Approved for Apple Card - what to do?

[JR_TX]

Here’s what I would do if I were in your shoes...

I would accept the apple card if I really have a use for it and will benefit from it rewards wise. But know that it will NOT help you credit wise for the next few months due to it not reporting “yet”.

I would get a Visa/Mastercard to compensate for places that don’t accept discover. Amex is really great and easy to grow but will be kind of moot since places that don’t accept discover most likely don’t take Amex as well. Now I’m assuming you don’t do a lot of traveling so a Cash Rewards or Points card is a better option. I would open a checking/savings acct (even small amount) with a big national bank to compliment your regional one and app for a credit card same time. I would do it in-branch for better relationship leverage. Chase or BoA are both fine (I have both) and you can just go with whichever is easier for you proximity wise. I personally prefer BoA credit cards due to their 90 days SP CLI as compared to Chase’s all HP CLIs!
I seriously think you’ll qualify for either of them and based on your profile I’ll guess-timate your SL to be around $2.5K- $6K if you app for a Chase or BoA card.
This is just my own personal opinion and prediction though. YMMV always apply.

[M_Smart007]

Congrats?

[JNA1]

@JR_TX
I’m thinking I’m going to pull the trigger on it, but I want to wait until the recent CLI’s on my current cards are reported. I’ve gotten a total $6400 in CLI’s in the last week (thanks to the strategy and advice from this forum!)

Another thing is that I want to see all my scores 750+ before I take another HP and hopefully when they hit, I’ll get that allusive 2 points on Experian! 😂 I know that probably sounds silly, but we’ve worked hard to get this close, and 750 was ultimate goal when I started. Now I’m setting my sites on maybe 800 later on!

[JNA1]

I’m also wondering how it will work when they do start reporting? Will they report It as a 3, 4, 5 month account or whatever it is when they start it will the clock start when they start reporting it?

[Anonymous]

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@JNA1 wrote:
I currently bank with a small regional bank. I’ve been thinking about opening an account with a big bank or Credit Union though.

Recommendations?

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https://www.depositaccounts.com/checking/reward-checking-accounts.html

Go here and find the one that matches what you'll typically keep on deposit and the highest APY for the best $ back.  As you change the $ amount in the box it will recalculate the best options based on earnings from the APY.  Just because one's paying 5% doesn't mean it's paying it on your total balance and may only pay 5% on the first 1K and 0.01% on the rest.

[Anonymous]

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@JNA1 wrote:
I’m also wondering how it will work when they do start reporting? Will they report It as a 3, 4, 5 month account or whatever it is when they start it will the clock start when they start reporting it?

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Open date and any prior history to the date in which it gets reported.  The CRA / your scores will reflect a new account that has aged whatever amount of time similar to the delay that Amex has as well w/ 2-3 months before it shows up on your reports.

[busted2]

Also curious what action, if any, other then just plain randomness, makes Apple GS MC report a hard pull.

🙂

[Anonymous]

OP, a side note regarding Amex - you mentioned that ultimately you want the BCP but would take the BCE for now. Amex core revolvers tend to be along the same tier for acceptance, so if you’re preapproved for one, it’s very likely you’d be accepted for any of them. If they will give you BCE, I see no reason they wouldn’t give you BCP now, especially since they’ll get an AF from it, unlike on BCE. If you prefer to carry BCP, app for it. My bet is you’ll get it.