topic Re: Approved for Apple Card - what to do? in Credit Card Applications

Approved for Apple Card - what to do?

JNA1 — Sat, 12 Oct 2019 03:08:32 GMT

After research here, I found out you can check your limit and interest with a soft pull, so I decided to open up the wallet on my phone and give it a try. (That is awesome, BTW -why doesn’t everybody do this?!) I was approved for $7500 with 17.99%, which is by far the highest opening limit and best APR I’ve ever been offered from the start so far.

To briefly recap my current journey - from 2004 - 2017 I only had my mortgage in my credit report. I buy, sell, trade used cars as a sideline business, so I always paid for our cars (or traded for) with cash, had no loans, and I was terrified of credit cards. We did fine without all of that, until I decided to buy a new car in 2017, and realized that paying for everything with cash had my credit profile similar to somebody right out of school. 🙄
After that, I decided to get a credit card to build my credit. It was a Sync Car Care card. I used it and paid it off except $20 or $30 every month for a year and my credit score skyrocketed. I decided last year to get a Discover It Card to reap cash back rewards. We are on pace to have funneled around $48000 through that card, and to earn around $1300 for the year. My credit skyrocketed even more, and is currently at 748 Ex, 754 Tu, 761 Eq across the 3 bureaus. I have 7-9-6 HP’s. No derogatory marks.

My total credit limit for both of my cards is $15,300. The Apple Card would put me at $22,800.

My question is there any reason not to pull the trigger on it - especially knowing it’s a sure thing? I would primarily only use it at places I that can use Apple Pay to get the 2% but I feel like this would be a good card to help build my credit profile. I’ll get a HP for it, but I’ll have 2-3 depending on the bureau fall off in March of 2020.

What should I do?

Re: Approved for Apple Card - what to do?

AllZero — Sat, 12 Oct 2019 03:16:07 GMT

Congratulations on your offer. It's a nice tool to gauge your profile.

Perhaps, seek other bank or credit union card(s) that offers cash back rewards?

Re: Approved for Apple Card - what to do?

JNA1 — Sat, 12 Oct 2019 03:27:53 GMT

I have been actively looking at several other cards - primarily the Citi DC card, and PayPal 2% cash back card. My only reservation about applying for others is getting a denial and wasted HP and getting a tiny credit limit.

That said, maybe my profile is good enough to not have to worry about that right now. I really wish you could apply with a soft pull to see where stand with other card companies.

Re: Approved for Apple Card - what to do?

AllZero — Sat, 12 Oct 2019 03:44:24 GMT

I don't know your profile. Scorewise it appears you have no derogatories or delinquencies?

If you have decent income, low DTI, optimized FICO, I think you could potentially get approved for those cards.

I don't know much about CITI DC. I've read they nerfed some of their benefits.

I like PenFed for their Power Cash Rewards 2%* card. They have other cards and products too. They are an EQ FICO 9 puller. Some can get two for one, depending on profile. Open membership.

Re: Approved for Apple Card - what to do?

JNA1 — Sat, 12 Oct 2019 04:08:59 GMT

No derogatories or delinquencies. My DTI is around 24% and around $106,000 gross.

My biggest dings are number of inquiries, and age of credit. My average account age is 3 yrs 8 months. If not for my house, it would be much lower than that because all my accounts are newer than 2 years old besides the mortgage.

Re: Approved for Apple Card - what to do?

Anonymous — Sat, 12 Oct 2019 04:13:02 GMT

Try some of the other prequal sites like Chase and Amex. Apple isn’t reporting anytime soon so it won’t help boost your credit profile short term.

Re: Approved for Apple Card - what to do?

AllZero — Sat, 12 Oct 2019 06:26:52 GMT

You have good stats.

Inquiries become unscoreable at 365 days from time of pull, even though they remain on your credit report for 2 years.

As long as you don't go under 2 years AAoA you'll be okay. That's one of the segmentation / scoring thresholds.

It's understandable to be cautious before applying. Take some time and read the approvals or credit card forum. See what piques your interest.

Re: Approved for Apple Card - what to do?

JNA1 — Sat, 12 Oct 2019 04:23:58 GMT

I didn’t know about Apple not reporting. Why is that?

