Apple Card denied - DPs

[privacyadvocate69]

I was approved last night for the Apple Card, with a $15K limit at 16.99% APR. 

According to CreditKarma, "my info" (as of the time of approval) is as follows:

TransUnion FICO: 753

Credit Age: 4 yrs 8 months (on average)

Payment History: 100%

Derogatory Remarks: 0

Hard Inquiries: 0

Total Accounts: 29 (7 are credit cards in my name, 2 are authorized user cards, 1 is a joint card)

Credit Card Use: 29% of limit

Total open balances: $197,000

Total Credit Card Balance: $39,000 (all at 0%, by the way)

Total Student Loans: $33,000 down from a high of $100K)

Home Loans: $125K

Other Loans: None

Auto Loans: None

Collections: None

[RotaryP7]

For those who got denied the "recently past due" like myself. How long before they'll accept our reapplication? Since it's just a soft pull. It wouldn't hurt to try again in the future? Unless GS doesn't want our business ever again. 

[Anonymous]

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@Anonymous wrote:

I’ve wondered to myself since the partnership between Apple and GS was announced how it would play out. 

For a company like Apple that is, arguably, struggling to innovate and stay relevant at the moment, introducing a credit card that’s held so closely to “home” for them is risky. They needed a financial partner that was going to allow them to accomplish what they wanted (keeping consumers tied to their product). If they pick the correct partner, having a CC like this is an incredibly smart move. If they pick the wrong partner, it will have the opposite effect from what they are looking for. 

GS isn’t known to the “average” consumer and from what I’ve read here today, they are showing that loud and clear. Data is still too young and spotty to draw a solid conclusion,  but this partnership could be problematic for Apple. GS seems to be excluding what could be a % of Apple’s customers (by declined applications) that could prove to be missed by Apple if they are aggravated or insulted by GS’ cold shoulder. 

700 scores, 7 year old BKs, a 30 day late on a student loan 4 years, etc getting declined? I get responsible lending, but may of these folks that are getting declined seem to have proven their creditworthiness to other major lenders,  but still get the thanks, but no thanks, from GS. 

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If this is what you gathered you are totally missing what is happening. My advice would be look beyond the limited scope of these forums. Of course some percentage of customers would be declined. It’s a financial product after all. Apple is not seeking 100% approval. We don’t know if the people being declined are as low risk as they claim. Most banks are now using risk software that goes beyond FICO. 

If you look at social media which is where the masses are congregating about this card, there are so many approvals that Wall Street is questioning whether GS is approving too many even in this limited rollout. And that the thing it’s not even in gen pop yet so any conclusions are premature at best.

*Edit. even here the approvals sections is flooded with threads. Unless someone was expecting 100% approvals I’m not sure what the complaint is other then it’s Apple so people feel the need to.

[Anonymous]

I tried applying a few times just in case, but obviously it didn’t go through. I suppose the best that can be done is to try to apply after 30 days, but it’s looking like we’re locked out for the time being. Hopefully once the offending negatives drop off the report, the results might be better. Also, once the public launch takes place, I’m hoping a recon line will open up. Until then it’s just a guessing game.

[RotaryP7]

Probably. I'm guessing we'll have to wait until the public launch and see what happens. Did it tell you the same denied reason? Or wait 30-60 days and try again. 

[Anonymous]

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@RotaryP7 wrote:

Probably. I'm guessing we'll have to wait until the public launch and see what happens. Did it tell you the same denied reason? Or wait 30-60 days and try again. 

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Same declined reason but no past dues in 6-7 years. The old past due accounts are due to drop off my credit reports in the next few months, otherwise everything on my credit report looks OK and current so we’ll see.

[Anonymous]

I've recently starting building my credit and was just approved for a student Discover IT card with a CL of $1000. I've seen people online mention that the Apple Card is their first credit so I thought I would apply. Unfortunately I was denied but some of the reasons they gave me don't really make any sense.

Reasons:

- Consumer associated with phone changes.

- Limited history for consumer at address; phone

- Number of inquires

Also according to the my banking credit report apps, the credit karma app, and the experian app I don't have enough credit to be scored or it's a score of 0.

I'm a student and make about $20,000 a year. The only inquires on my report are from my dental care(May 2018, Trans Union)which I decided to not use so no account there. There's an inquiry on my experian report from Chase because I did apply for their student card but was denied because of no credit history. Finally theres an inquiry on my Equifax report for Discover.

I can understand being rejected for inquries because I did allow Chase and Discover to pull my reports on the same day. However I don't understand being rejected for phone changes or limited history at my address. Lived at the same home for the last 10 years and I don't change phones anymore than anyone else. Also the billing is in my Dad's name and nothing as far as phone companies are listed in my report so I'm not sure why they listed those reasons for my rejection.

Also in the denial email they listed my current score as 412. This also took me by surprise since again, none of the apps that I use to monitor my score can give me a score or show a score of 0.

Anyone think they have an idea what they could be talking about?

[AllZero]

It appears your credit history is too new to generate a score. Usually, it takes 6 months. If you have no score on Experian, it might hold true for Transunion as well.

You can get a 3 Bureau report from creditchecktotal.com (part of Experian) for $1. Make sure to cancel in 7 days to avoid reoccurring charges.

[Anonymous]

Yeah I got my score and I think I may have a clue what happened. I believe if you don’t have enough credit history then Goldman Sachs will use Sage Stream. They are the one that gave me those weird reasons and apparently a lot of people were also given those reasons when a lender has used Sage Stream for their report.

I think I’m just going to work on building my credit with my Discover card and not worry about it. Sage Stream only takes identity verification docs through the mail and I honesty never heard of them until today. Seems really sketchy.

[AllZero]

Glad you were able to figure it out. Best to let your credit history age a bit. At least it was only a soft pull.

Yeah, there are more monitoring services out there besides SageStream; LexisNexis, ChexSystems, Innovis, and etc.