My credit score is 850! Why did I get denied for Apple financing?!

digitalcuriosity

macrumors 6502
Aug 6, 2015
457
144
It could be something to do with the number of hard pulls you have in the last 2 years. For example, chase will not approve you for the sapphire preferred, freedom, or slate card if you have more than 5 hard pulls in a 2 year span. This is something new chase introduced a few months ago, and it could be something the bank apple is using does. That would easily explain credit scores over 800 being denied.

They may not being using that exact amount of pulls, but it could easily be "x" amount of pulls = auto denial.
What amount are we talking about that need such approval from a credit card company. Most people have a limit so if it is not exceeded,they should get their phone right? Or am I missing something.
 
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kupkakez

macrumors 68000
Original poster
Apr 4, 2011
1,842
669
Austin, TX
What amount are we talking about that need such approval from a credit card company. Most people have a limit so if it is not exceeded,they should get their phone right? Or am I missing something.
The upgrade program is based on your creditworthiness and all of the things I listed in my OP which includes hard pulls. It's all a part of the formula of getting financed.

What @mattopotamus is saying is that some lenders have strict requirements or things that can result in an auto denial of your application. In his example Chase doesn't like a lot of hard inquiries aka hard pulls.

Or are you talking about just putting your iPhone on an existing credit card?
 

digitalcuriosity

macrumors 6502
Aug 6, 2015
457
144
The upgrade program is based on your creditworthiness and all of the things I listed in my OP which includes hard pulls. It's all a part of the formula of getting financed.

What @mattopotamus is saying is that some lenders have strict requirements or things that can result in an auto denial of your application. In his example Chase doesn't like a lot of hard inquiries aka hard pulls.

Or are you talking about just putting your iPhone on an existing credit card?
I am not buying the phone i am leasing it and it's included in my Monthly Sprint bill.
I pay by a credit card each Month, but also i could just send them a check as they still send me a bill in the mail. They also send a text message when their going to debit my credit card.
 

california_kid

macrumors regular
Sep 9, 2016
230
263
San Francisco
There are over 40 types of FICO scores that are used by different lending products. Your FICO score for buying house is different than the FICO score for credit cards. Free credit reporting services like Credit Karma use a FICO score that is targeted for credit card applications since that is a major revenue source for them - credit card referrals. One can assume that Apple IUP is more loan/lease than credit card so uses a different FICO score that many applicants may not know what their score is.
 

tdsdtdsd

macrumors newbie
Dec 2, 2019
3
1
You're buying it wrong.
I have a credit score of 830 as listed in my denial letter. Net worth over 1/2 million, Retirement income $55,000 a year. Only debt is my RV $60,000 worth $80,000. I charge most of my bills to my credit card so I have balance of $3000 each month which I pay off. I'm 77 years old. First time in my lift denied a credit card. I'm insulted and dissapointed in Apple for letting someone like me not get one of their cards. I was planning on making a purchase from Apple but will not until I can do it with an Apple Credit card.
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I forgot to add. There is not even a way to complain to Apple or Goldman Sacks or appeal the denial. I can apply again but was told it would count against my credit rating if it were denied a second time.
 

california_kid

macrumors regular
Sep 9, 2016
230
263
San Francisco
Reminds me of my experience with Amazon Prime card and calling to complain:

Me - WHY WAS I DENIED DAMN IT!!!!!!!
Amazon - Do you have your credit report locked?
Me - DAMN RIGHT I DO!!!!!
Amazon - You mind unlocking so we can run a credit report?
Me - DAMN RIGHT I CAN!!!!!
Amazon - Thanks, you are approved.
Me - DAMN RIGHT I AM!!!!
Amazon - Can I help you with anything else today?
Me - eh, no....
 

compwiz1202

macrumors 6502
May 20, 2010
460
84
The VantageScore is not FAKO, it's just not FICO. From what I've learned, most banks and creditors don't use it for pulls, but it's still a legitimate credit scoring system, and considering Credit Karma gives you 'free" access to it, it's good to know.
It's just useful to compare to itself, and I also like CK for the credit factors and reports, but I have definitely seen it be above and below my FICO.
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What amount are we talking about that need such approval from a credit card company. Most people have a limit so if it is not exceeded,they should get their phone right? Or am I missing something.
I am like 660-680 and have over five hard inquiries and got approved three times. Sometimes with denials, they have stupid reasons. They will put serious delinquencies, but I haven't been late in years. The inquires and ratios make sense but not the serious delinquencies. They really need to work more of those reasons for denial directly into the score. You shouldn't have such a high score if those things exist seriously enough to deny you a max of like $70/month payment over two years.
 

