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 of purchasing Apple products using interest-free installments with the Apple Card.
These and other benefits can make this card a popular choice for applicants. However, not everyone is eligible for card approval, especially if their credit score is not up to snuff. Prospective cardholders should research the qualifications needed to obtain an Apple Card, including knowing the minimum credit score required.
Is it difficult to get approved for the Apple Card?
Goldman Sachs can deny applicants for an Apple Card if they have a credit score of 600 or less, below the 2022 national average credit score of 716. Therefore, it might not be too difficult to get a card. Apple. In fact, the Apple Card is considered “a good starter option” for those new to credit cards, according to Ted Rossman, senior industry analyst at CreditCards.com.
However, a credit score above the threshold is not the only deciding factor for Apple Card approval. Applicants may be at risk of being denied an Apple Card for other reasons, even if their credit score is over 600.
Non-payment of debts
Goldman Sachs may also not approve Apple Card applications if:
- The applicant is not current on the payment of his debt, either currently or previously.
- The plaintiff’s current account was closed by his bank due to a history of negative balances.
- The applicant has at least two outstanding non-medical debt payments.
Issues with applicant’s public records
Applicants may not be approved for an Apple Card if:
- They recently declared bankruptcy.
- They had repossessed property in the immediate past.
- They had a judgment rendered by a court against them.
- They had a tax lien placed on their assets.
Insufficient income or too much debt
An applicant may be denied if they have too many unsecured loans – loans that are not secured by collateral – at a minimum of 50% of their total income. Additionally, Goldman Sachs may not approve anyone who has maxed out all of their credit lines within the last three months. Those who have recently applied for too many new credit cards may also have their application disapproved.
Does declining an Apple Card application negatively affect a credit score?
Denied applications themselves do not negatively affect credit scores, as the applications are not taken into account when calculating the score. However, applicants may still notice that their credit score has dropped points after being denied. Serious application by the issuer to one of the credit bureaus on the basis of a card application, whether that application is rejected or approved, is what causes the decline.
When someone applies for the Apple Credit Card, Goldman Sachs begins with a gentle credit investigation before approving or denying the application. If the application is approved and the applicant accepts the offer, Goldman Sachs conducts a thorough investigation, affecting the credit rating. Goldman Sachs does not move forward with difficult requests if it denies the request or the requester decides not to accept pre-approval. Therefore, the credit score is not affected only by the informal request.
It should be noted that a decrease in credit following a thorough investigation is relatively small, at around five points. The impact of a thorough investigation on a credit score is temporary, typically affecting the score for about a year, but still appearing on a credit report for about two years.
Next Steps for Apple Card Approval
Prospective applicants who know their credit score and other Apple Card approval requirements are likely knowledgeable enough to decide if 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 bad credit reports. Several steps to improving a credit score include regularly monitoring credit reports and not canceling old cards. By following these and other steps, applicants who have been denied an Apple Card can get approved later.
Information is accurate as of September 29, 2022.
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