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Path to Apple Card program for declined applicants

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Regular Contributor

Path to Apple Card program for declined applicants

Sorry if this belongs in the news section. Apple launched a program to help declined applicants get approved.

 

https://www.macrumors.com/2020/06/29/apple-launches-path-to-card-program/

Message 1 of 22
21 REPLIES 21
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Moderator

Re: Path to Apple Card program for declined applicants

This is interesting but it doesn't appear that opting in in itself will actually help an applicant's chances of approval, anymore than a myFICO subscription or even Credit Karma (provided they ignore the "boost your score by opening these 16 cards and getting a Prosper loan today") would if they follow the general advice given.

Message 2 of 22
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Regular Contributor

Re: Path to Apple Card program for declined applicants

It does like an awful lot of Apple marketing for their take on something that already exists. They do have some info about their CLI process (4 months minimum), the score they use (TU FICO 9), and a couple other things. They also mention using utility bills and similar. There's nothing revolutionary here though.

Message 3 of 22
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Valued Contributor

Re: Path to Apple Card program for declined applicants

Best way to improve chance of getting approved for an apple card or any other card?.....

 

Join this club! 


17512344-0B53-4792-A640-5A2A0646D887.png

 

 

 

 

BK7 dc in 01/2011 with FICO8 in the 500s

HPs EX 5 EQ 3 TU 1
AAoA 5y2m
UTIL 1% - 3%

$200K+ Total Limits







New cc TLs 0/6 ; 1/12 & 3/24
Message 4 of 22
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Super Contributor

Path to Apple Card

Here is to a link to article I read today. Looks like Apple and Goldman are preparing a plan to help consumers to improve their credit so hopefully they can qualify for their card in 4 months. I wonder if they should offer a secured card like other banks and let them graduate after 12-18 months.

 

Here is the link https://appleinsider.com/articles/20/06/29/apple-launches-four-month-path-to-apple-card-credit-coach...

Here is the link on Apple Website: https://www.apple.com/apple-card/financial-health/

As of 1/5/2020 - EQ 576 / TU 600 / EX 566
As of 6/28/2020 - EQ 613 / TU 620 / EX 608
Message 5 of 22
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Regular Contributor

Re: Path to Apple Card program for declined applicants

Everytime I get declined by Apple the reason is "Recent Past Due" from TU which is not true.  I don't have recent past due as I just pull up my Annual Credit Report and it's clean. They just don't like me PERIOD.  My TU Fico9 score is 691 with 16% util and 2 new account in 12 months.  I gave up on Apple but thanks for the SP.

AAoA 6yrs 8mos
Inquries: TU5/EQ5/EX6
Utilization: less than 15%
Mortgage: 1
Auto Loan: 2
Personal Loan: 2
Derogatory: 0



CREDIT UNION


EX- 585, TU- 583, EQ- 563
CURRENT SCORE UPDATED: 7/2020
Message 6 of 22
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Frequent Contributor

Path to Apple card

This is fairly innovative.

Message 7 of 22
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Mega Contributor
Message 8 of 22
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Super Contributor

Re: Path to Apple card


@NoMoreE46 wrote:

This is fairly innovative.


I know it is good but considering the Apples stature in the industry this measure does no go far. What can some one do within 4 months to credit as their plan proposes. It is possible it can be done but, some people might need more time than 4 months to rebuild their credit.  I think they should introduce some thing like Amex Optima or a secured card like Discover / Citi and let people start building the relationship with Apple / Goldman. This keeps Apple customers as loyal customer base happy. Customers can get discounts from Apple for using the secured card when they purchase their product like the regular apple card. Any way Apple does have the industry to standard to bring some of these changes to card industry. 

As of 1/5/2020 - EQ 576 / TU 600 / EX 566
As of 6/28/2020 - EQ 613 / TU 620 / EX 608
Message 9 of 22
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Super Contributor

Re: Path to Apple card

While MyFICO is a good source of information about scores, and rebuilding, it does require a lot of reading, to try to boil down what may apply to a member. 

The Apple / Goldman method looks like it should respond more specifically to the applicant's situation.  Getting regular monthly feedback on progress could be a good method. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 10 of 22
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