I’ve got prequels from Citi (DC), AMEX (Blue Everyday cash back and Delta Sky Miles), Cap 1 (Quicksilver), BOA (Cash Rewards). I got no offers from Chase.

I just don’t know what my credit lines would be with the others. I hear the horror stories people using a HP to get a $1000 limit. I felt like at least I knew I was getting a $7500 CL with Apple, not if they aren’t reporting, that might change my thinking.

Re: Approved for Apple Card - what to do?

Anonymous — Sat, 12 Oct 2019 04:28:00 GMT

There’s a whole thread about Apple not reporting. It’s cause It’s a brand new card and they are still working out the kinks. Maybe by Jan? Amex is good to get in with now. Even if you get a $1K SL with Amex, it grows quickly if you use it the right way. After 61 days you can try for 3x CLI. There’s a whole thread all about that.

Re: Approved for Apple Card - what to do?

Anonymous — Sat, 12 Oct 2019 04:31:27 GMT

I would pull the trigger. It is sort of like a "hidden tradeline" for the next few months likely. Also, it's just cool.

Re: Approved for Apple Card - what to do?

AllZero — Sat, 12 Oct 2019 04:40:52 GMT

@JNA1 wrote:
I didn’t know about Apple not reporting. Why is that?

I’ve got prequels from Citi (DC), AMEX (Blue Everyday cash back and Delta Sky Miles), Cap 1 (Quicksilver), BOA (Cash Rewards). I got no offers from Chase.

I just don’t know what my credit lines would be with the others. I hear the horror stories people using a HP to get a $1000 limit. I felt like at least I knew I was getting a $7500 CL with Apple, not if they aren’t reporting, that might change my thinking.

You're getting offers, which is a good sign.

BoA does not have a good prequal site. I do like their Cash Rewards card, 3-2-1% categories that you pick.

Capital One is good if you don't mind the triple inquiry. QS is only 1.5% cash back.

Who do you bank with?

Re: Approved for Apple Card - what to do?

JNA1 — Sat, 12 Oct 2019 04:58:16 GMT

I currently bank with a small regional bank. I’ve been thinking about opening an account with a big bank or Credit Union though.

Recommendations?

Re: Approved for Apple Card - what to do?

AllZero — Sat, 12 Oct 2019 05:09:32 GMT

Navy Federal Credit Union. Membership restrictions. TU puller.

Pentagon Federal Credit Union. Open membership.

Bank Of America. EX or TU puller for cards. Soft pull CLI every 90 days, if eligible.

Re: Approved for Apple Card - what to do?

ZackAttack — Sat, 12 Oct 2019 05:42:49 GMT

@JNA1 wrote:
I didn’t know about Apple not reporting. Why is that?

I’ve got prequels from Citi (DC), AMEX (Blue Everyday cash back and Delta Sky Miles), Cap 1 (Quicksilver), BOA (Cash Rewards). I got no offers from Chase.

I just don’t know what my credit lines would be with the others. I hear the horror stories people using a HP to get a $1000 limit. I felt like at least I knew I was getting a $7500 CL with Apple, not if they aren’t reporting, that might change my thinking.

If you are using BoA's prequal form, that isn't a true prequal form. That form is just suggesting what you need to get. The only way you'll know about BoA is by taking a HP when applying for the card.

Re: Approved for Apple Card - what to do?

Noneed2nv — Sat, 12 Oct 2019 09:37:47 GMT

IMO, I would go with the Apple approval. You mentioned several things that you liked and seemed important. The ability to take advantage of the 2% Apple Pay. There are people like my DW who don’t use this feature at all or in small towns and few businesses to take advantage of this feature. Second and most important, the $7500 SL is very good. Especially, early in your credit journey it’s a good feeling to have that size SL. Take the Apple card, and consider the AMEX to get in the AMEX family. Double check the AMEX features of the card and signup bonus to make sure you can meet it. Then slow down on the apps, follow up in 61 days for the AMEX 3x CLI and repeat 180 days later. If you begin with a $1K SL, you’ll potentially have a $9K limit 8 months later. So within a years time you would likely have 2 cards over $7500 and I’m very hopeful Apple would report by 8 months. After the 2 cards are reporting, then prequal for your favorite Discover card as it seems they tend to be in the ballpark of your other card limits. (Personal experiences with me and DW) So potentially, a year from now, you would have 3 main cards with Apple, Amex, and Discover. Just a strategy suggestion based on YOUR experience and questions. Because the credit card experience can evolve into a “hobby” or it can be strategically done to maximize your credit. Good luck on your credit journey!!

