Apple Card Starts Credit File Reporting To Experian
Owners of Apple Card are reporting Apple is finally expanding the number of credit reference agencies it will report to, with claims the Apple-branded credit card is starting to appear on credit reports generated by Experian.
So far, Apple has limited its reporting of consumer balances to one credit bureau, TransUnion, while no reporting was being made to either Experian or Equifax. While this has been the case for months, it now seems that the reporting is being made to more agencies.
An email from an AppleInsider reader who uses an Apple Card reveals they have spotted a change made to their Experian credit report, appearing when they checked their report on July 19. Searches on Reddit indicates it is affecting a number of users, with posts on the r/AppleCard subreddit indicating other users of the site as having seen the details in their report since .
Discussion about the credit reporting practices of Apple Card intensified in October, when a report claimed Apple was rolling out reporting to other agencies. However, a source within Apple corporate not authorized to speak on behalf of the company advised to AppleInsider that the story was “not accurate,” and that the reporting mechanism was effectively done. The source added that reporting was being done for some customers, but “everything will be reported” once it was fully deployed.
Opt In To Share Additional Personal Data
Even if your Apple Card application is declined based on your credit or other personal financial information, you may be able to have your application reevaluated if you agree to share additional personal data with Goldman Sachs.
This could include information about when you created your Apple ID, the Apple products registered to that ID, your Apple product purchase history, the cards linked to your account and how often and how much you spend with Apple.
Applicants and cardholders may be able to choose to share the identified metrics with Goldman Sachs for re-evaluation of their offer of credit or to increase their credit line, says the policy.
While its still unclear how many applicants will be offered this option, it may prove especially useful if youve been a loyal Apple customer but have a thin credit file or middling credit score.
Are The Benefits And Rewards Worth It For Apple Fans
We publish unbiased reviews our opinions are our own and are not influenced by payments we receive from our advertising partners. Learn about our independent review process and partners in our advertiser disclosure.
If youre among the Apple faithful, its worth taking a look at the Apple Card. The card, issued by Goldman Sachs, reserves its best rewards for Apple purchases and transactions made using Apple Pay, which makes it less of a physical card than it is an incentive program for using Apples proprietary technology.
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Update Your Account Notifications
To turn transaction alerts and notifications for your Apple Card on or off:
To turn off all alerts and notifications for the Wallet app:
If you turn off notifications, you will miss important alerts, such as spending summaries and payment reminders. Apple recommends that you keep your Apple Card account notifications turned on.
Using The Credit Pull Database
The Credit Pull Database is extremely easy to use.
Just and youll be able to search by the following criteria:
- Consumer State
- Date applied
You do not have to select all of the details. I selected Texas and Equifax and found credit pulls data points for the following banks:
- Random comments
The comments can be really helpful because you can find out if people were approved with things like bankruptcies on their credit report. Also, if there were multiple credit bureaus pulled sometimes people will report them in the comments.
Tip: Use the free app WalletFlo to help you travel the world for free by finding the best travel credit cards and promotions!
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Apple Card Now Reporting Card History To All Three Major Credit Bureaus
Since launch, Apple Card users were reporting that their credit card history was only being reported to the TransUnion credit bureau, not to Experian or Equifax. Many reports came in over the past fews indicating that the card history is now given to Experian as well, but still not Equifax.
This is either good news or bad news, depending on your goals: Those trying to build up credit will appreciate the added account history will appreciate this additional account, especially as the account ages and helps your credit profile. Those who are trying to skirt Chases 5/24limitation would rather it not show
Does The Apple Card Help You Build Credit
If you use your Apple Card responsibly, it can help you build your credit over time. To improve your credit score with the Apple Card, focus on making regular, on-time payments and try to keep your credit card balance as low as possible. As of this writing, the Apple Card reports credit activity to TransUnion and Equifax two of the three major credit bureaus and Apple may expand reporting to Experian in the future.
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How Daily Cash Can Be Used
Your Daily Cash balance, which is transferred to your Apple Cash card can be used for Apple Pay purchases, sent to friends or family using the Apple Cash feature in Messages, or transferred over to your bank account.
