Apple credit card

[LenaLuthor]

680 score on TU. (and the others too)   Nothing late recently.   I guess it all depends on what they call 'recent'    In 2017 I was late on one credit card for two months.  The reason for decline was  'recently late'    I am baffled. Anyone have any insight into this reason? 

Thanks

[OmarGB9]

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@LenaLuthor wrote:

680 score on TU. (and the others too)   Nothing late recently.   I guess it all depends on what they call 'recent'    In 2017 I was late on one credit card for two months.  The reason for decline was  'recently late'    I am baffled. Anyone have any insight into this reason? 

Thanks

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I guess for them, 3 years is still pretty recent.

[Anonymous]

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@growthadvocate wrote:

The SP with stated APR and SL is about the only thing that I've enjoyed about my experience with this card.  In my opinion, as a big apple fan, apple picked the wrong partner in GS.  I could list a number of reasons why they don't have it together yet.  It's been a year now, but they still have yet to make the type of progress you would expect from a financial institution of their size.  It's GS's first credit card product, and it shows.  In hindsight, I wouldn't have accepted the card.  Good luck to you either way! 

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What are you finding wrong with it? I don't have any complaints about it other than them being conservative and the rewards program being lackluster compared to my other cards. 

[growthadvocate]

In short, GS is disorganized and doesn't offer the information that a cardholder should have access too.  Most of the CSR's I've spoke with are nice folks, but upper level management leaves them in the dark too.  While some of the issues I've had are slowly being resolved, I just would have expected a better expereince out of the gate with any Apple product.  Even though this is a new path for Goldman Sachs, they certainly have the ability to be better prepared for a launch.

After several months of not reporting to any credit agency, GS finally started reporting the card to TU.  But without notice...nor do they tell you on what date they report.  As you know @Anonymous , financial instituitions will offer a closing date traditionally, which gives cardholders the opportunity to PIF--but GS doesn't offer an official closing date.  Payment is due by the last day of the month, but they report prior to that...but they can't tell you when.  The problem is that if you're using the card, (which they require solid usage for CLI's), you'll need to PIF frequently, so that you're not caught with a balance.  Or be prepared for a potential score dip depending upon your UTI.  Unfortunately, everyone I've spoke to doesn't have an answer for this.  That was my biggest issue.

They started reporting to Experian in July...and are now starting to report to Equifax for some, but not all.  I noticed the reporting to my EQ the end of last month. 

I've also requested a call from mgt a few times, but never got a call back unfortunately.  They've told me to expect the call within 24-48 hours, but it never comes.

[cashorcharge]

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@growthadvocate wrote:

In short, GS is disorganized and doesn't offer the information that a cardholder should have access too.  Most of the CSR's I've spoke with are nice folks, but upper level management leaves them in the dark too.  While some of the issues I've had are slowly being resolved, I just would have expected a better expereince out of the gate with any Apple product.  Even though this is a new path for Goldman Sachs, they certainly have the ability to be better prepared for a launch.

After several months of not reporting to any credit agency, GS finally started reporting the card to TU.  But without notice...nor do they tell you on what date they report.  As you know @Anonymous , financial instituitions will offer a closing date traditionally, which gives cardholders the opportunity to PIF--but GS doesn't offer an official closing date.  Payment is due by the last day of the month, but they report prior to that...but they can't tell you when.  The problem is that if you're using the card, (which they require solid usage for CLI's), you'll need to PIF frequently, so that you're not caught with a balance.  Or be prepared for a potential score dip depending upon your UTI.  Unfortunately, everyone I've spoke to doesn't have an answer for this.  That was my biggest issue.

They started reporting to Experian in July...and are now starting to report to Equifax for some, but not all.  I noticed the reporting to my EQ the end of last month. 

I've also requested a call from mgt a few times, but never got a call back unfortunately.  They've told me to expect the call within 24-48 hours, but it never comes.

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I have to say, my experience is somewhat different. Yes, reporting to all three bureaus has taken some time. I had reporting to EQ on time each month, then TU started reporting, until earlier this year when they started reporting to EX. Since then, the reporting has been slower some months, timely others. My reporting date has always been as of the last day of the month and the balance they report has been the balance as of that day. That has been consistent since my account was opened last August. Even if their reporting to my CR is later than it should be (Agreed, that reporting day is inconsistent) the date used is the last day of the month and the balance recorded is my balance at the end of that calendar day. I think the "opportunity to PIF" before a balance is reported, requires you to monitor your account prior to that last day of the month. I see this as being no different from an ordinary card with another bank that posts my statement balance on the date my statement is generated, albeit not usually on the very last day of the month. Unless I'm misunderstanding your concern, the process has been consistent with other accounts. Admittedly, I have always PIF'd before that last day and always had zero reporting balance. Good luck in getting resolution. 

[blindambition]

While I've honestly not used like I thought I would, it's nice to have finance options.

Ive always had decent CS calls, only had one issue where they had to fix trailing interest issue. That was in the beginning, with some strange software glitch. One of the easiest lenders to deal with.

My only problem is delayed reporting, but I pay before close, so doesn't really matter. That's just my OCD making itself known!!

