topic Re: Apple Card plus installment on Apple products in Credit Cards

Apple Card plus installment on Apple products

RobynJ — Wed, 04 May 2022 02:31:08 GMT

Well I learned something today about the Apple Card. If you purchase one of the Apple products on your Apple Card they do NOT apply that against your CL. So if you have let's say a 10k CL and a 0 balance and purchase a 2k Apple product your available Credit would still be 10k minus the amount for that months payment. I thought this might be some good DP's for Apple Card holders.

Re: Apple Card plus installment on Apple products

jgdev — Wed, 04 May 2022 02:33:05 GMT

It will still show up on your credit report as the full amount. So if you have a 10k limit and finance 5k worth of apple products it'll report 50% utilization.

Re: Apple Card plus installment on Apple products

RobynJ — Wed, 04 May 2022 02:36:47 GMT

I was told it does not by two different Apple Employees. 1 at the store and confirmed with calling the GS hotline.

Re: Apple Card plus installment on Apple products

CreditPacMan — Wed, 04 May 2022 02:54:34 GMT

It does subtract the entire amount from your available credit. It actually says in the app when you try to use the Apple card option that you need "$XXX.XX" to cover this purchase.

It does not show the purchase amount as part of the balance, but as others indicated I think it reports the actual utilization.

Re: Apple Card plus installment on Apple products

Trini88 — Wed, 04 May 2022 02:55:53 GMT

@jgdev wrote:
It will still show up on your credit report as the full amount. So if you have a 10k limit and finance 5k worth of apple products it'll report 50% utilization.

Yep. I tested it out, I owe Apple $302 on a ipad I financed for my son and my Apple limit is $3000. It's being reported at 10% utilized on my credit report 😬

Re: Apple Card plus installment on Apple products

RobynJ — Wed, 04 May 2022 02:58:12 GMT

Unless they changed the policy I was adamant about it not affecting my utilization and was assured the only amount that would be I. My UTI would be that months payment. Also they assured me that my CL would not be adjusted to the purchase price rather it would remain what it was prior to the purchase. Now this was explained by two of the company representatives so IDK.

Re: Apple Card plus installment on Apple products

RobynJ — Wed, 04 May 2022 02:59:29 GMT

@Trini88 wrote:
@jgdev wrote:
It will still show up on your credit report as the full amount. So if you have a 10k limit and finance 5k worth of apple products it'll report 50% utilization.
Yep. I tested it out, I owe Apple $302 on a ipad I financed for my son and my Apple limit is $3000. It's being reported at 10% utilized on my credit report 😬

When did you do this? And if you're correct then I was lied to twice.

Re: Apple Card plus installment on Apple products

Trini88 — Wed, 04 May 2022 06:07:42 GMT

Re: Apple Card plus installment on Apple products

NRB525 — Wed, 04 May 2022 06:08:28 GMT

@RobynJ wrote:
@Trini88 wrote:
@jgdev wrote:
It will still show up on your credit report as the full amount. So if you have a 10k limit and finance 5k worth of apple products it'll report 50% utilization.
Yep. I tested it out, I owe Apple $302 on a ipad I financed for my son and my Apple limit is $3000. It's being reported at 10% utilized on my credit report 😬
When did you do this? And if you're correct then I was lied to twice.

Not necessarily lied to, just told something by two people who don't look as closely at their Apple Card statements, and may not have the microscope on their credit reports.
This is my April summary. Total CL is $22,000, and several payment items are open. While my "statement due" amount is the bold number at the top, the actual balance reported to the bureaus is including the future monthly payments that GS has not yet moved to "due this month". So $1,595 is reported as my debt on the card, vs the $22k limit.

Re: Apple Card plus installment on Apple products

Trini88 — Wed, 04 May 2022 03:08:58 GMT

I owe $246 for the iPad but $274 is gonna report cuz I paid $28 for Uber Eats I believe that is also getting posted along with my remaining iPad payment. Waiting for my credit report to update to reflect the iPad and the Uber Eats.

Re: Apple Card plus installment on Apple products

Trini88 — Wed, 04 May 2022 06:09:02 GMT

@NRB525 wrote:
@RobynJ wrote:
@Trini88 wrote:
@jgdev wrote:
It will still show up on your credit report as the full amount. So if you have a 10k limit and finance 5k worth of apple products it'll report 50% utilization.
Yep. I tested it out, I owe Apple $302 on a ipad I financed for my son and my Apple limit is $3000. It's being reported at 10% utilized on my credit report 😬
When did you do this? And if you're correct then I was lied to twice.
Not necessarily lied to, just told something by two people who don't look as closely at their Apple Card statements, and may not have the microscope on their credit reports.
This is my April summary. Total CL is $22,000, and several payment items are open. While my "statement due" amount is the bold number at the top, the actual balance reported to the bureaus is including the future monthly payments that GS has not yet moved to "due this month". So $1,595 is reported as my debt on the card, vs the $22k limit.

Yep before I applied for the Apple credit card I watched a YouTube video that warned everyone that if you basically financed a $1600 iPhone and your credit limit is $1700, it's gonna report basically as a maxed out card 😂. Only reason I financed something so low to test it out. Def won't be financing me a new iPhone with this card.

