topic Re: Apple card combination question in Credit Cards

Apple card combination question

Cashbackjunky — Sun, 12 Dec 2021 23:01:18 GMT

Hey all,

This might be a dumb question (I've been known to have those every now and again)...

My wife is about to apply for an Apple card. If/when she's approved we want to combine her card with mine, to combine our limits and have the purchases in one place.

The question is: when we combine them, will it appear as a new account on my credit report or will it appear as the same account with a higher credit limit?

Same question for her - will it look like she opened (2) new accounts, back-to-back or will it look like just (1) new account for her that had the CL increased immediately?

Let me know if you've done this and how it appeared on your report(s).

Cheers!

Re: Apple card combination question

NYC_Fella — Mon, 13 Dec 2021 00:29:51 GMT

I'm pretty sure they won't allow you to combine the cards.

Re: Apple card combination question

Cashbackjunky — Mon, 13 Dec 2021 00:33:11 GMT

@NYC_Fella wrote:
I'm pretty sure they won't allow you to combine the cards.

Hi there!

Apple's verbiage is below:

"Apple Card Family allows two partners to merge credit lines to form a single co-owned account, manage that account together, and build credit as equals."

I just don't know if that "merging" of credit lines creates a completely new account for both parties (on their credit report) or if it updates their respective accounts with new CL etc.

Cheers!

Re: Apple card combination question

NoMoreE46 — Mon, 13 Dec 2021 01:38:48 GMT

They can be combined.

(I don't recall if anyone in this forum has done it yet...)

From the Apple website:

Apple Card Family lets you co-own your Apple Card account with one member of your Family Sharing group. You can share your credit line with a co-owner and build credit together as equals. You can even invite another Apple Card owner to combine credit limits with you and form one co-owned account.

Re: Apple card combination question

Cashbackjunky — Mon, 13 Dec 2021 01:40:38 GMT

@NoMoreE46 wrote:
They can be combined.

(I don't recall if anyone in this forum has done it yet...)

From the Apple website:

Apple Card Family lets you co-own your Apple Card account with one member of your Family Sharing group. You can share your credit line with a co-owner and build credit together as equals. You can even invite another Apple Card owner to combine credit limits with you and form one co-owned account.1

Hi and thank you for the reply!

I just don't know if that "forming" of one co-owned account creates a completely new account for both parties (on their credit report) or if it updates their respective accounts with new CL etc.

Cheers!

Re: Apple card combination question

NoMoreE46 — Mon, 13 Dec 2021 02:29:03 GMT

@Cashbackjunky wrote:
@NoMoreE46 wrote:
They can be combined.

(I don't recall if anyone in this forum has done it yet...)

From the Apple website:

Apple Card Family lets you co-own your Apple Card account with one member of your Family Sharing group. You can share your credit line with a co-owner and build credit together as equals. You can even invite another Apple Card owner to combine credit limits with you and form one co-owned account.1

Hi and thank you for the reply!

I just don't know if that "forming" of one co-owned account creates a completely new account for both parties (on their credit report) or if it updates their respective accounts with new CL etc.

Cheers!

IIRC,

The inviter retains the account. The invitee gives up their limit to the inviter but inherits the history of the inviter uh, I think.

Try asking GS via chat to confirm.

Thus you should invite your wife to join your account when she gets her new Apple card.

Re: Apple card combination question

Cashbackjunky — Mon, 13 Dec 2021 02:29:21 GMT

@NoMoreE46 wrote:
@Cashbackjunky wrote:
@NoMoreE46 wrote:
They can be combined.

(I don't recall if anyone in this forum has done it yet...)

From the Apple website:

Apple Card Family lets you co-own your Apple Card account with one member of your Family Sharing group. You can share your credit line with a co-owner and build credit together as equals. You can even invite another Apple Card owner to combine credit limits with you and form one co-owned account.1

Hi and thank you for the reply!

I just don't know if that "forming" of one co-owned account creates a completely new account for both parties (on their credit report) or if it updates their respective accounts with new CL etc.

Cheers!

IIRC,
The invitor retains the account. The invitee gives up their limit to the Inviter and I believe inherits the history as well. Try asking GS via chat to confirm..

Thus you should invite your wife to join your account when she gets her new Apple card.

Yeah, this is my presumption as well. I chatted with them prior to making this post and they told me:

"We don't see how information is reflected for customers on credit bureau end. It states one account on our end. Doesn't state how that reflect on customer individual report."

They then told me I'd have to reach out to my credit bureau. I figured I'd check here before having to call them

Re: Apple card combination question

NoMoreE46 — Mon, 13 Dec 2021 02:32:22 GMT

Looks like you're gonna have to be the guinea pig for MyFico!

