What Credit Score Do You Need for an Apple Card?
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Apple Card - Are you an iPhone User? Discover what the credit score is required by the card issuer and other requirements you will need to meet in order to qualify.
What credit score is required for the Apple Card
According to the Apple Card website, applicants with scores over 660 "are considered favorable for approval of credit." In other words those who have at least "good" credit score will be eligible for the card. Apple Card issuer Goldman Sachs uses the FICO 9 score model which ranges between 300 and 850.
Your credit score will not be the only thing that determines your fate. Goldman Sachs evaluates your application using a variety of factors, including the data provided by TransUnion as well as your credit report.
Amy Maliga is a financial educator at Take Charge America.
Goldman Sachs warns that you may not be approved if:
You have not been able to pay off your debts, you have used too much of the credit you have available, or you've opened or requested too much credit recently.
Apple Card Preapproval: How to get preapproved
Apple Card's preapproval tool online can tell you in a matter of minutes if you qualify. There is no hard credit check so your score will not be affected.
Be aware that a preapproval does not guarantee approval. This is based only on the snapshot of your credit at a certain time and date, and on preliminary information you have provided. If there are any major changes in your credit report, between when you preapprove and apply for the card officially, this can impact your chances.
If you decide to move forward, your credit score will be checked and may temporarily drop.
How to improve your credit score
You can improve your credit score before or after you apply for the Apple Card.
Maliga says that reviewing your credit report on a regular schedule will allow you to identify and correct any errors and monitor your progress towards your financial goals.
John Ulzheimer recommends that you check your credit report at least 30-60 days before applying for any loan. This gives you the opportunity to respond to any surprises that you might find in your credit report.
To get your credit report, head to AnnualCreditReport.com, where you can access your free reports from the three major credit bureaus: Experian, Equifax and TransUnion.
You can obtain your credit score for free by using the following methods:
Sign up for a free tool to monitor your credit. Check to see if you can get a score for free with your existing accounts. Sign up for Experian. Sign up for a credit report monthly and FICO score on the website of the credit bureau.
Take the necessary steps to improve your home
You can improve your credit score if you notice that it is below par.
Applicants who have been denied Apple Card may be invited to Path to Apple Card. You'll receive customized steps if you are nearing the approval requirements for the card. Apple will ask you to reapply once you have met the requirements.
Consumers who are looking to improve their credit score can benefit from the steps of The Path to Apple Card. Here are a few examples:
Continue to make your payments on-time. Reduce your debt. You should pay off your debts as soon as possible. If you have a credit limit of $1,000 and owe $800 on it, then you're using 80%. You can reduce your credit utilization to 30% by paying off $500. In credit score calculations, lower utilization rates are more favorable. Paying off debts will improve your score. Any negative points should be resolved.