[Anonymous]

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@growthadvocate wrote:

In short, GS is disorganized and doesn't offer the information that a cardholder should have access too.  Most of the CSR's I've spoke with are nice folks, but upper level management leaves them in the dark too.  While some of the issues I've had are slowly being resolved, I just would have expected a better expereince out of the gate with any Apple product.  Even though this is a new path for Goldman Sachs, they certainly have the ability to be better prepared for a launch.

After several months of not reporting to any credit agency, GS finally started reporting the card to TU.  But without notice...nor do they tell you on what date they report.  As you know @Anonymous , financial instituitions will offer a closing date traditionally, which gives cardholders the opportunity to PIF--but GS doesn't offer an official closing date.  Payment is due by the last day of the month, but they report prior to that...but they can't tell you when.  The problem is that if you're using the card, (which they require solid usage for CLI's), you'll need to PIF frequently, so that you're not caught with a balance.  Or be prepared for a potential score dip depending upon your UTI.  Unfortunately, everyone I've spoke to doesn't have an answer for this.  That was my biggest issue.

They started reporting to Experian in July...and are now starting to report to Equifax for some, but not all.  I noticed the reporting to my EQ the end of last month. 

I've also requested a call from mgt a few times, but never got a call back unfortunately.  They've told me to expect the call within 24-48 hours, but it never comes.

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They report your prior month's closing balance on the last day of the month which is also the closing date. They do the closing that way to give you longest the grace period possible. I don't have another card that has a 28 day minimum grace period. 

Sure for reporting it's not the best for people who care about that sort of thing (which is only really our kind of crowd) but the target audience just uses and pays. 

I haven't had any issues with customer service or the card. It's quirky but so are every single one of my CU cards. 

[growthadvocate]

Glad that you're having a good experience @cashorcharge !

I am surprised to hear you mention that they started reporting to your Equifax before TU and EX.  Everything that I've read stated they started with TU, then EX, and most recently EQ for some...GS has even confirmed this.

Re: Balances Reported: I've monitored this card closer than any other account that I have and can confirm that it never reports the balance that I have at months end.  For example, most recently my account has been PIF the last 2 months (at the close of the month), but yet I've had a balances report in the amount of $123 and then $54...and when I ask any CSR when the closing date is, they simply tell me that the due date is at the end of the month.  But can't tell me when they update account info with the credit bureaus.  Not a huge deal, but it's frustrating.  Fortunately my scores are great, so this has little to no impact...but it's still frustrating.  It's the principal of it.  It's our right to have this information be reported consistently and accurately...which is impossible if we aren't aware of when the account actually cycles each month. 

Question for you (and @Anonymous ), has a CSR told you directly that they report your account information at the end of the month to each of the bureaus?  Personally I've asked about 10 CSR's and none of them know.  However, some of them do lump the closing date in with due date when speaking generally...but when asked specifically about what account information is reported, and when, they don't know.  (I do believe they're doing their best, they just haven't been given that info.)

[cashorcharge]

I have only used iMessage (have never actually spoken to someone) since I got the card at its inception and those messages have been brief and positive engagements. Asked once about a dispute...handled quickly....asked for 2 CLI's and both were approved instantly via iMessage so I've never had the need to speak to someone. 

As to your date/amount comment...I can confirm that while it may not actually get posted on the last day of the month...the date they report/use is the 30th/31st of the month (statement date) even if it comes a week later....and the amount they post is the amount I owed at midnight of that day. As mentioned, early on I may have carried a small under $100 balance and it reported accurately and for all of 2020 I've been AZEO and it's reported zero each month.  I put $1500 to $2500 through it regularly each month, PIF by the last day. 

Yes, TU and EQ were reporting last year and EX started reporting in July 2020.

[Anonymous]

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@growthadvocate wrote:

Glad that you're having a good experience @cashorcharge !

I am surprised to hear you mention that they started reporting to your Equifax before TU and EX.  Everything that I've read stated they started with TU, then EX, and most recently EQ for some...GS has even confirmed this.

Re: Balances Reported: I've monitored this card closer than any other account that I have and can confirm that it never reports the balance that I have at months end.  For example, most recently my account has been PIF the last 2 months (at the close of the month), but yet I've had a balances report in the amount of $123 and then $54...and when I ask any CSR when the closing date is, they simply tell me that the due date is at the end of the month.  But can't tell me when they update account info with the credit bureaus.  Not a huge deal, but it's frustrating.  Fortunately my scores are great, so this has little to no impact...but it's still frustrating.  It's the principal of it.  It's our right to have this information be reported consistently and accurately...which is impossible if we aren't aware of when the account actually cycles each month. 

Question for you (and @Anonymous ), has a CSR told you directly that they report your account information at the end of the month to each of the bureaus?  Personally I've asked about 10 CSR's and none of them know.  However, some of them do lump the closing date in with due date when speaking generally...but when asked specifically about what account information is reported, and when, they don't know.  (I do believe they're doing their best, they just haven't been given that info.)

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WalletHub shows me the day that the information was submitted to TU and it's always the last day of the month. August 31st is the last time they reported. 

Closing date and due date have to be the same because your grace period spans the entire month. Also since that seems to be the day they're reporting balances to the CRAs, it seems likely. 

Reporting has been behind exactly a month since they started reporting and someone had a chat with customer service about it some time back and they confirmed that they will continue to report one month behind.