Apple Card Turned Me Down - My Credit Score is 835 -WTAF?!

[ZipZap]

I'm enjoying all the replies to this thread! Actually Apple Card/Goldman Sachs did me a favor by turning me down. By doing a little research I was able to save $350 and get my new MBP from Amazon delivered in 2 days (assuming it arrives today - out for delivery)!

They assess you as risky, other card companies may not. Your score had nothing to do with it. You have a high Debt to Income ratio. How much is that mortgage each month, and you likely had a card balance when you applied. Did you list your combined income or only yours? Are your credit bureau accounts linked because you are married. There is a ton of information assessed. Your score is not one of the factors used.

Also, where did you get that score. Many of the sites do not provide a real score but an approximation. When I went to buy a car I checked my score. 735 from Credit Karma. Dealer used a real credit engine that looked at all 3 bureaus...average 824.

 

[Erehy Dobon]

If they barely use the card I agree. But they still love the ones who purchase a lot because they rack up merchant fees.

The merchant fees don't make it back entirely to the credit card issuing bank.

There are things like interchange fees, batch fees, etc.

Let's say I make a $10 transaction with a credit card and the merchant transaction fee is 2%, that is $0.20. Let's say this happens at a mom-and-pop coffee shop.

Some of that 20 cents goes to the merchant's bank, i.e., whatever bank the coffee shop is using. Other portions go to the payment network, like Visa International (NYSE:V). And there's likely a company that provides the POS terminal who gets a cut of every transaction (in addition to what they charge monthly to the coffee shop).

 

[pommephone]

They assess you as risky, other card companies may not. Your score had nothing to do with it. You have a high Debt to Income ratio. How much is that mortgage each month, and you likely had a card balance when you applied. Did you list your combined income or only yours? Are your credit bureau accounts linked because you are married. There is a ton of information assessed. Your score is not one of the factors used.

Also, where did you get that score. Many of the sites do not provide a real score but an approximation. When I went to buy a car I checked my score. 735 from Credit Karma. Dealer used a real credit engine that looked at all 3 bureaus...average 824.

We’ve covered all of this above. My current score at Experian is 844.

 

[nrvna76]

So what’s the sales pitch for the Apple Card? Is it now the ability to do 0% for apple products? Not a troll post here, I buy a lot of apple products, genuinely curious what the gain is and if it’s worth getting for the IUP when the 12 comes out.

 

[BigMcGuire]

So what’s the sales pitch for the Apple Card? Is it now the ability to do 0% for apple products? Not a troll post here, I buy a lot of apple products, genuinely curious what the gain is and if it’s worth getting for the IUP when the 12 comes out.

It's the convenience factor. It meshes well with Apple iOS and Apple Devices (phone/watch). You get your rewards instantly and can see stuff without having to log into a credit card website.

There is financing for Apple Products but usually it's 12 months I think.

My wife and I like Apple Card so much we use it for everything now. Yeah, I have cards with better APR and rewards (I'll use Costco Visa for gas) but when we can we'll use Apple.

Apple Card

Apple Card offers up to 3% Daily Cash back on purchases with no fees. Apply with no impact to your credit score to see if you’re approved. Terms apply.

www.apple.com

 

[4sallypat]

I like the Apple Card option for 0% but I don't like the term/length of the installments.

iPhone is 24 months, while iPad and Macs are 12 months.

I wish I had a choice because I'd rather pay the phone off in a year instead of 2 years since new models come out every year.

Same with Macs -I'd rather pay over 24 months instead of 12, as I tend to keep them a lot longer.

 

[nrvna76]

It's the convenience factor. It meshes well with Apple iOS and Apple Devices (phone/watch). You get your rewards instantly and can see stuff without having to log into a credit card website.

There is financing for Apple Products but usually it's 12 months I think.

My wife and I like Apple Card so much we use it for everything now. Yeah, I have cards with better APR and rewards (I'll use Costco Visa for gas) but when we can we'll use Apple.

Apple Card

Apple Card offers up to 3% Daily Cash back on purchases with no fees. Apply with no impact to your credit score to see if you’re approved. Terms apply.

www.apple.com

View attachment 959443

Thanks! Do you and your wife each have a card? Still can’t add users right?
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I like the Apple Card option for 0% but I don't like the term/length of the installments.

iPhone is 24 months, while iPad and Macs are 12 months.

I wish I had a choice because I'd rather pay the phone off in a year instead of 2 years since new models come out every year.

Same with Macs -I'd rather pay over 24 months instead of 12, as I tend to keep them a lot longer.

iPhone upgrade program works for your iPhone issue. Can’t help with the Mac one..

 

[BigMcGuire]

Thanks! Do you and your wife each have a card? Still can’t add users right?

Right - she and I have our own cards, can't add users.

 

[SegNerd]

I know people don’t like to hear this, but no company has any obligation to do business with you. They can reject you according to any standard they want, any reason they want, or just for the heck of it. The only thing they can’t do is discriminate against a protected class.

So yes, it is unfair. And that really doesn’t matter.