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Getting ready to experience all that Apple Card? Make sure you have the credit score to get approved for it.
If you are like me and excited about what Apple Card is going to bring to the credit card market, you are counting the days until summer when it is going to be released. You’re probably looking forward to that gorgeous titanium card, Daily Cash, and all of the budgeting and management tools to help you be more responsible with your credit card. While we do have to wait for all of this, there is one thing we don’t have to wait for: making sure we’ll be approved for it when it comes out!
Apple and Goldman Sachs haven’t come out with exact numbers regarding what your credit score needs to be in order to be approved for Apple Card yet, but there are some important things that we do know that can help all of us be prepared for when the application process does open. Here are some of the most common questions surrounding applying for Apple Card.
How will I apply for Apple Card?
Apple is making the application process incredibly simple. You’ll be able to apply for Apple Card right through the Wallet app. Once it becomes available, you’ll simply tap on the card and go through the application. Once approved, your titanium card will be shipped to you through the mail and your digital card will be immediately available to use with Apple Pay. You can also sign up to get notified about the latest updates for Apple Card from Apple.
What kind of credit score will I need to get approved for Apple Card?
It’s fair to say that Apple and Goldman Sachs are going to be looking for relatively good credit scores from those who wish to have the Apple Card. While some credit cards are designed for those with low or no credit score, Apple Card is almost sure to not be built for those scenarios. Therefore, you’ll need to make sure you have at least what is considered “fair” credit if you want a decent chance of being approved.
Most banks and credit providers split the range of credit scores into groups, ranging from poor to excellent, and your approval and terms you receive are determined by which group your credit score falls into. The basic range of credit score categories are as follows:
- Poor: 300-600
- Fair: 601-660
- Good: 661-780
- Excellent: 781-850
Apple says Apple Card will offer an APR between 13.24% and 24.24% based on your credit score, and all approved cardholders will be placed at the bottom of the interest tier they fall into, which should save everyone a little bit of interest. Such a wide range is a promising indicator that Apple is willing to approve those without the most stellar credit score, but you can expect a higher interest rate and a lower credit limit.
How do I find out my credit score?
There are a number of ways you can find out your credit score, and a lot of them are free. For a long time, people were only able to check their credit score once per year for free and would have to pay a fee each additional time. That has since changed, and there is now a multitude of services that allow you to track and check your credit score as many times as you would like without paying anything. A few of these services, like Credit Karma, provide your credit score for free as well as a host of other things like free tax returns, unclaimed money, and help with disputes on your credit. A lot of credit cards have started to provide free credit scores to their cardholders as well, so check with your card providers to see if it is an included benefit with your 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:
- Credit card use
- Derogatory marks
- Payment history
- Credit age
- 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!
The bottom line
While we are still waiting to get more information on exactly what kinds of credit scores will get you approved and for what interest rates and credit limits when it comes to Apple Card, we do know that the best thing you can do to get ready for it is to know what your score is now and look at ways you can improve it in the next few months. The better your score is when you apply, the better your chances of approval as well as preferential treatment with a better interest rate and a higher credit limit. We all have time to ensure a better experience with Apple Card!
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Source of the article – iMore