topic Re: Apple Card's Application Process in Credit Card Applications

Apple Card's Application Process

lovebackwards — Thu, 09 Jun 2022 21:17:18 GMT

With the Apple Card, you're able to apply and get your credit terms and limit amount before you accept without a hard inquiry. You only get a hard inquiry if you accept the offer.

My question is, why do you think other credit card companies don't use this method? I noticed that America Express is doing a soft rollout with a similar process (this has been a recent change I gather after doing my own research).

If more companies started to use this method, I think it would be benefecial both ways.

What do you think?

Re: Apple Card's Application Process

bergmi — Thu, 09 Jun 2022 21:50:14 GMT

I am also a fan of this process. Nothing more frustrating when you get pre-approval offer in the mail (or by other means), you then apply and then are rejected. I may or may not have experienced this! ;-)

Chase, are you listening?

Re: Apple Card's Application Process

CYBERSAM — Thu, 09 Jun 2022 21:52:58 GMT

That seems to be the new trend. X1 Card does that too and I have seen other new cards do the same!

I would certainly welcome this method.

Re: Apple Card's Application Process

HindSight_20_20 — Fri, 10 Jun 2022 00:04:42 GMT

I can tell you right now that this method is responsible for at least (4) of the (9) new CC's I just picked up over the weekend - so 'yeah' I'm a huge fan!

Re: Apple Card's Application Process

Shooting-For-800 — Fri, 10 Jun 2022 13:26:49 GMT

Which ones?

Re: Apple Card's Application Process

CloudyWeather1331 — Fri, 10 Jun 2022 20:29:53 GMT

I recently used AMEX's new application process to get approved for the Hilton Honors card.

Re: Apple Card's Application Process

MySunrise271 — Sat, 11 Jun 2022 02:24:20 GMT

This could be helpful, is there a thread that list credit cards that allow you to see your amount, T&c before you accept🤔

I only know of Apple, FNBO, Amex, & Dover CU

Re: Apple Card's Application Process

MySunrise271 — Sat, 11 Jun 2022 02:25:50 GMT

@HindSight_20_20 wrote:
I can tell you right now that this method is responsible for at least (4) of the (9) new CC's I just picked up over the weekend - so 'yeah' I'm a huge fan!

@HindSight_20_20 which 4 credit cards did you pick up?

Re: Apple Card's Application Process

HindSight_20_20 — Sat, 11 Jun 2022 03:11:30 GMT

@MySunrise271 wrote:
@HindSight_20_20 wrote:
I can tell you right now that this method is responsible for at least (4) of the (9) new CC's I just picked up over the weekend - so 'yeah' I'm a huge fan!
@HindSight_20_20 which 4 credit cards did you pick up?

Truist | AMEX | Cap1 | Discover

(🤔I'm thinking there was another one also, but I don't recall the card) Oh FNBO yep (I didn't get that one though) but they have a pre-qual option.

Re: Apple Card's Application Process

RootDet — Sat, 11 Jun 2022 06:11:16 GMT

Gemini CC, Blockfi CC, KrowdFit CC do this method as well.

X1 and Sofi are hit or miss. But sounds like the app process has changed over there.

I also heard the M1 card is similar and think that is through Deserve, so likely. Back in the day US Bank did the HP but then gave you your offer terms, allowing you to decline without opening the account.

Re: Apple Card's Application Process

Mones — Sat, 11 Jun 2022 19:28:52 GMT

I'm familiar with the method since I applied for the Apple card myself and was approved. It seems very useful for the consumer to gauge the outcome of an application but it also makes it easier to "game the system". If people try these preapproval or prequalification links very often and get a lot of soft pulls on their account, their score won't change but the point of FICO scoring is to reduce when you request new credit. I agree that it would be cool if that could roll out to every issuer but I understand why it doesn't since that type of application doesn't affect your score like it should. Theoretically, whenever you ask for new credit, whether you are accepted or not, your score should change (even if it's a denial).

But seeing potential credit limit and interest rates for the apple card if I just agree to accept it and give them permission to do a hard pull is pretty tempting.

Re: Apple Card's Application Process

OmarGB9 — Sat, 11 Jun 2022 21:21:50 GMT

@Mones wrote:
I'm familiar with the method since I applied for the Apple card myself and was approved. It seems very useful for the consumer to gauge the outcome of an application but it also makes it easier to "game the system". If people try these preapproval or prequalification links very often and get a lot of soft pulls on their account, their score won't change but the point of FICO scoring is to reduce when you request new credit. I agree that it would be cool if that could roll out to every issuer but I understand why it doesn't since that type of application doesn't affect your score like it should. Theoretically, whenever you ask for new credit, whether you are accepted or not, your score should change (even if it's a denial).
But seeing potential credit limit and interest rates for the apple card if I just agree to accept it and give them permission to do a hard pull is pretty tempting.

HPs don't always lead to score reductions, nor should they. The score losses are more associated with the new account being reported, the loss of AAoA, and the resetting of AoYA.

Re: Apple Card's Application Process

righthererightnow — Thu, 23 Jun 2022 08:05:38 GMT

Good question! I found the process refreshing.. just to 'know'. Otherwise it's a stressful game, and you pay the price for playing (if denied). Wish more companies would do it this way.

Re: Apple Card's Application Process

FinStar — Thu, 23 Jun 2022 18:09:14 GMT

@bergmi wrote:
I am also a fan of this process. Nothing more frustrating when you get pre-approval offer in the mail (or by other means), you then apply and then are rejected. I may or may not have experienced this! ;-)

Chase, are you listening?