C DM

macrumors Sandy Bridge
Oct 17, 2011
48,069
16,371
I have a credit score of 830 as listed in my denial letter. Net worth over 1/2 million, Retirement income $55,000 a year. Only debt is my RV $60,000 worth $80,000. I charge most of my bills to my credit card so I have balance of $3000 each month which I pay off. I'm 77 years old. First time in my lift denied a credit card. I'm insulted and dissapointed in Apple for letting someone like me not get one of their cards. I was planning on making a purchase from Apple but will not until I can do it with an Apple Credit card.
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I forgot to add. There is not even a way to complain to Apple or Goldman Sacks or appeal the denial. I can apply again but was told it would count against my credit rating if it were denied a second time.
Seems like this is in relation to the Apple Card while the thread is a much older one before there was even any rumors of a such a thing (and is about iPhone financing).

https://forums.macrumors.com/forums/apple-card-apple-music-apple-pay-icloud.134/ might be a section to check out.
 
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compwiz1202

macrumors 6502
May 20, 2010
460
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Seems like this is in relation to the Apple Card while the thread is a much older one before there was even any rumors of a such a thing (and is about iPhone financing).

https://forums.macrumors.com/forums/apple-card-apple-music-apple-pay-icloud.134/ might be a section to check out.
True didnt look close enough at which it was referencing. This is how each was for me:

iUP was approved three times.
Barclay approved.
Apple denied.

Weird thing with Barclay which also happened to me with another vendor is that I was denied outside the store when I applied, but when it asked me during the order on the site, and I tried again, it approved me.
 

tdsdtdsd

macrumors newbie
Dec 2, 2019
3
1
I want to buy two Apple Watches. I think I will go to the Apple store and see if they will let me walk if my Apple Card is denied. Thanks for the replys. Terry
 

bushman4

macrumors 68030
Mar 22, 2011
2,580
390
I have a credit score of 830 as listed in my denial letter. Net worth over 1/2 million, Retirement income $55,000 a year. Only debt is my RV $60,000 worth $80,000. I charge most of my bills to my credit card so I have balance of $3000 each month which I pay off. I'm 77 years old. First time in my lift denied a credit card. I'm insulted and dissapointed in Apple for letting someone like me not get one of their cards. I was planning on making a purchase from Apple but will not until I can do it with an Apple Credit card.
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- - Post merged: - -

I forgot to add. There is not even a way to complain to Apple or Goldman Sacks or appeal the denial. I can apply again but was told it would count against my credit rating if it were denied a second time.
Contact Apple it could be an error or perhaps an outstanding mortgage which caused you to be denied. It could even be that you have several credit cards if that’s the case
Doubtful that they denied you because of your age
Why guess call and find out the reason
 
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tdsdtdsd

macrumors newbie
Dec 2, 2019
3
1
I called Apple and they told me they could do nothing in the way of looking at my situation. They just said to reapply. I've been told if you reapply and are denied it will negatively effect your credit score. I'm going to go to the store and see if they will let me walk if the application is denied.
My problem might be that I have taken advantage of offers by Home Depot and QVC to pay me to open a charge card. I won't use them but it probably looks like I have too many cards. I only use one or two 99% of the time.
The thing that is most frustrating is the Goldman Sacks or Apple will talk to me about it. I'm at the mercy of there software with no appleal. Thanks for your comments.
 
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compwiz1202

macrumors 6502
May 20, 2010
460
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I called Apple and they told me they could do nothing in the way of looking at my situation. They just said to reapply. I've been told if you reapply and are denied it will negatively effect your credit score. I'm going to go to the store and see if they will let me walk if the application is denied.
My problem might be that I have taken advantage of offers by Home Depot and QVC to pay me to open a charge card. I won't use them but it probably looks like I have too many cards. I only use one or two 99% of the time.
The thing that is most frustrating is the Goldman Sacks or Apple will talk to me about it. I'm at the mercy of there software with no appleal. Thanks for your comments.
Yea issue is new cards are good for utilization as long as you don't use them poorly, and for number of accounts, but they drop your average age hard. And I agree today's credit is so dumb because everything is formulas without any human intervention.
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Contact Apple it could be an error or perhaps an outstanding mortgage which caused you to be denied. It could even be that you have several credit cards if that’s the case
Doubtful that they denied you because of your age
Why guess call and find out the reason
Could be age indirectly since you just wouldn't have a high average age of accounts.
 

SisterBlue22

macrumors 6502a
Apr 29, 2015
662
460
Arizona
I'm going to go to the store and see if they will let me walk if the application is denied.
What do you mean "let you walk"? If you don't pay for the items you went in to buy, you can walk away, without said items. They aren't going to kidnap you and hold you until you find another payment method.
 

steelhauler34

macrumors member
Jul 23, 2019
45
11
I get the point of the post but if you don’t have an 850 score then this whole thing is kind of a lie. How do you even know you can be denied with an 850 if you don’t have an 850 and were denied??
 
