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Apple Card is set to release this summer and there is a good chance we’re going to at least get some more details about it next week at WWDC, so everyone is starting to gear up to get ready to apply for Apple Card when it is officially released. People are getting themselves prepared so they have the best chance of getting approved as well. But, sometimes it just doesn’t work out the way we thought it was going to.
So, you’ve gotten the email from Apple saying that Apple Card is officially released and welcomes you to apply for it. You rush into the Wallet app to start your application because you want to be one of the first people in the world to sport that beautiful titanium card and show it off to all of your friends. But, something else happens when you submit your application. You’re declined. All of that excitement and anticipation is now replaced with shame, disappointment, and worry. Why didn’t I get approved? What can I do to get approved next time I apply? Well, there is plenty to do and a declined credit card application, Apple or not, is a great place to start doing the work to figure it out.
The first thing you can do is wait. It’s not the better thing, which I will touch on next, but it is valid. Whenever you are declined for a credit card or practically any application where you are seeking credit of any kind (credit card, mortgage, car loan, etc.) the lender who denied you will notify you as to why your application was denied. While some companies are starting to move this process online and making that feedback instantaneous, a lot will still typically send a letter in the mail. These letters can normally take upwards of two weeks to get to you though, so while it is a valid way to know why your credit application was denied, it’s also the slowest way. Unfortunately, some companies will only tell you exactly why you were declined in that letter. They won’t give that information online, over email, or over the phone, so sometimes that’s what you can be stuck with. While you are waiting, however, there are some proactive actions you can take to better understand your credit situation and what you can do to improve it.
The best thing you can do is to get your credit report and make sure everything is correct. A lot of times the lender you applied for credit with will provide a free credit report for you, but there are also a number of other ways today to get your credit report for free. A ton of credit card companies and services like Credit Karma not only offer free credit reports, but break the information down in a much more user-friendly way. Take advantage of these services and start looking through your reported accounts, payment history, and hard inquiries. Make sure that everything is correct and there isn’t anything you do not recognize. If there is something, make sure to get in contact with the credit bureaus right away to resolve it and take any action to protect your credit like freezing your credit score, etc. If everything is correct and your credit score isn’t up to par for what Apple and Goldman Sachs require, take a look at the things you can take action on like paying down your balances to improve your credit utilization.
Don’t be discouraged by a declined application. It can be a great moment to better understand and take charge of your finances. Learn where you stand, figure out what will move you forward, and start today. The titanium card awaits!
Our favorite card
Chase Sapphire Preferred® Card
With its sign-up bonus having just jumped to 60,000 points when you spend $4,000 in the first three months, now’s the time to add the Chase Sapphire Preferred® Card to your wallet. Even better, future travel and dining purchases earn 2x points per dollar spent and it includes valuable travel benefits like primary car rental insurance. All of these extras make its $95 annual fee easy to justify.
Source of the article – iMore