Apple Card Financial Details Reported To Credit Bureaus After All
Apple and investment bank Goldman Sachs have now officially begun reporting of Apple Card financial and payment details to credit bureaus.
According to a report Tuesday by AppleInsider, this is in spite of earlier speculation that Apple and its partner Goldman Sachs will not report the usual payment details to credit bureaus. Credit bureaus take advantage of your credit card payment data to determine your credit score.
While there is no legal requirement for them to do so, it had been claimed by Bloombergs and financial publication , that the firms would ignore common industry practice by failing to provide the data.
An Apple source told the publication that credit reporting functionality is rolling out as we speak. Reporting on some customers is happening now and everything will be reported when the system is fully deployed, the source added.
Apple Card is available to customers in the United States. Apple Card holders can get detailed reporting about their purchases in the Wallet app on their iPhone, where they can also request a new card number, report fraud, lock the physical card, and more.
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If so, wed love to hear about your experience so far in the comments!
How Your Apple Card Application Is Evaluated
Learn about the key criteria used to determine whether your Apple Card application is approved or declined.
Goldman Sachs1 uses your credit score, your credit report , and the income you report on your application when reviewing your Apple Card application. This article highlights a number of factors that Goldman Sachs uses, in combination, to make credit decisions but doesn’t include all of the details, factors, scores or other information used to make those decisions.
If you apply for Apple Card and your application is approved, there’s no impact to your credit score until you accept your offer. If you accept your offer, a hard inquiry is made. This may impact your credit score. If your application is declined or you reject your offer, your credit score isn’t impacted by the soft inquiry associated with your application.
If your application was declined, learn what you can do to try and improve your next application.
If you’re combining accounts for Apple Card Family, some of the credit factors mentioned above may be considered for both co-owners when evaluating a combined credit limit for a co-owned Apple Card.2
Personal finance companies, like Credit Karma, might display various credit scores, like TransUnion VantageScore. While these scores can be informative, if they’re not the FICO score that’s used for your Apple Card application, they may not be as predictive of your approval.
You can also contact Apple Support if you have questions about applying for Apple Card.
A Wider Window For Approval
FICO scores may be the industrys standard for credit decisions, but they dont always tell the whole story of your financial fitness. To get a better picture of your creditworthiness, Goldman Sachs draws from a wide variety of data, including:
TransUnion bureau data, which gives a record of your credit performance on past and current debt obligations.
Where applicable, your available payment history with utilities such as telecom, gas, and electricity.
The annual income you report on your Apple Card application.
The disposable income left after your monthly debt obligations.
Your history of paying down debts based on your past credit activities.
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Why Does Apple Card Take So Long To Update
So I’ve noticed with the Apple Card it always closes on the last day of the month, the new statement comes out on the 1st of the month but for some reason the 3 main bureaus don’t get updated for me until dates between the 14th and 17th. Most of my cards usually are updated with the bureaus 3-5 days after the new statement is available. Does anyone know why it takes the Apple Card/bureaus so long to update?
What Credit Score Do You Start Off With
Most in the U.S. start at 300, and sometimes lower, depending on the scoring system so you cant have a credit score of zero. Some credit scores, such as Bankcard and Auto scores, can range from 250-900. Before your information appears in a credit bureau file, your credit history simply doesnt exist yet.
Apple Card Financing Options
|Apple TV, HomePod and AirPods||All||6 months|
To take advantage of the Apple Cards financing program, simply pick out your new device and select Apple Card Monthly Installments as your payment option in the Apple Store app or online at apple.com. If youre already an Apple cardholder, theres no additional application to fill out.
How Credit Is Reported If You’re An Individual Apple Card Account Owner
Your Apple Card account information, such as payment history and credit utilization, will be reported to credit bureaus and shown in credit reports as your individual Apple Card account.
If you choose to add a participant to your Apple Card account
- There is no direct negative impact to the account owners credit report when adding or removing a participant.
- Participants are reported as Authorized Users to the bureaus, which means they are not liable for making payments on that account.
- Adding one or more participants to your Apple Card account may lead to higher credit utilization, because multiple people can now spend on the same account. Higher credit utilization may negatively impact your credit score.
If you want to close your Apple Card account
- Account owners can close the account at any time, which may negatively impact their credit score.2
- Closing your Apple Card account will remove any participants from the account, and it will show up as closed on both the owner and participants credit reports.3
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Apple Card Now Reporting To Experian
Apple Card users say reporting of their credit card use is now appearing on Experian, the consumer credit reporting company, AppleInsider reported.
Reporting of the Apple-branded credit card users information had been limited to TransUnion, the Chicago-based consumer credit reporting agency.