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compwiz1202

macrumors 6502
May 20, 2010
460
84
I get the point of the post but if you don’t have an 850 score then this whole thing is kind of a lie. How do you even know you can be denied with an 850 if you don’t have an 850 and were denied??
I think 850 was an exaggeration. I think it is why do people with 720+ get denied? They need to revamp the system that anything that could affect a decision beyond just the score should actually affect the score.
 

WingsAndBeer

macrumors member
May 24, 2019
85
119
I have a credit score of 830 as listed in my denial letter. Net worth over 1/2 million, Retirement income $55,000 a year. Only debt is my RV $60,000 worth $80,000. I charge most of my bills to my credit card so I have balance of $3000 each month which I pay off. I'm 77 years old. First time in my lift denied a credit card. I'm insulted and dissapointed in Apple for letting someone like me not get one of their cards. I was planning on making a purchase from Apple but will not until I can do it with an Apple Credit card.
- - Post merged: - -


- - Post merged: - -

I forgot to add. There is not even a way to complain to Apple or Goldman Sacks or appeal the denial. I can apply again but was told it would count against my credit rating if it were denied a second time.
This post is 2 1/2 years old and has nothing to do with Apple Card. You may be well off but apparently reading is not your forte.
 

Brian Y

macrumors 68040
Oct 21, 2012
3,526
653
I have a credit score of 830 as listed in my denial letter. Net worth over 1/2 million, Retirement income $55,000 a year. Only debt is my RV $60,000 worth $80,000. I charge most of my bills to my credit card so I have balance of $3000 each month which I pay off. I'm 77 years old. First time in my lift denied a credit card. I'm insulted and dissapointed in Apple for letting someone like me not get one of their cards. I was planning on making a purchase from Apple but will not until I can do it with an Apple Credit card.
- - Post merged: - -


- - Post merged: - -

I forgot to add. There is not even a way to complain to Apple or Goldman Sacks or appeal the denial. I can apply again but was told it would count against my credit rating if it were denied a second time.
Right, so let me get this straight.

You have a $55k retirement income, $36k/year in credit card charges, and a $60k RV loan?

I know people have jumped on the gender bandwagon - but with those figures I'm not surprised you were rejected. I'm going to err on the side of caution and say that 55k is after tax (if it's before tax, things look far worse).

Your monthly credit card payments are at least 66% of your income, and that's not taking into account payments on the RV. Your credit:income ratio is far too high. Regardless of your net worth, you're spending too much on credit for your (regular) income.
 
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kevink2

macrumors 65816
Nov 2, 2008
1,355
121
850 is a perfect score. And yes I only read titles. Just to annoy people a bit.
Frustrating. And 850 is only a perfect score on some credit scores. My CC posted yesterday that I have an 832, but the scale they use goes up to 900 :)

And I doubt I would be declined for an Apple Credit card if I applied. The only things that might hurt is if they looked at my unused credit lines on existing credit cards, and worried that I would go on a $60,000 spending spree. These sites tend to flag lack of recent installment debt as a downer for my rating, since there isn't anything worse to flag. (Paid off a car about 4 years ago).
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What amount are we talking about that need such approval from a credit card company. Most people have a limit so if it is not exceeded,they should get their phone right? Or am I missing something.
Hard pulls are from requests for loans (or credit cards), signing up for new Postpaid phone service, etc. I have 1 pull visible on each of 2 credit reporting agencies right now. 1, for moving to T-Mobile postpaid a few months ago, 1 for a best buy credit card last summer (to get $140 back on a computer purchase).
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Right, so let me get this straight.

You have a $55k retirement income, $36k/year in credit card charges, and a $60k RV loan?

I know people have jumped on the gender bandwagon - but with those figures I'm not surprised you were rejected. I'm going to err on the side of caution and say that 55k is after tax (if it's before tax, things look far worse).

Your monthly credit card payments are at least 66% of your income, and that's not taking into account payments on the RV. Your credit:income ratio is far too high. Regardless of your net worth, you're spending too much on credit for your (regular) income.
I'm not sure that the $3000/month is a downer for credit reports, assuming that the total CC limit on that account is high enough (such as $15,000). The poster would then be only at 20% of limit, which isn't a scary sign. If paid off monthly, then the reported CC debt would only be around $3000. The payments on the RV loan might be a factor, if it is high enough. $1000 a month might be scary.

But credit issuers, while they use credit scores as a help, aren't obligated to issue credit. They can look at other issues. Credit may be issued for a poor score, but at a higher rate.
 
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