How to make sure you are approved
Worried about your chances of getting the Apple card? Do not be afraid ! Here are some tips to make sure Apple approves your request.
The Apple The card is one of the most unique and exciting credit cards out there, but like any card, being approved ultimately depends on someone’s credit score. Since its debut in 2019, the Apple Card has established itself as one of Apple’s most distinctive products. From Apple’s point of view, this is the first financial product the company has ever created. As a credit card, the Apple Card was the first iPhone-exclusive credit card on the planet – and one of the first credit cards from a consumer tech brand.
While the Apple Card is not for everyone, it is a pretty good option for most iPhone users. It is seamlessly integrated with the Apple Wallet app, offers instant access to customer service through iMessage, and its Daily Cash system rewards cardholders with easy-to-understand cashback earnings that are paid out every day. For the person who owns an iPhone and wants a credit card that is as easy to use as possible, the Apple Card is a strong case for itself.
However, as with any credit card, being approved for the Apple Card is not a guarantee. As Apple explains on its website, the card issuer Goldman Sachs uses “your credit rating, your credit report (including your current debts) and the income you report on your application when reviewing your Apple card application.” Unlike most credit cards, the Apple Card only seriously investigates a person’s credit report if they are approved and accept their offer. If someone applies and is not happy with their credit limit or interest rate, they can decline the offer and receive no serious demand. Likewise, anyone who applies for and is rejected for the Apple Card also does not face a difficult investigation.
How To Improve Your Chances Of Getting The Apple Card
While this system eliminates much of the sting often associated with most credit card applications, there are still some things to keep in mind that will increase a person’s chances of being approved (and potentially obtain a higher credit limit). One of the biggest impacts on a person’s credit rating is their payment history with existing debt – such as credit cards, car loans, etc. If someone has a 100% payment history with all of their other accounts, it shows Goldman Sachs that that person can be trusted to make all of their payments. Likewise, the app will look at how much a person is using for their available credit. If someone applies and their credit report shows that they have currently used $ 4,500 of their $ 5,000 limit on all of their other cards, that high usage can hurt their chances of being approved. In comparison, someone who only spent $ 200 of that $ 5,000 limit will be a much more attractive candidate in the eyes of Goldman Sachs. This is why it is recommended that you pay off credit card balances as soon as possible instead of waiting to make a big payment once a month at the end of the billing cycle.
Another key factor taken into account by the Apple Card app is the total number of inquiries someone has received in the past two years. If an applicant has 15 inquiries on their credit report, it signals Goldman Sachs that they are desperately looking for new sources of credit and may not be a reliable customer. Alternatively, someone with 1 or 2 inquiries will be much more likely to be approved. Another thing to keep in mind is the average age of a person’s credit history. Having multiple accounts in good standing is one thing, but these mean even more if they’ve been like this for 3 or 4 years instead of a few months. While there is no way to increase the age of an account other than to wait, it may be worth suspending the Apple Card until someone has at least one account open. for quite some time like this.
As mentioned above, the advantage of the Apple Card is that there are no real consequences if someone applies and is not approved. They will receive a request smoothly, there will be no negative impact on their credit score and they will be able to continue with their day. But if someone really wants an Apple Card and wants to make sure their application is approved, then understanding the points above is extremely helpful. If you aren’t already, using apps like Credit Karma and Experian is a great way to see your current credit score and understand how all of these factors come into play. Build that credit history, keep reading. make current payments, avoid too many inquiries and this Apple card application should be approved in no time.
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