What amount are we talking about that need such approval from a credit card company. Most people have a limit so if it is not exceeded,they should get their phone right? Or am I missing something.
Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
My credit score is 850! Why did I get denied for Apple financing?!
- Thread starter kupkakez
- Start date
- Sort by reaction score
The upgrade program is based on your creditworthiness and all of the things I listed in my OP which includes hard pulls. It's all a part of the formula of getting financed.
What @mattopotamus is saying is that some lenders have strict requirements or things that can result in an auto denial of your application. In his example Chase doesn't like a lot of hard inquiries aka hard pulls.
Or are you talking about just putting your iPhone on an existing credit card?
I am not buying the phone i am leasing it and it's included in my Monthly Sprint bill.
I pay by a credit card each Month, but also i could just send them a check as they still send me a bill in the mail. They also send a text message when their going to debit my credit card.
There are over 40 types of FICO scores that are used by different lending products. Your FICO score for buying house is different than the FICO score for credit cards. Free credit reporting services like Credit Karma use a FICO score that is targeted for credit card applications since that is a major revenue source for them - credit card referrals. One can assume that Apple IUP is more loan/lease than credit card so uses a different FICO score that many applicants may not know what their score is.
I have a credit score of 830 as listed in my denial letter. Net worth over 1/2 million, Retirement income $55,000 a year. Only debt is my RV $60,000 worth $80,000. I charge most of my bills to my credit card so I have balance of $3000 each month which I pay off. I'm 77 years old. First time in my lift denied a credit card. I'm insulted and dissapointed in Apple for letting someone like me not get one of their cards. I was planning on making a purchase from Apple but will not until I can do it with an Apple Credit card.
[automerge]1575329421[/automerge]
[automerge]1575329547[/automerge]
I forgot to add. There is not even a way to complain to Apple or Goldman Sacks or appeal the denial. I can apply again but was told it would count against my credit rating if it were denied a second time.
Hmmm I see from your avatar your a female.....this might have something to do with it.
https://www.google.com/amp/s/www.ny...ness/Apple-credit-card-investigation.amp.html
https://www.google.com/amp/s/www.ny...ness/Apple-credit-card-investigation.amp.html
Reminds me of my experience with Amazon Prime card and calling to complain:
Me - WHY WAS I DENIED DAMN IT!!!!!!!
Amazon - Do you have your credit report locked?
Me - DAMN RIGHT I DO!!!!!
Amazon - You mind unlocking so we can run a credit report?
Me - DAMN RIGHT I CAN!!!!!
Amazon - Thanks, you are approved.
Me - DAMN RIGHT I AM!!!!
Amazon - Can I help you with anything else today?
Me - eh, no....
Me - WHY WAS I DENIED DAMN IT!!!!!!!
Amazon - Do you have your credit report locked?
Me - DAMN RIGHT I DO!!!!!
Amazon - You mind unlocking so we can run a credit report?
Me - DAMN RIGHT I CAN!!!!!
Amazon - Thanks, you are approved.
Me - DAMN RIGHT I AM!!!!
Amazon - Can I help you with anything else today?
Me - eh, no....
It's just useful to compare to itself, and I also like CK for the credit factors and reports, but I have definitely seen it be above and below my FICO.
[automerge]1575395792[/automerge]
I am like 660-680 and have over five hard inquiries and got approved three times. Sometimes with denials, they have stupid reasons. They will put serious delinquencies, but I haven't been late in years. The inquires and ratios make sense but not the serious delinquencies. They really need to work more of those reasons for denial directly into the score. You shouldn't have such a high score if those things exist seriously enough to deny you a max of like $70/month payment over two years.
Seems like this is in relation to the Apple Card while the thread is a much older one before there was even any rumors of a such a thing (and is about iPhone financing).
https://forums.macrumors.com/forums/apple-card-apple-music-apple-pay-icloud.134/ might be a section to check out.
True didnt look close enough at which it was referencing. This is how each was for me:
iUP was approved three times.
