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Apple Card approval

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KJinNC
Valued Contributor

Apple Card approval

I thought there was a mega-thread for these, but now I can't find it. If there is a mega-thread, this could be folded into that.

 

I have a weird profile (heavy credit-seeking, many inquiries), but entered the garden in September, and have been planning to stay in it well into 2020. My next "goal cards" are Ducks Unlimited (may be able to get next year), and Chase Sapphire (cannot get until at least summer 2021). In the meantime, I have been working on soft-pull CLIs and waiting for my Discover card to unsecure. My next big thing is hoping for a 3x Amex CLI on about March 1.

 

But, I got a SP approval for the Apple Card. I'd been denied for it in the past. When I applied again last night, I got a notice saying my application was being reviewed. This morning, I got a notice saying I was approved for $5k and the higher interest rate (23.9 or something like that - I typically PIF and don't focus much on interest rates). I have three cards (Coastal Visa, PayPal MC, and Amazon Store Card) with $5,000 limits and nothing higher than that, so in the context of my profile, I consider that a good healthy approval. The question is simply, does it benefit me enough to add another inquiry and another new account. I am not a big spender with Apple.

 

What say you, fine folk of MyFICO Forums? Worth coming out of the garden for this? Also, if I turn the offer down, does that help/hurt/or have no effect if I apply again in the future? Thanks!



FICO Resilience Index: 64. Cards: 5/24, 2/12, 2/6. Accounts including loans: 8/24, 4/12, 3/6. Card CLs total $213,900, or $240,400 including the AU card. Cards (oldest to newest)

Authorized user / Corporate / Auto loans / Personal loan
Message 1 of 18
17 REPLIES 17
AllZero
Mega Contributor

Re: Apple Card approval

Congratulations on your offer!
Message 2 of 18
Shooting-For-800
Senior Contributor

Re: Apple Card approval

Congrats!

Only you can determine if you need the card.

$5k is no insult.

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $500k unsecured credit in 2024.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!



Message 3 of 18
AllZero
Mega Contributor

Re: Apple Card approval

By your own statement, this card does not benefit you with 🍎 products. It appears to be a pass?
Message 4 of 18
KJinNC
Valued Contributor

Re: Apple Card approval


@AllZero wrote:
By your own statement, this card does not benefit you with 🍎 products. It appears to be a pass?

I am leaning toward passing. If I got it, the main advantages would just be utilization padding, and another option that might help a little in some situations. One thing I am not sure about is, would turning it down make them try harder next time, or would they hold a grudge, or neither? I'm guessing neither? Thanks!



FICO Resilience Index: 64. Cards: 5/24, 2/12, 2/6. Accounts including loans: 8/24, 4/12, 3/6. Card CLs total $213,900, or $240,400 including the AU card. Cards (oldest to newest)

Authorized user / Corporate / Auto loans / Personal loan
Message 5 of 18
Anonymous
Not applicable

Re: Apple Card approval

I’d pass, especially since you have goal cards you’re gardening for.
Message 6 of 18
AllZero
Mega Contributor

Re: Apple Card approval


@KJinNC wrote:

@AllZero wrote:
By your own statement, this card does not benefit you with 🍎 products. It appears to be a pass?

I am leaning toward passing. If I got it, the main advantages would just be utilization padding, and another option that might help a little in some situations. One thing I am not sure about is, would turning it down make them try harder next time, or would they hold a grudge, or neither? I'm guessing neither? Thanks!


Neither.

 

The critter card and the CSR/CSP would probably give you the utilization padding and SL you require.

Message 7 of 18
cem13
Established Contributor

Re: Apple Card approval

As previously mentioned, only you can make the determination on whether it is good for you.  But you have to be honest with yourself.

1) What is so special about this card?  bonus, rewards, build relationship, Balance transfer, Apple wallet?

2) If there is nothing speical about this card then why are you applying?  add to available credit to pad utilization?

 

Based on your statements, this is certainly a pass.  While the alure of a SP offer is real, if you accept there is consequences of a hit on the AAOA.  What is the risk/reward for your personal situation?  "Im willing to take a hit on the AAOA for the benefit of XXXX"

 

Just to say I have an Apple Card (or any card for that matter) is not enough justification in my opinion.  But this is YOUR call and your call alone.

FICO 08 JUL23: TU 850; EQ 846; EX 843. Clean since BK7 D/C 6/2011.
Message 8 of 18
KJinNC
Valued Contributor

Re: Apple Card approval

Thanks - the allure is simply SP approval of $5k (would be in a four-way tie for my highest CL) on a card that has rewards and no AF. For now, situations where it would be my best card to use are few and far between, but it would often be tied with PayPal at 2% as best for various situations. I think it would only beat my other options with Apple and Walgreen's, and I don't do much buying at either place, and it would only be 3% vs 2% there. I tend to agree that it's not worth the credit hits, though, just seeing if someone had a perspective I'm missing. Thanks!



FICO Resilience Index: 64. Cards: 5/24, 2/12, 2/6. Accounts including loans: 8/24, 4/12, 3/6. Card CLs total $213,900, or $240,400 including the AU card. Cards (oldest to newest)

Authorized user / Corporate / Auto loans / Personal loan
Message 9 of 18
Anonymous
Not applicable

Re: Apple Card approval

Unless you’re heavily into apple products... it’s a pass, IMO.
Message 10 of 18
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