Apple last week announced out an Apple Card preview period, and has since rolled out Apple Card availability to an assortment of iPhone users ahead of the official launch.
While a number of customers, including those with credit scores in the 600s have been approved, there are still reasons as to why some users might be denied for the card.
Apple shared a new support document, wherein the company outlined the reasons as to why someone might be denied. These reasons include low credit score, frequent credit card applications, heavy debt and low income, tax liens, bankruptcy, property repossession, past due debt obligations, a recent checking account closure by a bank, past due medical debt, and more.
Apple’s support document has a detailed list of explanations for those who were declined, and when you apply for Apple Card, if you are declined by Goldman Sachs (Apple’s partner) you’ll get a reason why so you can cross reference it here for more information.
The support document also outlines how credit scores are determined, with criteria such as debt payments, hard credit inquiries, debt level, credit age, open loans, and more. The company notes how customers can obtain free credit score reports and dispute errors with TransUnion if they’ve been declined for an Apple Card. Apple also noted how customers can check for common errors that might prevent their being approved.
For customers who were declined because their identity could not be verified, Apple offers several recommendations such as verifying that application info is accurate and making sure ID scans (when requested) are clear and include an ID that’s not expired and with a last name that matches the application.
Upon receiving a request for an Apple Card, Goldman Sachs does a soft credit check that does not impact your credit score. Being declined or declining Apple’s offer will not require a hard inquiry, which is only done when customers actually accept the Apple Card.
Apple has stated that credit limit is determined by income and minimum payments amounts associated with existing debt, which helps determine ability to pay.
Right now, Apple Card is limited to customers who have received an invite from Apple, but Apple appears to be sending out a large number of invitations to those who have signed up to be notified about Apple Card via its website. A wide release for Apple Card could come in the next few weeks.
Stay tuned for additional details as they become available.
Via MacRumors and support.apple.com