AppleInsider said it received an email from a reader with an Apple Card who noticed a change made to their Experian credit report when they checked their report on July 19, the online news outlet reported.
Typically, credit card companies provide reports to all the credit reference organizations, but there is no requirement to do so.
Last year, Apple Card partner Goldman Sachs confirmed it reports user credit information to TransUnion, which is named within Apples support documents that come with the card, but do not reference Experian or Equifax.
Earlier this month, Apple launched a website for Apple Card holders to check balances and do business online. The site, card.apple.com, allows users to sign in and see their balance, payment due date and the total limit of their card.
Last month, Apple launched a program intended to help declined Apple Card applicants improve their . The Path to Apple Card program is expected to pop up as an optional method for those who want to get an Apple Card but lack the required credit score.
Does The Apple Card Help You Build Credit
If you use your Apple Card responsibly, it can help you build your credit over time. To improve your credit score with the Apple Card, focus on making regular, on-time payments and try to keep your credit card balance as low as possible. As of this writing, the Apple Card reports credit activity to TransUnion and Equifax two of the three major credit bureaus and Apple may expand reporting to Experian in the future.
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Setting Limits Teaches Healthy Spending
CoOwners have the option of setting spending limits and managing controls for Participants to help them spend safely and learn smart money habits. Owners can even receive real-time spending notifications. Participants 18 and older can order their own physical card, and Owners or CoOwners can order them for Participants under age 18.
A Smarter Cardfor Smarter Decisions
Apple Card eliminates fees, provides innovative tools for managing your spending and reducing your interest, and as an Apple product, is designed to set a higher bar for privacy and security. All in the name of helping you and your Apple Card Family live a more financially healthy life.
Transactions appear in real time, so you always have your most up-to-date account activity at your fingertips. Your purchases, balance, payments, and interest are clearly and simply displayed for you in the Wallet app. In the case of Apple Card Family, CoOwners can both access and manage the account, and set limits and controls to manage spending by Participants. And Daily Cash can be automatically added to each card users Apple Cash card every day on their own purchases.
When you make a payment, you clearly see how much interest you could owe and how it would change based on the amount you pay. We also built in payment suggestions to help you decide what amount is right for you. If youre using the Apple Card Family feature and have a CoOwner, both of you are responsible for and can make payments on the account. And if you ever need to contact us, just call or text were available 24/7.
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How Credit Is Reported For Apple Card Account Co
Each co-owner will be reported to credit bureaus as an account owner, so each person is reported in their own name. The shared Apple Card will be reflected on each account owners credit report as a jointly owned account.4 Credit reporting for each co-owner may include both positive and negative payment history on their shared Apple Card, as well as the credit line amount and credit utilization. Each individual’s personal credit history includes information that’s unique to them, so Apple Card usage and payment history can impact each person’s credit score differently.
If you combine your account with an existing Apple Card account owner
- You can only co-own an account with a member of your Family Sharing Group.
- The credit limit for each person will be combined. Both co-owners will see the combined credit limit for the shared account on their credit reports.
- Each co-owner will maintain their pre-merge Apple Card payment history on their individual credit profile.
- Each co-owner will maintain their Apple Card account origination date on their individual credit profile, which can be helpful to maintain the age of their credit history.
- After the accounts have merged, the credit profile for both account owners will include their shared payment and credit activity for Apple Card going forward.
If you want to co-own an Apple Card account with someone who doesnt have an existing Apple Card
If you want to close a co-owned Apple Card account
How Apple Card And Apple Card Family Is Credit Reported
Learn how Apple Card reports your credit based on your particular role on the account.
Your credit report contains a detailed record of your credit history that is maintained by the credit bureaus. Information within your credit report can be used by lenders for evaluating your credit applications. If an account is reported to the credit bureaus, a lender must provide accurate information about your performance on the account. This includes whether you are paying your bills on time, how much of your available credit on the account is being utilized, and age of the account.
If you have an Apple Card account, this information is reported by Goldman Sachs Bank to each of the three major credit bureaus Equifax, Experian, and TransUnion1 on at least a monthly basis. Your Apple Card will appear as a separate trade line on your credit report labeled APPLE CARD – GS BANK USA or GS BANK USA. It may take up to 45 days from the time of activity for that information to appear on your credit report. Some personal credit monitoring services may take longer to refresh your information after the credit bureaus have published it.
If you choose to , it’s important for everyone to understand how they are uniquely reported based on their role on the account.
