Approved for Apple Card and Turned It Down

[CreditInspired]

Hi and welcome to myFICO

IMHO, I think you should start gardening. You have several inquiries and it would be prudent to allow your accounts to age and those inquiries to drop off, or at least until the AoYA turns 12 months.

Also, congrats on your Apple approval.

[Anonymous]

So should I accept the card and start gardening? I believe next month my AAoA turns 12, my discover card is a year and 6 months old which is my oldest account and since i’ll be refinancing my car it will bring my AAoA even lower, will this have an effect when they do the actual HP for the Apple Card? Also if I accept the card could I ask for a lower Apr let’s say a few months from now?

[CreditInspired]

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@Anonymous wrote:
So should I accept the card and start gardening? I believe next month my AAoA turns 12, my discover card is a year and 6 months old which is my oldest account and since i’ll be refinancing my car it will bring my AAoA even lower, will this have an effect when they do the actual HP for the Apple Card? Also if I accept the card could I ask for a lower Apr let’s say a few months from now?

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Once/if you accept the Apple card, your AAOA will be ~9 months and your scores will drop a few more points because a new account will be added. Since Apple/GS is new, we don't know whether they will decrease APR or not. But if they did, it probably wouldn't happen earlier than 12 months after having the card. So, if you decide to accept the Apple card, I suggest gardening until December 2020--again this is because of the inquiries you have already acquired.

[Anonymous]

It’s very tempting given that it will be my highest credit line, and me having an Iphone Loan could make nice savings on it with the Cash Back rewards on apple purchases. I could accept and definitely start gardening till next year. Or should I try to get a better card with intro apr and rewards and start gardening until next year?

[CreditInspired]

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@Anonymous wrote:
It’s very tempting given that it will be my highest credit line, and me having an Iphone Loan could make nice savings on it with the Cash Back rewards on apple purchases. I could accept and definitely start gardening till next year. Or should I try to get a better card with intro apr and rewards and start gardening until next year?

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A bird in the hand is worth more than 2 in the bush. With that being said, you already know the $3.8K Apple card is approved. There is a great possibility with the number of inquiries you have, you could be denied for some other credit card and worse yet, approved but with a paltry SL. You would kick yourself and hard.

So, if you're determined to get a card prior to gardening, go ahead and accept the Apple since you know you are approved and the SL.

[Anonymous]

Is it true that multiple credit card HP's within a certain period of time can count as one? or hurt your score less? I said what the heck and pulled the trigger. I figured it wont hurt to have one more HP considering most of my HP's are falling off in the next couple months, also the Apple Cards are still not reporting accounts to the bureaus, so it shouldn't affect my AAoA for a bit. and I already met my car refinancing goal as well as attained a couple rewards cards. Welcoming my biggest credit line with open arms! and me always paying my balances in full and never paid interest, the APR doesn't worry me too much. This marks my official beginning of gardening.

[CreditInspired]

No, multiple HPs for CCs do not count as one. This only works with UWs who review your CRs when you’re applying for a mortgage or vehicle.

[Anonymous]

I think you made a wise move going for the card. I would definitely recommend gardening now but if the shoe was on the other foot, I would have jumped on the Apple Card in your situation as well -- you got a better limit than I did with my thick file too 😂 

[Anonymous]

I was surprised to see such a high limit, considering my credit age, maybe the APR offsets it. I'll wait about 3-6 more months and see how much of my inquiries fall off which are due this next year. My next card I have been eyeing is the Diamond Citi Preferred, I mostly like to collect cards based on their aesthetics😂.

[Anonymous]

Also, has your Apple Card account been reported on your CBR's and has it affected your AAoA?