Apple Cash can be transferred to your bank account at no cost, a process that takes between one and three days. There’s also an Instant Transfer feature that will cost one percent of the total money being sent. The Instant Transfer fee has a minimum of $0.25 and maxes out at $10. Transfers can be initiated in the Wallet app after linking a bank account to Apple Cash.
What Credit Score Is Needed For An Apple Card
Apple teamed up with Goldman Sachs and MasterCard to launch Apple Card in 2019. Apple said that the card is everything a credit card should be. A certain credit score is required to be eligible for an Apple Card. Young adults without a credit history may not qualify for an Apple Card. However, if your current score falls short of the Apple Card credit requirement, the company developed a program to help customers improve their score and boost their chances of qualifying for the card.
We designed Apple Card to put privacy and security first. Thrilled to offer it to iPhone customers in the US starting today!
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How Do I Accept An Apple Card Family Invitation
If you’re on the receiving end of an invite to share an Apple Card, you’ll need to take a few minutes to complete the sign-up process on your iPhone. Once the account owner sends you an invite, you’ll get an alert on your phone. Open the alert, or unlock your phone and open the Wallet app. In the top-right corner you’ll see a notification badge — tap it. Follow the prompts to complete the setup.
For participants, you’ll only need to accept the Apple Card invite. Optionally, you can enter your Social Security number to start building credit if you’re over 18 years of age.
For co-owners, you’ll need to go through the complete Apple Card sign-up process that includes a credit check and entering your personal information.
If you’re combining two existing accounts, you’ll go through a similar process to when you first signed up for the Apple Card. When you receive and accept the invite, you’ll be presented with an account offer containing a credit limit and APR. If you accept it, the person who invited you will receive a notice of their own that they need to review the offer and accept it as well. Once both parties have accepted the offer, it will take a few minutes for Apple to process the change and merge the two accounts.
Within 30 minutes or so you’ll be able to see past purchases and payment history, and you’ll begin to see any new transactions show up in the Wallet app with the person’s name next to the charge.
How To Get The Most Out Of This Card
Use the Apple Card for purchases directly with Apple, including music and apps, and with partner merchants where you can also earn 3% Daily Cash. Also take advantage of Apple Card Monthly Installments to spread the cost of your Apple product purchases over several months , interest-free, and while still getting 3% cash back. Keep in mind that if you buy Apple products through another retailer, even one authorized to sell Apple products, the 3% rate doesnt apply, and neither does the monthly installment plan.
Other than that, use it at retailers that accept Apple Pay, unless you have a rewards card that earns a higher rate at that type of vendor. For example, if you have a card that gives you more than 2 points per $1 spent on entertainment, even if the movie theater you go to accepts Apple Pay, use the other card to buy your tickets.
Maximize rewards by redeeming Daily Cash as a statement credit. Using Daily Cash via Apple Cash means youre not earning rewards on those purchases, when you could get 2% back using Apple Card with Apple Pay.
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Unlimited Cash Back With A Sign
- On Capital One’s Secure Website
Like the Navy Federal Platinum Credit Card, the Capital One Quicksilver Cash Rewards Credit Card makes rewards available as soon as charges are cleared on the card. However, you don’t have to spend time figuring out which reward level you’re going to get since the Capital One Quicksilver Cash Rewards Credit Card offers 1.5% Cash Back on every purchase, every day.
The Capital One Quicksilver Cash Rewards Credit Card also offers a One-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening. This gives you an extra incentive to choose this card for your credit needs.
If Your Application Is Declined
Make sure that you’re eligible to apply for Apple Card. You can also see which conditions might cause your application to be declined, and learn what you can do if your application is approved with insufficient credit to purchase a particular Apple device.
If you need help applying for Apple Card, contact Apple Support.
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Customer Experience Even For Non
You don’t have to actually have the card to benefit from it. If you apply, and are not approved, you may be asked to enroll in Goldman Sachs’ “Path to Apple Card” program to improve your finances. The program tracks your progress through several “customized” steps such as making on-time bill payments, reducing overall debt levels, and resolving any past due accounts. After successful completion of the plan, you will be invited to reapply for the card.