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What Do Credit Card Users Say
Melinda Opperman, president and chief relationship officer at Credit.org, a nonprofit agency that provides credit counseling and related services, says her organizations review of online forums and discussion boards indicates American Express, Discover and U.S. Bank rely mostly or solely on Experian, whereas Barclays and Goldman Sachs depend primarily or only on TransUnion.
Heres how the credit-reporting landscape looks for other card issuers, according to Credit.org:
- Bank of America: Experian or TransUnion
- Capital One: Equifax, Experian and TransUnion
- Chase: Equifax, Experian and TransUnion
- Citi: Equifax and Experian
- Wells Fargo: Equifax, Experian and TransUnion
Opperman warned that this information only represents a quick survey of what users report. So it could differ from what you experience when applying for a credit card.
Nonetheless, visiting online credit card forums and discussion boards can give you a sense of which credit bureau will help decide the fate of your application.
Why Knowing When Credit Card Companies Report To Credit Bureaus Is Important
Knowing when credit card companies report to credit bureaus can clear up some confusion you may have with your credit reports. Have you ever checked your credit reports and seen a balance, but you know you pay off your card every month in full?
This is likely because credit card companies provide a snapshot of your current balance when they report to the credit bureaus.
So, if youre concerned about how this snapshot of your balance may affect your credit, consider keeping tabs on your spending by your statement closing date. You could also make a payment before your statement closing date, so your balance is lower when its reported. Keeping a low balance can help your credit overall.
Why? Because when it comes to your credit scores, one important factor is your credit utilization.
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Why Timing Is Important
This is why understanding when the information on your credit card usage shows up on your credit report is important.
The reason your score has dropped in the suggested scenario is a high the balance you carry on your credit card compared with that cards credit limit. This ratio is expressed in a percentage and considered the second most influential factor in credit scoring after payment history.
Its generally recommended to utilize less than 30% of your credit to avoid damage to your scores. Ideally, you want to keep the ratio in the single digits.
Reported drastic changes in credit utilization can affect your credit score immediately and significantly. For example, if you havent been carrying a lot of credit card debt and then maxed out a credit card, your scores could take a hit. On the other hand, if your credit issuer has reported that you paid down a large part of your debt, you may see immediate positive results.
Fluctuations in your credit score can also be crucial when youre shopping for a loan, such as a mortgage or car loan. If your credit score is close to a FICO score threshold, even a small negative change can push you into a higher credit risk profile, which could increase your interest rates or even hurt your approval chances.
What Credit Score Do You Need For The Apple Card
According to Apple, customers with a credit score lower than 600 might not be approved for the Apple Card. This means that some applicants with fair or average credit might be accepted for the Apple Card, while others might be declined. If your initial application is not successful, you may be able to use the Path to Apple Card program to complete credit-building tasks and become eligible for the Apple Card.
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How Credit Scores Are Determined
Information found in your credit report is used to determine your credit scores, which might include the following:
- Your history of debt payments
- Hard inquiries6 on your credit score from new credit applications
- The amount of debt you currently have on your credit accounts
- The age of your credit accounts
- The amount and type of loan accounts you have open
- The percentage of available credit you’ve utilized
- If and when you had a foreclosure, declared bankruptcy, or had debt sent to collections
It’s common to see varying credit scores when you look at different sources. Credit Karma and other services might display different credit scores, like TransUnion VantageScore, which is different from the TransUnion FICO score that’s used for your Apple Card application. Your credit report and the timing of when your credit score is updated can affect your credit score.
For information about credit scores from TransUnion, please click here.
How Your Initial Credit Limit Is Determined
To determine your initial credit limit, Goldman Sachs uses your income and the minimum payment amounts associated with your existing debt to assess your ability to pay.
In addition, Goldman Sachs uses many of the same factors that are used to assess whether your application is approved or declined, including your credit score and the amount of credit you utilize on your existing credit lines.
Learn how you can request a credit limit increase.
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If Your Application Is Declined Because Your Identification Information Couldn’t Be Verified
Make sure your name, address and other information provided on your Apple Card application is correct. If you find inaccurate information, re-enter the information as needed.
If you are asked to verify with an ID, follow these steps:
After you complete these steps, submit your application again. If your application is declined again for the same reason, contact Apple Support.
Your credit score won’t be impacted if you’re declined, or don’t accept your offer. Your credit score might be impacted if your application is approved and you accept your offer.
You can apply for Apple Card again, but you might receive the same decision.
If you want to receive a different decision on your application when you apply again, you should review your credit report to see if you have conditions that might result in a declined application and then check for these common errors in your credit report.
*If the information on your ID doesn’t match the information you entered for your Apple Card application, try to apply again after you update your ID.