It turns out that the Goldman Sachs-backed Apple Card is seeing a lot of approval ratings, even for “subprime” borrowers. But according to a new support document, Apple has quite a few reasons listed as to why someone might get denied.
For what it’s worth, none of the reasons Apple has listed are all that surprising. For example, a potential Apple Card customer may get denied because they are “currently past due or have recently been past due on a debt obligation”. Even medical debt gets thrown in there for good measure, with Apple saying someone can get denied if they have “two or more non-medical debt obligations that are recently past due”.
The new support document was published this week, which was first spotted by MacRumors on Wednesday. Not only does it detail a laundry list of reasons why someone might get denied for an Apple Card, but it also details how their credit score is determined when applying for an Apple Card.
Here are just some of the reasons why someone might get denied for an Apple Card:
- You don’t have sufficient disposable income after you pay existing debt obligations.
- Your debt obligations represent a high percentage of your monthly income (for example, your unsecured debt obligations (i.e., loans that are not backed by collateral) are 50% or more of your total income).
- You have fully utilized all of your credit card lines in the last three months and have recently opened a significant amount of new credit accounts.
And here are the specific requirements you need to even get your foot in the door for Apple’s first credit card:
- Be 18 years or older, depending on where you live.
- Be a U.S. citizen or a lawful U.S. resident with a U.S. residential address that is not a P.O. Box. You can also use a military address.
- Own a compatible iPhone with the latest iOS version.2
- Use two-factor authentication with your Apple ID.
- Sign in to iCloud with your Apple ID.
- If you have a freeze on your credit report, you need to temporarily lift the freeze before you apply for Apple Card. Learn how to lift your credit freeze with TransUnion here.
- You might need to verify your identity with a Driver’s license or State-issued Photo ID.
One more reason why you might get denied for an Apple Card: your credit score is just too low:
Goldman Sachs uses TransUnion and other credit bureaus to evaluate your Apple Card application. If your credit score is low (for example, if your FICO9 score is lower than 600), Goldman Sachs may not be able to approve your Apple Card application.
If you want to get more details about what may get your Apple Card application denied, check out the support document.
Apple started rolling out the Apple Card in a preview earlier this month, and a wider public launch is expected to happen later this month.