topic Barclaycard Apple card hurts score? in Credit Cards

Barclaycard Apple card hurts score?

RaiseMyScoreASAP — Sun, 22 Mar 2015 05:42:30 GMT

In November 2013, I applied for an received the white Apple barclaycard with a $2 limit. That has been raised to $6K. However, on one of my reports, it was reporting a negative that I had a financing account like a furniture account or something worse. The Apple card is the only thing that could have possibly caused that remark. Do the newer versions of FICO discriminate against this card? I know it is an Apple FINANCING card but it is a VISA card and I never used it at Apple.

Re: Barclaycard Apple card hurts score?

OHWWCB — Sun, 22 Mar 2015 06:14:18 GMT

I have the Apple Rewards card from Barclay which is their newer offering with points and it is not negatively impacting my scores. Hmm. Also, did you ask about a product change to the newer card with Rewards? You should.

Re: Barclaycard Apple card hurts score?

jason0618 — Sun, 22 Mar 2015 12:57:38 GMT

I've got the regular Apple visa and its reporting as a credit card.

Re: Barclaycard Apple card hurts score?

Ups77 — Sun, 22 Mar 2015 14:40:58 GMT

I have the same card recently just upgraded to rewards. It has always reported as a credit card.

Re: Barclaycard Apple card hurts score?

Anonymous — Sun, 22 Mar 2015 15:17:47 GMT

@RaiseMyScoreASAP wrote:
it was reporting a negative that I had a financing account like a furniture account or something worse.

Which Credit Report was reporting this?

Your Barclay Apple card is a regular VISA card and wouldn't report as the dreaded "consumer finance"

And to be honest, the whole consumer finance thing is blown out of proportion. An open positive tradeline will always help you more than what kind of loan it is. Think about it.

A "consumer finance" loan gives you a score ding right? But remember that it only affects credit mix which is 10 percent of your score. And it's only a subset of this 10% so the impact is far less. Positive payment history, credit utilization, acccount age count for the other 90% of your score.

People get caught up in avoiding certain cards just to avoid the negative connotation of "consumer finance" but they forget that they receive way more overall points by having a nice mature tradeline on their account.

Personally speaking, I am a massive failure in the "credit mix" 10% category. Most of my cards are store cards and I don't have any mortgage or student loans.

But I score high in the other 90% categories because of my massive AAoA base and positive payment history ... from store cards.

Somebody once laughed at me because I had 45 store cards and said I was "long til Prime". Funny thing was their score was lower than my770 and I have a fair number of "Prime" cards.

Failing 10% = 90% = still an A.