macrumors 68000
Apr 4, 2011
1,865
717
Austin, TX
Pretty messed up if someone with an 800 credit score is getting denied. Personally, I think this program stinks because despite being unlocked and paying directly to Apple, I still can't activate it with any carrier or plan I want.
We ALL need to stop thinking in terms of a credit score. That does not paint an entire financial picture of someone. As previously mentioned a whole host of things can lead to a denial DESPITE a fantastic score.
 

supervelous

macrumors 6502
May 28, 2010
323
39
Just because you got "approved" while buying a new car doesn't mean your credit is good. If your credit is 750 you can still buy a car, you will just get a high interest rate. However, 750 is not good enough for Apple. Car companies will almost always approve anyone to purchase a car because if your credit is low they just give you a higher interest rate and that's where the companies make the real money.
Lol at this. 750 is actually a very good if not great credit score. The average credit score in the US is like 690 or somewhere around there.

Of course others make valid points. They also look at DTI, AAoA, etc. but from what I've heard a lot of good credit profiles were getting denied and may have been a glitch. So let's not school people on their credit just yet.
 
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