It can be very high," says Anik Khan, co-founder and CEO of MaxRewards, a credit card rewards management app. "The Apple Card's interest rate can go up to 23.74%. You may be approved for a card, but it could have a high APR based on your credit score and other factors. If you've chosen to apply for the Apple Card and you have weak credit, know the pros and cons. The Apple Card also has no annual fee, foreign transaction fee or other common credit card fees. If a merchant doesn't take Apple Pay but you use your Apple Card, you will get 1% cash back. Plus, you get 3% back by using the Apple Card with Apple Pay at select retailers, such as Walgreens, Uber and Duane Reade, and 2% by doing so elsewhere. The card gives you 3% cash back at Apple stores. If you're an Apple Pay user or you spend a lot on Apple products, the card could pay off. But credit building isn't the only reason to consider getting an Apple Card. If your chief concern is building credit, the Apple Card isn't a complete solution. The effect could be greater if you don't have much credit history. If you accept the offer, the next step is a hard inquiry, which can have a small but short-term effect on your credit. After the soft inquiry, you will know if you're likely to be approved for the card, plus the annual percentage rate and terms.Ī hard inquiry. Your Apple Card application begins with a soft inquiry, which doesn't affect your credit score. Certain negative items on your credit report could hurt your chances of getting approved, including past-due accounts, recent late payments, or a recent bankruptcy or repossession.Ī soft inquiry. Here are some others Goldman Sachs may review: Your FICO score is just one factor considered when you apply for an Apple Card. This may include consumers who want to build their credit history. That means subprime borrowers, or people with less-than-perfect credit, can access the Apple Card. What Credit Score Do You Need for an Apple Card?Ī FICO credit score of at least 600, which falls in the fair range, is needed to be approved for the Apple Card. If the Apple Card appears on your credit reports, you don't want past mistakes to show up and hurt your credit score. On-time payments and low credit utilization are both key. If you open an Apple Card, handle it just as carefully as you would any other account. You should behave as if your account activity will be reported to all of the credit bureaus. But that doesn't mean you can miss payments. The Apple Card is limited in credit reporting. "If the card issuer does not report your account to the credit reporting agencies, then no." "Certainly, yes," a card can help you build credit, says John Ulzheimer, who has worked at credit bureau Equifax and credit analytics company FICO. The Apple Card reports to TransUnion but does not report to Experian or Equifax. But can this card help you establish or rebuild your credit?ĭoes the Apple Card Report to Credit Bureaus?Ī card issuer must report your account to the three major credit bureaus, or credit reporting agencies, for your card to help you build credit. If you need a card, you could qualify for the new Apple Card with a FICO credit score in the 600 range or better. Based on how you manage the account and a few other factors, a credit card can help you establish a solid credit rating. When you're looking for ways to build credit, opening a credit card often rises to the top of the list.
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