Re: Apple Card plus installment on Apple products

RobynJ — Wed, 04 May 2022 03:17:23 GMT

@Trini88 wrote:
I owe $246 for the iPad but $274 is gonna report cuz I paid $28 for Uber Eats I believe that is also getting posted along with my remaining iPad payment. Waiting for my credit report to update to reflect the iPad and the Uber Eats.

Please lmk before I purchase. If what they said isn't the way I was told then I won't purchase it. I was pre-approved for a $3500 SL and the IMac is $2399. This would kill my UTI if what they said isn't correct.

Re: Apple Card plus installment on Apple products

Trini88 — Wed, 04 May 2022 03:21:43 GMT

@RobynJ wrote:
@Trini88 wrote:
I owe $246 for the iPad but $274 is gonna report cuz I paid $28 for Uber Eats I believe that is also getting posted along with my remaining iPad payment. Waiting for my credit report to update to reflect the iPad and the Uber Eats.
Please lmk before I purchase. If what they said isn't the way I was told then I won't purchase it. I was pre-approved for a $3500 SL and the IMac is $2399. This would kill my UTI if what they said isn't correct.

I'll guarantee this to you right now.....you're looking at a sky high utilization if you did that. There is no if they were wrong....they were wrong. Wish I could link the girls YouTube video.

Re: Apple Card plus installment on Apple products

FinStar — Wed, 04 May 2022 06:13:21 GMT

@RobynJ wrote:
@Trini88 wrote:
I owe $246 for the iPad but $274 is gonna report cuz I paid $28 for Uber Eats I believe that is also getting posted along with my remaining iPad payment. Waiting for my credit report to update to reflect the iPad and the Uber Eats.
Please lmk before I purchase. If what they said isn't the way I was told then I won't purchase it. I was pre-approved for a $3500 SL and the IMac is $2399. This would kill my UTI if what they said isn't correct.

I believe the members have provided enough evidence/images on how things report. Also, the employees didn't intentionally lie, they simply gave incorrect information since they're probably unaware or unfamiliar how things function once you use the financing option on the Apple Card. NRB525 already provided such feedback upthread as well.

Re: Apple Card plus installment on Apple products

OmarGB9 — Wed, 04 May 2022 12:32:57 GMT

@RobynJ wrote:
@Trini88 wrote:
I owe $246 for the iPad but $274 is gonna report cuz I paid $28 for Uber Eats I believe that is also getting posted along with my remaining iPad payment. Waiting for my credit report to update to reflect the iPad and the Uber Eats.
Please lmk before I purchase. If what they said isn't the way I was told then I won't purchase it. I was pre-approved for a $3500 SL and the IMac is $2399. This would kill my UTI if what they said isn't correct.

CSRs are notorious for being misinformed. Not just at GS, but just in general. They don't necessarily lie, per se, but they simply give out incorrect information because they don't understand things. I think several members have provided you with ample proof that it will indeed show your true utilization on your reports.

EDIT: Guess I skipped over @FinStar's post which said the exact same thing as mine.

Re: Apple Card plus installment on Apple products

NRB525 — Wed, 04 May 2022 14:07:35 GMT

@RobynJ wrote:
@Trini88 wrote:
I owe $246 for the iPad but $274 is gonna report cuz I paid $28 for Uber Eats I believe that is also getting posted along with my remaining iPad payment. Waiting for my credit report to update to reflect the iPad and the Uber Eats.
Please lmk before I purchase. If what they said isn't the way I was told then I won't purchase it. I was pre-approved for a $3500 SL and the IMac is $2399. This would kill my UTI if what they said isn't correct.

I would not let utilization on the Apple Card stop me from updating my computer, because the new Macs are quite awesome, and the 0% APR, what is it 24 monthly payments at this level, are simply unbeatable.

Utilization is a factor in your FICO scores, but this sort of utilization isn't going to put your score below 700, if that is your fear. I have a Dell financing account, and through a number of purchases had well over 50% utilization, I think it was near 70% at one point. It simply did not noticeably affect my scores, certainly didn't prevent me and DW from getting a purchase mortgage a little over a year ago. And my computer setup is now how I want it, not how FICO told me it should be with hair shirts for frugality.

Once you put the Mac on the card, it is possible you get an auto CLI from GS, and it certainly raises your chances of success if you ask for a CLI. That will reduce utilization quite well.

Re: Apple Card plus installment on Apple products

RobynJ — Wed, 04 May 2022 16:54:06 GMT

Well I'm glad I posted this even though my DP's are obviously wrong it saved me from making an uniformed decision. I am still interested in getting the 🖥 but might wait a little longer into my build. This way it doesn't affect me as much.

Re: Apple Card plus installment on Apple products

NRB525 — Wed, 04 May 2022 20:02:45 GMT

Yes, it's best to have accurate info to decide from. Although, honestly, if you'd followed the CSR advice, you'd have a new computer and not much impact to scores

As a nit, in your siggy you have your starting score as zero. Nobody ever gets a zero score. Ever. You likely started somewhere near 700.

Re: Apple Card plus installment on Apple products

RobynJ — Wed, 04 May 2022 20:08:54 GMT

When I started I didn't have a score as my profile was to new. This is why I put 0 in. After a few months I started getting a Fico score.

@NRB525 wrote:
Yes, it's best to have accurate info to decide from. Although, honestly, if you'd followed the CSR advice, you'd have a new computer and not much impact to scores

As a nit, in your siggy you have your starting score as zero. Nobody ever gets a zero score. Ever. You likely started somewhere near 700.