Re: Approved for Apple Card - what to do?

JNA1 — Sat, 12 Oct 2019 12:22:26 GMT

Noneed2nv, I’m seriously leaning towards it. It’s not perfect, but I have been working towards getting a flat rate 2% card anyway to use for everyday since my Discover It’s Cash Back match ends (2% everywhere basically) in a few months. I still want a true 2% everywhere card, but the more I research it, I can use this Apple Card for probably the majority of places I already buy things. I can use this until a get a true 2% card.
My Discover card has given me one CLI and I’m now up to $6500 on it. My wife and I have gotten to the point that we use the Discover card to pay for everything nowadays, but this requires me to make multiple payments a month, especially before the recent CLI. We were spending more than the limit of the card most months, but I made a lot of $1000 (or more) payments every week to 10 days to stay under the limit, and always paid the balance off before the 20th when Discover reports. That temporarily dinged me once because Discover reported mid cycle once and made my utilization ratio pretty high. If nothing else, the $7500 on this card would help me that regard just having more available credit, even if I didn’t use it much.

On the Amex card, my goal Amex is to eventually get is the Blue Cash Preferred Card, but the Blue Cash Everyday is definitely not bad, especially if the CLI’s work like that.

Re: Approved for Apple Card - what to do?

Anonymous — Sat, 12 Oct 2019 12:56:23 GMT

You really should do the Amex prequal. You can get a revolver and a charge card with the same HP. I recently got the BCP and I love it! already earned the $300 for $1k spend sub which pretty much pays for the $95 AF. And your spend sounds good for the Gold card. Won’t affect your utilization...Since it’s a charge card. Amex allows for multiple payments and you might get a really high internal limit with gold plus they have a pay over time option for big purchases. Also get the Apple Card. When I’m not using BCP, I use Apple everywhere. You get your cash back applies the next day! It’s so easy to use. That’s one thing that makes me hold off on Discover - you have to wait a yr to get your cash back match right?

Re: Approved for Apple Card - what to do?

JNA1 — Sat, 12 Oct 2019 13:35:59 GMT

Yes, they cash match is given on the first billing cycle after you’ve had the card for 12 months. You can use what you’ve earned during that time (5% on quarterly categories, 1% on everything else) without affecting the cash back match, but you won’t get the matched cash until the year is up. I’m currently sitting at $540 (I haven’t redeemed anything) and some change and I expect to earn another $110-120 before my year is up, and I’m h point mb to wait until I get the entire $1300+ to redeem.

That said, on the quarters that allow you to use PayPal, Amazon, Walmart.com, etc is awesome earnings at 10%. I didn’t get the full $150 on every quarter (because I didn’t buy things I wouldn’t normally just to get the 10% cash back), but on the quarters that rewarded PayPal, Amazon, etc. I juggled things around and got all of that.

Re: Approved for Apple Card - what to do?

Anonymous — Sat, 12 Oct 2019 13:59:09 GMT

My discover prequals disappeared 😭 I think they know I have 2 new daily drivers even tho it’s no where on my reports yet. I have to try to prequal again in a week or 2. I have chase freedom already but it’s 5% not 10. Ive been exploring apps like Rakuten and fetch rewards that aren’t credit cards but still get you cash back. U should look into it. Really maximizes my rewards. I will never waste my money again on a non rewards earning card.

Re: Approved for Apple Card - what to do?

JNA1 — Sat, 12 Oct 2019 14:33:05 GMT

I’m right there with you. In fact, I feel foolish that I haven’t been doing this all along. If I had been earning cash back and applying it in my mortgage on the front end years ago, it would be paid off by now!😞

The sad thing is that I was proud and kinda bragged about not needing credit cards and loans all those years.
I like making my money work for me now!