Apple Card denied - DPs

[Anonymous]

---

@Anonymous wrote:

Sooo, I wanted a Sherbet card too like everyone else, but I guess not lol! Thankfully it did NOT impact my credit. As I am applying for NFCU on the 9th. 

"

Thank you for your interest in Apple Card. Goldman Sachs Bank USA has reviewed your application, and it was not approved at this time because:

• A bank has recently closed your account

What does this mean? I haven't had a credit card or debit card closed since 2017.. Will NFCU give me these same decline reasons? 

Goldman Sachs Bank USA received your credit score from TransUnion Consumer Solutions.

Your credit score is a number that reflects the information in your consumer report. Your credit score can change, depending on how the information in your consumer report changes.

Your credit score as of September 3, 2019: 731

Scores range from a low of 300 to a high of 850.

This decision will not impact your credit score.

Key factors that adversely affected your credit score:

• Length of time accounts have been established
• Lack of recent installment loan information
• Too many accounts with balances
• Length of time revolving accounts have been established
• Number of inquiries"

My longest established TU reporting account is 2 years, with the newest being 2 months. 

Completed a secured loan in July.

All under 8.9% though.

???

2 inquiries

---

GS pulls numerous third party reports including Chex, Factor Trust, CoreLogic and SageStream when reviewing these apps. The denial for closed accounts was from Chex. NFCU doesn’t use Chex at all, they use EWS, and they don’t take depository history into account on credit card apps AFAIK unless you have a charge off from a bank account obviously. 

[BallBounces]

---

@Anonymous wrote:
Thanks for the advice i havent applied for a card in over 2 months i just tried apple because its a soft pull mine are high but the first inquires from feb are going over 6month months now so after the first of the year my accounts will be nearing a year open .and all inqs will be at least 6 months then .ive got plenty of credit but yes im impatient.would like to have more than 1 major lender in case they go bad or something. Thanks again for everyones advice

---

Two months is a very very very very very short time.  

Six Months is a very very very short time.

One Year is a very short time.

If I were giving you advice again, it would be to stop applying for credit cards for at least a year and probably more, and focus on finances over FICO.  

The point is not whether Apple Denials are a SP only, the point is to not be applying.

[BallBounces]

---

@KJinNC wrote:

Well, I don't have a TransUnion score yet, but my other two are well over 700, and my TransUnion fako is about the same as my other two fakos (~650). I was declined for an Apple card. I don't mind, don't need the card, only applied because it was SP just to see what happened. I am only saying, they have some standards, even if it's not clear to everyone what those standards are. Most likely, it relates to how heavily enmeshed they are in the Apple ecosystem (I am not at all), with the card's purpose being more about maintaining or deepening that relationship, as opposed to getting random subprime applicants.

---

I don't agree.  It seems to me they have exactly 0 care about how involved a consumer is with Apple.  I think that is literally 0% of the GS underwriting standard.

For approvals they seem to be very recency driven in terms of serious delinquencies.  2-3 years are probably not sufficient, beyond that there have been good examples of approvals.  Next comes the actual FICO 09 scores.  Thin files?  OK.  Well aged BKS and COs?  OK.  But 2 years post charge off? no go.

For the Credit Line, income and DTI seem to be the corrolary drivers.

The above is observation and opinion and certainly not fact, but I have been looking at the UW standards for this pretty close.  

[CreditInspired]

---

@BallBounces wrote:

---

@KJinNC wrote:

Well, I don't have a TransUnion score yet, but my other two are well over 700, and my TransUnion fako is about the same as my other two fakos (~650). I was declined for an Apple card. I don't mind, don't need the card, only applied because it was SP just to see what happened. I am only saying, they have some standards, even if it's not clear to everyone what those standards are. Most likely, it relates to how heavily enmeshed they are in the Apple ecosystem (I am not at all), with the card's purpose being more about maintaining or deepening that relationship, as opposed to getting random subprime applicants.

---

I don't agree.  It seems to me they have exactly 0 care about how involved a consumer is with Apple.  I think that is literally 0% of the GS underwriting standard.

For approvals they seem to be very recency driven in terms of serious delinquencies.  2-3 years are probably not sufficient, beyond that there have been good examples of approvals.  Next comes the actual FICO 09 scores.  Thin files?  OK.  Well aged BKS and COs?  OK.  But 2 years post charge off? no go.

For the Credit Line, income and DTI seem to be the corrolary drivers.

The above is observation and opinion and certainly not fact, but I have been looking at the UW standards for this pretty close.  

---

I agree with you BallBounces. Apple/GS could care less about who is an Apple crazy (like me) or one who has never, ever had an Apple product in their life.

