Apple Card Denial

[Anonymous]

Hello all,

Over the past year, I have been trying to obtain an Apple Card, but I just can not get approved. I'm trying to figure out why. My last application I submitted, (a few days ago) my TU score was 730. Can anyone give me an idea what Goldman Sachs looks for? I am beginning to think they are extremely picky.

Thanks!

[Anonymous]

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@Anonymous wrote:

Hello all,

Over the past year, I have been trying to obtain an Apple Card, but I just can not get approved. I'm trying to figure out why. My last application I submitted, (a few days ago) my TU score was 730. Can anyone give me an idea what Goldman Sachs looks for? I am beginning to think they are extremely picky.

Thanks!

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So, you've gotten an AA letter each time - what were the reasons given?

Here's the thing... credit scores won't get you approved for any credit... they'll really only get you DENIED (ie a threshold).  After you're above the threshold, its up to what ELSE is on your report.  What other credit, utilization, inquiries, bads, lates, etc etc etc look like.

So... what's on your report?

[Anonymous]

What was the denial reason given when you applied?

[Anonymous]

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@Anonymous wrote:

Hello all,

Over the past year, I have been trying to obtain an Apple Card, but I just can not get approved. I'm trying to figure out why. My last application I submitted, (a few days ago) my TU score was 730. Can anyone give me an idea what Goldman Sachs looks for? I am beginning to think they are extremely picky.

Thanks!

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Where are you getting your score?  It is hard to guess reasons why you were denied not knowing anything else about your profile.

[Anonymous]

Thank you for the reply! In the denial letter, it was explained that they denied me because: Your monthly debt obligations are too high given your income - examples may include loan or monthly housing payments. 

Something does not seem right here, however, as I do not have much monthly payments. At this time, I have one auto loan that I almost have paid off, and four credit cards, all at 0% utilization rate. I also have four student loan accounts (not signifigant amount due) that are all deffered. 

[Anonymous]

Have you figured out your DTI?  What is it?

[Anonymous]

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@Anonymous wrote:

Thank you for the reply! In the denial letter, it was explained that they denied me because: Your monthly debt obligations are too high given your income - examples may include loan or monthly housing payments. 

Something does not seem right here, however, as I do not have much monthly payments. At this time, I have one auto loan that I almost have paid off, and four credit cards, all at 0% utilization rate. I also have four student loan accounts (not signifigant amount due) that are all deffered. 

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You need to add up all your monthly debt payments(CC minimum payments, the auto loan payment, the 4 student loan payments,rent or housing cost) then divide by your monthly before taxes income. GS is usually conservative based on other people on this board so if you're over 36% DTI it could help them make the decline decision. What are the limits on your 4 other cards, i believe the minimum on the apple card is 1k, someone can correct me if i'm mistaken. 

[CreditAggie]

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@Anonymous wrote:

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@Anonymous wrote:

Thank you for the reply! In the denial letter, it was explained that they denied me because: Your monthly debt obligations are too high given your income - examples may include loan or monthly housing payments. 

Something does not seem right here, however, as I do not have much monthly payments. At this time, I have one auto loan that I almost have paid off, and four credit cards, all at 0% utilization rate. I also have four student loan accounts (not signifigant amount due) that are all deffered. 

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You need to add up all your monthly debt payments(CC minimum payments, the auto loan payment, the 4 student loan payments,rent or housing cost) then divide by your monthly before taxes income. GS is usually conservative based on other people on this board so if you're over 36% DTI it could help them make the decline decision. What are the limits on your 4 other cards, i believe the minimum on the apple card is 1k, someone can correct me if i'm mistaken. 

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The minimum SL for the Apple Card is $250. 

[Anonymous]

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@Anonymous wrote:

I also have four student loan accounts (not signifigant amount due) that are all deffered. 

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It's probably this. Banks don't really count deferment, they just see it as debt that you're going to owe while holding their card or new loan.

Some banks are more sensitive to that than others. Goldman Sachs, who issue the Apple card, are new to credit cards and are pretty conservative in new accounts. I'd try other cards that may be more likely to approve you.

[blazerein]

@Anonymouswelcome to the club.  I tried and tried with FICO 9 TU score of 695 and same denial letter of "Recent past deliquency" which is not true as I downloaded my Annual Credit Report for the 10th time and can't see any Deliquency so I gave up lol