Re: Apple card combination question

Cashbackjunky — Tue, 14 Dec 2021 09:41:56 GMT

Update:

Wife was approved for $10k @ 12.99 but got the attached error when trying to merge them.

I reached out to Apple/GS via the chat feature and they said we should wait 'some time' prior to attempting the merge. I asked how long 'some time' is and got this response:

"I am actually looking to see if there is a specific time parameter. I would give it 24 hours, and retry. If not available within 24 hours reach out to us to troubleshoot."

I'll keep everyone posted

Re: Apple card combination question

jasonbourne84 — Mon, 13 Dec 2021 05:51:06 GMT

Thanks for posting this, @Cashbackjunky. I'm curious to see how this ends up working.

Re: Apple card combination question

Cashbackjunky — Mon, 13 Dec 2021 05:53:16 GMT

@jasonbourne84 wrote:
Thanks for posting this, @Cashbackjunky. I'm curious to see how this ends up working.

That's what these boards are for. I'll be sure to update the post with the results once we're able to merge the accounts.

I'll also update once the accounts report to the bureaus and let everyone know how that looks.

Cheers!

Re: Apple card combination question

jasonbourne84 — Mon, 13 Dec 2021 05:58:55 GMT

For quick reference, posting the fine print (footnotes) from Apple's web page on this here:

Apple Card Family participants and co-owners do not need to have a familial relationship, but must be part of the same Apple Family Sharing group.
Each Co-Owner is individually liable for all balances on the co-owned Apple Card including amounts due on your Co-Owner’s account before the accounts are merged. Each Co-Owner will be reported to credit bureaus as an Owner on the account. In addition, Co-Owners will have full visibility into all account activity and each Co-Owner is responsible for the other Co-Owner’s instructions or requests. Co-ownership involves risk, including payment history and other information about your Apple Card, including negative items like missed payments. Addition of new Co-Owner or merging existing accounts is subject to credit approval and general eligibility requirements. For Apple Card eligibility requirements, see https://support.apple.com/en-us/HT209218. Either Co-Owner can close the account at any time which may negatively impact your credit and you will still be responsible for paying all balances on the account. For details on account sharing options including some of the risks and benefits, see https://support.apple.com/en-us/HT212020.
Building credit “equally” means that the payment history and other information about your Apple Card will be reported to credit bureaus for each co-owner. Each co-owner is individually liable for all balances on the co-owned Apple Card and each will be reported to credit bureaus as an owner on the account. Credit reporting includes payment history and other information about your Apple Card, including negative items like missed payments. Card usage and payment history may impact each co-owners credit score differently because each individual’s credit history will include information that is unique to them. Either co-owner can close the account at any time but you will still be responsible for paying all balances on the account. For details on account sharing options including some of the risks and benefits, see https://support.apple.com/en-us/HT212020.
If you are a Participant, you are able to spend on the account, but are not responsible for payments. Being a Participant who is reported to the credit bureaus on an account that has a negative payment history (e.g. the account goes past due) or is over utilized can have negative effects on your credit. The account owner remains responsible for all purchases made by a Participant. For more details including some risks and benefits of being a Participant, see https://support.apple.com/en-us/HT212271.
If you are a Participant, you are able to spend on the account, but are not responsible for payments. Being a Participant who is reported to the credit bureaus on an account that has a negative payment history (e.g. the account goes past due) or is over utilized can have negative effects on your credit. For details on credit reporting, see https://support.apple.com/en-us/HT212020. For more details including some risks and benefits of being a Participant, see https://support.apple.com/en-us/HT212271.
An Apple Cash card is required. Participants under 18 on Apple Card Family accounts must have the family organizer of their Apple Cash Family set up their own Apple Cash card. If you do not have an Apple Cash account, Daily Cash can be applied as a credit on account owner’s statement balance by contacting Goldman Sachs Bank USA. The Apple Cash card is issued by Green Dot Bank, Member FDIC.
Credit limits can only be combined when an existing Apple Card customer requests to share merge their account with another existing Apple Card customer. Merging existing accounts is subject to credit approval and general eligibility requirements.
Owners can set transaction limits at any time for Participants through the Wallet app, but this does not limit a Participant’s ability to spend up to the available credit limit on the account. Participant cards can also be locked to pause their spending at any time through the Wallet app.