KJinNC, I got approved because my credit profile and income align, and is what they're looking for. My brother, who didn't get approved, was given the reason that he was already over extended and to please apply again in the future when this changes. We both make the same salary, but his UT is in the neighborhood of 65% (would be higher if he wasn't AU on my high CL cards). My UT is <7%. 

[Anonymous]

---

@CreditInspired wrote:

---

@BallBounces wrote:

---

@KJinNC wrote:

Well, I don't have a TransUnion score yet, but my other two are well over 700, and my TransUnion fako is about the same as my other two fakos (~650). I was declined for an Apple card. I don't mind, don't need the card, only applied because it was SP just to see what happened. I am only saying, they have some standards, even if it's not clear to everyone what those standards are. Most likely, it relates to how heavily enmeshed they are in the Apple ecosystem (I am not at all), with the card's purpose being more about maintaining or deepening that relationship, as opposed to getting random subprime applicants.

---

I don't agree.  It seems to me they have exactly 0 care about how involved a consumer is with Apple.  I think that is literally 0% of the GS underwriting standard.

For approvals they seem to be very recency driven in terms of serious delinquencies.  2-3 years are probably not sufficient, beyond that there have been good examples of approvals.  Next comes the actual FICO 09 scores.  Thin files?  OK.  Well aged BKS and COs?  OK.  But 2 years post charge off? no go.

For the Credit Line, income and DTI seem to be the corrolary drivers.

The above is observation and opinion and certainly not fact, but I have been looking at the UW standards for this pretty close.  

---

I agree with you BallBounces. Apple/GS could care less about who is an Apple crazy (like me) or one who has never, ever had an Apple product in their life.

KJinNC, I got approved because my credit profile and income align, and is what they're looking for. My brother, who didn't get approved, was given the reason that he was already over extended and to please apply again in the future when this changes. We both make the same salary, but his UT is in the neighborhood of 65% (would be higher if he wasn't AU on my high CL cards). My UT is <7%. 

---

For most applicants that's true. For a very small segment on the bubble you get a message that essentially says your application cannot be approved as is, would you like to share you Apple purchase history with GS for further consideration for the Apple card. Several post on other social media sites from people with thin files, received this message. As far as I can tell the pattern seems to be they were ultimately approved with super low limits. $250-$1000.

[Anonymous]

I was just declined for the same reason (recently past due). My TU FICO per Apple is 731.

I had a (paid) collection 2.5 years ago, which is basically because the company kept delivering 8 bottles of water a week instead of a month, and we fought over it, and they won. I had 1 charge-off in early 2014.

No lates. No other baddies. I have 10+ CCs, exceptional credit mix, oldest account is older than I am, 2% utilization, and 225k annual income.

Interestingly, the Apple Upgrade Program flagged me for the same reason but immediately approved me the next day with a recon. I’ve never been declined for this reason by anyone else. Super disappointed but at least it was just a SP.

[Anonymous]

Actually I just realized the collection isn’t on TU. So I guess I was declined for a charge off from early 2014? 🤔

[Anonymous]

I think once people realize that the "Apple" card is actually a GS card with Apple co-branding I think it will start to make more sense. I understand that many fans want the card to be a status symbol like a $1k+ smartphone or a $999 monitor stand but that is not the case in this instance. GS is a Wall Street bank that deals in the law of large numbers and constantly chases profits. It's not looking to start a country club

[Aim_High]

---

@Anonymous wrote:

I think once people realize that the "Apple" card is actually a GS card with Apple co-branding I think it will start to make more sense. ... GS is a Wall Street bank that deals in the law of large numbers and constantly chases profits. It's not looking to start a country club

---

Which is one of the reasons I applied.  Goldman Sachs is new to credit cards, so this may be only the first of their offerings.  They are the 5th largest US bank, right behind Chase, BofA, Citi, and WellsFargo.  I have an online money market account with them also, so I was already a customer.  We might later be able to PC this Apple card to other offerings if something else good is offered.

I had recently become an iphone user and  had never used my Apple Pay, so this was an easy way to get started in e-payments.  (I never used my Samsung Pay either.)

And I also don't have a 2%-for-everything card (yet) so the Apple Pay card added to my lineup.

But I have to admit, the Soft Pull application and the different approach to account management was something that interested me and made me apply out of curiosity.  It's a different type of credit card for sure. 

[Anonymous]

I have multiple rewards cards from good banks and a 730 FICO9, so yes it was surprising to be declined... especially when it gave a really odd reason that has only been given by Apple.

Has ANYONE successfully recon'd for the Apple card?