The Apple Card is now the shiniest new credit card around the globe (Made of titanium) but People probably have not been able to get one. Here are reasons.
One of the Apple Card’s biggest claims is that it was “created by Apple, not a bank” but it seems not to be true. Before you start using an Apple Card, your application first needs to undergo an evaluation by U.S banking giant “Goldman Sachs”.
Once you apply, you can keep an eye on the status of your card by checking your Apple Wallet – the first thing you should see is a message saying that your application is in review.
This means that Goldman Sachs is busy at work combing through your credit score, credit report and the income you report on your application to eventually decide whether you are worthy of owning the coveted Apple Card.
First, there are just a few preliminary requirements you’ll need to meet to be eligible for the next step:
- Be 18 years or older, depending on where you live.
- Be a U.S. citizen or a lawful U.S. resident with a U.S. residential address that is not a P.O. Box. You can also use a military address.
- Own a compatible iPhone with the latest iOS version.
- Use two-factor authentication with your Apple ID.
- Sign in to iCloud with your Apple ID.
- If you have a freeze on your credit report, you need to temporarily lift the freeze before you apply for Apple Card.
- You might need to verify your identity with a Driver’s license or State-issued Photo ID.
Once they can confirm that you have fulfilled all of these requirements, the bank will look a little closer at your finance history.
You can probably expect to be denied if you are behind on debt obligations or have fallen behind in the past. Other reasons include if you do not have enough disposable income after paying debt obligations, you have negative public records (this includes late tax payments, litigation, bankruptcy and property repossession), you have applied for too many credit cards and loans or your credit score is below 600.
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If your application has been denied, you will receive an email with an explanation of why you were denied or a copy of your credit score.
Your credit score won’t be affected if you are declined and of course you can apply again but there is no guarantee that you’ll get it the second time around.
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