Re: Apple card combination question

Cashbackjunky — Mon, 13 Dec 2021 06:04:10 GMT

@jasonbourne84 wrote:
For quick reference, posting the fine print (footnotes) from Apple's web page on this here:

Apple Card Family participants and co-owners do not need to have a familial relationship, but must be part of the same Apple Family Sharing group.
Each Co-Owner is individually liable for all balances on the co-owned Apple Card including amounts due on your Co-Owner’s account before the accounts are merged. Each Co-Owner will be reported to credit bureaus as an Owner on the account. In addition, Co-Owners will have full visibility into all account activity and each Co-Owner is responsible for the other Co-Owner’s instructions or requests. Co-ownership involves risk, including payment history and other information about your Apple Card, including negative items like missed payments. Addition of new Co-Owner or merging existing accounts is subject to credit approval and general eligibility requirements. For Apple Card eligibility requirements, see https://support.apple.com/en-us/HT209218. Either Co-Owner can close the account at any time which may negatively impact your credit and you will still be responsible for paying all balances on the account. For details on account sharing options including some of the risks and benefits, see https://support.apple.com/en-us/HT212020.
Building credit “equally” means that the payment history and other information about your Apple Card will be reported to credit bureaus for each co-owner. Each co-owner is individually liable for all balances on the co-owned Apple Card and each will be reported to credit bureaus as an owner on the account. Credit reporting includes payment history and other information about your Apple Card, including negative items like missed payments. Card usage and payment history may impact each co-owners credit score differently because each individual’s credit history will include information that is unique to them. Either co-owner can close the account at any time but you will still be responsible for paying all balances on the account. For details on account sharing options including some of the risks and benefits, see https://support.apple.com/en-us/HT212020.
If you are a Participant, you are able to spend on the account, but are not responsible for payments. Being a Participant who is reported to the credit bureaus on an account that has a negative payment history (e.g. the account goes past due) or is over utilized can have negative effects on your credit. The account owner remains responsible for all purchases made by a Participant. For more details including some risks and benefits of being a Participant, see https://support.apple.com/en-us/HT212271.
If you are a Participant, you are able to spend on the account, but are not responsible for payments. Being a Participant who is reported to the credit bureaus on an account that has a negative payment history (e.g. the account goes past due) or is over utilized can have negative effects on your credit. For details on credit reporting, see https://support.apple.com/en-us/HT212020. For more details including some risks and benefits of being a Participant, see https://support.apple.com/en-us/HT212271.
An Apple Cash card is required. Participants under 18 on Apple Card Family accounts must have the family organizer of their Apple Cash Family set up their own Apple Cash card. If you do not have an Apple Cash account, Daily Cash can be applied as a credit on account owner’s statement balance by contacting Goldman Sachs Bank USA. The Apple Cash card is issued by Green Dot Bank, Member FDIC.
Credit limits can only be combined when an existing Apple Card customer requests to share merge their account with another existing Apple Card customer. Merging existing accounts is subject to credit approval and general eligibility requirements.
Owners can set transaction limits at any time for Participants through the Wallet app, but this does not limit a Participant’s ability to spend up to the available credit limit on the account. Participant cards can also be locked to pause their spending at any time through the Wallet app.

Thanks for this. #7 has me concerned. Does that mean they'll have to pull our reports again in order to merge the accounts?

Re: Apple card combination question

jasonbourne84 — Mon, 13 Dec 2021 06:09:24 GMT

@Cashbackjunky wrote:

Thanks for this. #7 has me concerned. Does that mean they'll have to pull our reports again in order to merge the accounts?

That's exactly what I was wondering.

Re: Apple card combination question

Cashbackjunky — Mon, 13 Dec 2021 06:11:05 GMT

It COULD be why I'm getting the error. I have a freeze on my reports at the moment.

Idk. I'll try merging them tomorrow night

Re: Apple card combination question

jasonbourne84 — Mon, 13 Dec 2021 06:53:30 GMT

@Cashbackjunky Even if it's a SP, it might still register as a new account on CRs (closing your individual TL and opening a new Joint TL). Just something to think about if you're worried about New Accts in addition to HPs

Re: Apple card combination question

Cashbackjunky — Mon, 13 Dec 2021 06:56:05 GMT

Yeah I'm worried it'll show as a new TL more than anything. Might try to call someone at GS to confirm before going through with it

Re: Apple card combination question

jasonbourne84 — Mon, 13 Dec 2021 07:00:27 GMT

I would give it a try with me and the DH's Apple Cards, but I already have 4 new accts that are about to hit, so I should probably avoid the risk of a 5th

Re: Apple card combination question

Cashbackjunky — Mon, 13 Dec 2021 07:08:35 GMT

I just called GS. The CSR said it would in fact close my TL and create a new one with new history and CL that she and I share. It would also need to pull our credit with a HP again. PASS!!!

Re: Apple card combination question

jasonbourne84 — Mon, 13 Dec 2021 07:12:10 GMT

@Cashbackjunky wrote:
I just called GS. The CSR said it would in fact close my TL and create a new one with new history and CL that she and I share. It would also need to pull our credit with a HP again. PASS!!!

*shakes head violently* PASS x 2!!