@bergmi Chase already does this with several of their green star ribbon pre-approved offers for targeted customers. With such offers, it will explicitly state "You're approved" followed by the limit and APR. So, Chase is already onboard on some targeted offers. If you look around the forums, you'll find countless examples.

Re: Apple Card's Application Process

bergmi — Thu, 23 Jun 2022 21:24:27 GMT

@FinStar wrote:
@bergmi wrote:
I am also a fan of this process. Nothing more frustrating when you get pre-approval offer in the mail (or by other means), you then apply and then are rejected. I may or may not have experienced this! ;-)

Chase, are you listening?
@bergmi Chase already does this with several of their green star ribbon pre-approved offers for targeted customers. With such offers, it will explicitly state "You're approved" followed by the limit and APR. So, Chase is already onboard on some targeted offers. If you look around the forums, you'll find countless examples.

Appreciate your input... Yeah, I've seen those posts (I'm a power-lurker!), but I've never seen the offers in my Chase app. I do have a nearly 2 year old Freedom card with a $500 limit that hasn't grown in that time (denial, recon to get it, no luck on 2 separate CLI requests). They simply don't like my profile, which I think is pretty good - scores in the upper 700's, but heavy with hard inquiries and lots of new loans (vehicles, PLUS, mortgage refi) - only baddies are two late payments in 2016. It is a bit frustrating and what is it about wanting the things you cannot have!?! I'll stop whining now... :-)

Re: Apple Card's Application Process

Learning_Tee0225 — Fri, 24 Jun 2022 00:25:05 GMT

@OmarGB9 wrote:
@Mones wrote:
I'm familiar with the method since I applied for the Apple card myself and was approved. It seems very useful for the consumer to gauge the outcome of an application but it also makes it easier to "game the system". If people try these preapproval or prequalification links very often and get a lot of soft pulls on their account, their score won't change but the point of FICO scoring is to reduce when you request new credit. I agree that it would be cool if that could roll out to every issuer but I understand why it doesn't since that type of application doesn't affect your score like it should. Theoretically, whenever you ask for new credit, whether you are accepted or not, your score should change (even if it's a denial).
But seeing potential credit limit and interest rates for the apple card if I just agree to accept it and give them permission to do a hard pull is pretty tempting.
HPs don't always lead to score reductions, nor should they. The score losses are more associated with the new account being reported, the loss of AAoA, and the resetting of AoYA.

Is there any way to know what the impact would be - i did a pre qual on Apple and they gave me a $500 cl offer - i didnt accept it but they said i had up to 30 days to come back to accept - im tempted but im in the midst of a rebuild - last card added was in January w/a 1k limit and my DTI is at 1%. Im worried though that I'll hit accept and my score will drop and ill be so sad. Why does this whole credit thing have to be such a freaking mystery!

Re: Apple Card's Application Process

righthererightnow — Fri, 24 Jun 2022 01:49:10 GMT

"Is there any way to know what the impact would be" @Learning_Tee0225

Impact would be a Hard INQ to Transunion (point drop for new INQ),
or at least that's what it was for me. Hope it helps!

Re: Apple Card's Application Process

FinStar — Fri, 24 Jun 2022 04:46:55 GMT

@Learning_Tee0225 wrote:
@OmarGB9 wrote:
@Mones wrote:
I'm familiar with the method since I applied for the Apple card myself and was approved. It seems very useful for the consumer to gauge the outcome of an application but it also makes it easier to "game the system". If people try these preapproval or prequalification links very often and get a lot of soft pulls on their account, their score won't change but the point of FICO scoring is to reduce when you request new credit. I agree that it would be cool if that could roll out to every issuer but I understand why it doesn't since that type of application doesn't affect your score like it should. Theoretically, whenever you ask for new credit, whether you are accepted or not, your score should change (even if it's a denial).
But seeing potential credit limit and interest rates for the apple card if I just agree to accept it and give them permission to do a hard pull is pretty tempting.
HPs don't always lead to score reductions, nor should they. The score losses are more associated with the new account being reported, the loss of AAoA, and the resetting of AoYA.

Is there any way to know what the impact would be - i did a pre qual on Apple and they gave me a $500 cl offer - i didnt accept it but they said i had up to 30 days to come back to accept - im tempted but im in the midst of a rebuild - last card added was in January w/a 1k limit and my DTI is at 1%. Im worried though that I'll hit accept and my score will drop and ill be so sad. Why does this whole credit thing have to be such a freaking mystery!

@Learning_Tee0225

Since you mentioned you're in the midst of a rebuild, I would hold off. Don't let temptation run you off the tracks. The Apple Card will be around for a while and I would focus on your rebuild efforts. Once things reach an optimal level, you can revisit the Apple Card application process to see if it yields better terms, such as a higher SL or APR.

Re: Apple Card's Application Process

FinStar — Fri, 24 Jun 2022 04:50:41 GMT

@righthererightnow wrote:
"Is there any way to know what the impact would be" @Learning_Tee0225

Impact would be a Hard INQ to Transunion (point drop for new INQ),
or at least that's what it was for me. Hope it helps!

Then, there's the AAoA impact for adding a new account and the resetting of AoYA. So, more than a "point drop" for different credit profiles.

Re: Apple Card's Application Process

LADave — Fri, 24 Jun 2022 18:07:23 GMT

I don't know about the others, but with Dover the APR and SL given from the pre-approval page are not guaranteed to be what you'll get after applying, if one of the recent posts in the Dover thread is any indication.

Edit: I haven't heard about the APR or SL chaning after applying for either the Apple Card or GM Card (which is also issued by Goldman Sachs), but it's probably not unheard of.