Barclay approved.
Apple denied.
Weird thing with Barclay which also happened to me with another vendor is that I was denied outside the store when I applied, but when it asked me during the order on the site, and I tried again, it approved me.
Contact Apple it could be an error or perhaps an outstanding mortgage which caused you to be denied. It could even be that you have several credit cards if that’s the case
Doubtful that they denied you because of your age
Why guess call and find out the reason
I called Apple and they told me they could do nothing in the way of looking at my situation. They just said to reapply. I've been told if you reapply and are denied it will negatively effect your credit score. I'm going to go to the store and see if they will let me walk if the application is denied.
My problem might be that I have taken advantage of offers by Home Depot and QVC to pay me to open a charge card. I won't use them but it probably looks like I have too many cards. I only use one or two 99% of the time.
The thing that is most frustrating is the Goldman Sacks or Apple will talk to me about it. I'm at the mercy of there software with no appleal. Thanks for your comments.
My problem might be that I have taken advantage of offers by Home Depot and QVC to pay me to open a charge card. I won't use them but it probably looks like I have too many cards. I only use one or two 99% of the time.
The thing that is most frustrating is the Goldman Sacks or Apple will talk to me about it. I'm at the mercy of there software with no appleal. Thanks for your comments.
Yea issue is new cards are good for utilization as long as you don't use them poorly, and for number of accounts, but they drop your average age hard. And I agree today's credit is so dumb because everything is formulas without any human intervention.
[automerge]1575495789[/automerge]
Could be age indirectly since you just wouldn't have a high average age of accounts.
What do you mean "let you walk"? If you don't pay for the items you went in to buy, you can walk away, without said items. They aren't going to kidnap you and hold you until you find another payment method.
I get the point of the post but if you don’t have an 850 score then this whole thing is kind of a lie. How do you even know you can be denied with an 850 if you don’t have an 850 and were denied??
I think 850 was an exaggeration. I think it is why do people with 720+ get denied? They need to revamp the system that anything that could affect a decision beyond just the score should actually affect the score.
This post is 2 1/2 years old and has nothing to do with Apple Card. You may be well off but apparently reading is not your forte.
Right, so let me get this straight.
You have a $55k retirement income, $36k/year in credit card charges, and a $60k RV loan?
I know people have jumped on the gender bandwagon - but with those figures I'm not surprised you were rejected. I'm going to err on the side of caution and say that 55k is after tax (if it's before tax, things look far worse).
Your monthly credit card payments are at least 66% of your income, and that's not taking into account payments on the RV. Your credit:income ratio is far too high. Regardless of your net worth, you're spending too much on credit for your (regular) income.
Frustrating. And 850 is only a perfect score on some credit scores. My CC posted yesterday that I have an 832, but the scale they use goes up to 900
And I doubt I would be declined for an Apple Credit card if I applied. The only things that might hurt is if they looked at my unused credit lines on existing credit cards, and worried that I would go on a $60,000 spending spree. These sites tend to flag lack of recent installment debt as a downer for my rating, since there isn't anything worse to flag. (Paid off a car about 4 years ago).
[automerge]1575823955[/automerge]
Hard pulls are from requests for loans (or credit cards), signing up for new Postpaid phone service, etc. I have 1 pull visible on each of 2 credit reporting agencies right now. 1, for moving to T-Mobile postpaid a few months ago, 1 for a best buy credit card last summer (to get $140 back on a computer purchase).
[automerge]1575824535[/automerge]
I'm not sure that the $3000/month is a downer for credit reports, assuming that the total CC limit on that account is high enough (such as $15,000). The poster would then be only at 20% of limit, which isn't a scary sign. If paid off monthly, then the reported CC debt would only be around $3000. The payments on the RV loan might be a factor, if it is high enough. $1000 a month might be scary.
But credit issuers, while they use credit scores as a help, aren't obligated to issue credit. They can look at other issues. Credit may be issued for a poor score, but at a higher rate.
Last edited: