The Apple Card is the first credit card Goldman Sachs, Member FDIC, has made available to consumers, with unlimited 2% daily cash back in stores and online through Apple Pay. Consumers also have the option to buy Apple products using interest-free installments with the Apple Card.
These perks and others may make this card a popular choice for applicants. However, not everyone is eligible for card approval, particularly if their credit score isn’t up to par. Potential cardholders should research the necessary qualifications for obtaining an Apple card, including finding out the minimum credit score needed.
Is It Hard To Get Approved for the Apple Card?
Goldman Sachs may decline applicants for an Apple Card if they have a credit score of 600 or below, lower than the 2022 national average credit score of 716. Therefore, it might not be too difficult to obtain an Apple Card. In fact, the Apple Card is considered “a good starter option” for those just starting with credit cards, according to Ted Rossman, a senior industry analyst at CreditCards.com.
However, a credit score above the cut-off is not the only deciding factor for Apple Card approval. Applicants may risk being declined for an Apple Card for other reasons, even if their credit score is above 600.
Failure To Pay Debts
Goldman Sachs may also not approve Apple Card applications if:
- The applicant is not up-to-date on their debt payments, either currently or previously.
- The applicant’s checking account was closed by their bank due to a history of negative balances.
- The applicant has two or more non-medical debt payments past due.
Issues With the Applicant’s Public Records
Applicants may not be approved for an Apple Card if:
- They recently declared bankruptcy.
- They had a property repossessed in the immediate past.
- They’ve had a court judgement passed against them.
- They’ve had a tax lien placed on their assets.
Insufficient Income or Too Much Debt
An applicant may be declined if they have too many unsecured loans — loans that are not backed by some collateral — at a minimum of 50% of their full income. Additionally, Goldman Sachs may not approve anyone who has maxed out all their lines of credit within the last three months. Those who have recently applied for too many new credit cards may also see disapproval of their application.
Does Application Denial for the Apple Card Negatively Affect a Credit Score?
Denied applications themselves do not negatively affect credit scores because applications are not taken into account during score calculation. However, applicants may still notice that their credit score has dropped points after being denied. The issuer’s hard inquiry to one of the credit bureaus based on a card application, whether that application is rejected or approved, is what causes the decrease.
When a person applies for the Apple credit card, Goldman Sachs begins with a soft inquiry into their credit before either approving or denying the application. If the application is approved and the applicant accepts the offer, Goldman Sachs proceeds with a hard inquiry, affecting the credit score. Goldman Sachs doesn’t move forward with hard inquiries if they deny the application, or the applicant decides not to accept pre-approval. Therefore, the credit score is not affected by the soft inquiry only.
It’s worth noting that a credit decrease from a hard inquiry is relatively small, at around five points. The impact of a hard inquiry on a credit score is temporary, usually affecting the score for about a year but still appearing on a credit report for around two years.
Next Steps to Apple Card Approval
Potential applicants who know their credit score and other requirements for Apple Card approval are likely informed enough to decide whether signing up for the card makes financial sense. People considering the Apple credit card can apply quickly and easily by filling out the form on Apple’s website, receiving a pre-approval decision in as little as a minute.
However, all is not lost for those with low credit scores or poor credit reports. Several steps to improving a credit score include regularly monitoring credit reports and not canceling old cards. By following these steps, among others, applicants who were once denied an Apple Card may find approval later.
Information is accurate as of Sept. 29, 2022.
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