How Can I Improve My Credit Score
There are a number of things that factor into your credit score, but these six are the most common, in order of importance:
- Total accounts
- Hard inquiries
If you’re looking to improve your credit score as much as possible before you apply for Apple Card, the best thing you can always do is to pay down your balances. If you are using more than 30% of your total available credit, try to pay this down past that point to dramatically improve your score. Make sure to always pay your bill on time as late payments can be recorded as a negative mark on your credit history. Also, try to avoid applying for cards close to when you apply for Apple Card. Credit card providers get weary when they see a bunch of credit inquiries too close to each other. Take a look at your credit factors and focus on the ones that will have the biggest impact for you!
How Do You Apply For The Apple Card
If you have an iPhone, applying for the Apple Card is easy. Simply open the Wallet app, tap the plus sign and select Apply for Apple Card. Confirm or update your personal information with Apple, then review and accept the terms and conditions.
If your application is accepted, the card is instantly added to your Apple Wallet meaning you can begin making purchases right away. You can then request a titanium Apple card that will arrive later in the mail.
If your application is denied, Apple may invite you to participate in its new Path to Apple Card program. This unique program gives denied applicants detailed information regarding the reasons their application was denied, as well as tasks they can complete to help them improve their credit. If you complete the Path to Apple Card program successfully, youll have the option to reapply for the Apple Card.
Accept The Offered Terms
If your application is approved, you have 30 days to accept the offer. If you do so, a hard inquiry will be performed on your credit and your credit scores may be affected. Once you accept, you get instant access to the card in Apple Wallet. You can request a physical card and, if you want to share your account by adding a co-owner or authorized user, you can set up Apple Card Family.
You Dont Need The Best Credit Score
Applying for the card is simple, and available through the Apple Wallet app. Tapping the plus icon in the Wallet app adds the option to apply for the card. Apple asks you to confirm your name and address, verify your identity, and enter the last four digits of your Social Security number, as well as your income. Thats it.
The Apple Cards application does not require a credit pull.
The Apple Cards application does not require a credit pull. After completing the short one-minute application, you get an offer or a denial. Goldman Sachs only pulls your credit report when you accept the offer, something no other credit card does.
Dont be scared to apply if your credit isnt the best. Even with a low 600s credit score, I was approved due to two-plus years of flawless payment history, average utilization, and aging collections. I only got a $750 credit line and an interest rate of 23.99%, though, which barely allows me to buy the iPhone XR. Better credit profiles should see a 12.99 or 17.99% interest rate and a much higher credit line.
The beauty is how all of this happens through an app on your iPhone. A lot of the information it asks for may be pulled from your Apple ID, so all it requires are very few taps on glass.
Apple Card On A Soft Pull
Applied for the Apple Card about a week ago. Seamless process but it seems like I did not get a HP.
Initially, I did the pre-approval for the card and let it lingered on my phone for about a week while I made a decision. When I finally decide to accept the offer, I unlocked my TU report, accepted and locked it again. The card was in my wallet ready for use but noticed an email about one hour later stating that GS tried to pull my TU report but it was locked. Waited a couple of days and don’t think they ever got the report. But I got the card in my wallet and the titanium card in the mail.
I guess there is a possibility HP will show up sometime in the next two weeks. But as of right now, nothing.
As anyone ever had a similar experience?
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How Your Apple Card Application Is Evaluated
Learn about the key criteria used to determine whether your Apple Card application is approved or declined.
Goldman Sachs1 uses your credit score, your credit report , and the income you report on your application when reviewing your Apple Card application. This article highlights a number of factors that Goldman Sachs uses, in combination, to make credit decisions but doesn’t include all of the details, factors, scores or other information used to make those decisions.
If you apply for Apple Card and your application is approved, there’s no impact to your credit score until you accept your offer. If you accept your offer, a hard inquiry is made. This may impact your credit score. If your application is declined or you reject your offer, your credit score isn’t impacted by the soft inquiry associated with your application.
If your application was declined, learn what you can do to try and improve your next application.
If you’re combining accounts for Apple Card Family, some of the credit factors mentioned above may be considered for both co-owners when evaluating a combined credit limit for a co-owned Apple Card.2
Personal finance companies, like Credit Karma, might display various credit scores, like TransUnion VantageScore. While these scores can be informative, if they’re not the FICO score that’s used for your Apple Card application, they may not be as predictive of your approval.
You can also contact Apple Support if you have questions about applying for Apple Card.