We once ran the workforce through test applications, and found that contractors with higher pay and no debt were less likely to get an approval.
Several years ago I paid off my car and student loans early within a month of each other which caused my credit rating to drop from well into the Excellent range with an 800+ score to around 740–750 range which only Good. Within a couple months I had gone back up to Excellent, but I would've been hurt had I tried to secure a great interest rate during that time.
The student loans are probably what did it. One of the factors of the score is "oldest credit line" - which was probably your student loans (at least it is in my case). My next oldest is 7 years younger, I will undoubtedly see a hit when those are paid.
I wouldn't have thought it would be quite that big unless you had really young credit outside of those.
665, I have a Discover and 2 Cap One Accounts, a Hyundai Auto Lease and motorcycle loan ALL On Time and Never late BK Discharged 24 Mos Ago and I got Denied. That's crap
I have “good” credit (not excellent) in the 700s, but they offered me the crappiest sub-prime rate — $5,000, 24% interest. Oof. Personally I think rates that high are criminal, but if used just to collect 2% cash back on all NFC Apple Pay uses and paid each month, it could have a use for me.
To me this makes a lot of sense. I think the Apple Card can be very useful for those with imperfect credit as it can be a great tool to help people manage their finances and improve their credit. I don’t view it as a product for those of us with great credit as the rewards aren’t impressive at all. While I love the concept I personally have no need for an Apple Card. Hopefully they start out with the 540 FICO range and give those folks a boost
Maybe they think people with prime credit already have much better rewards cards. That's why I'm not getting an Apple card. It looks nice, but I already have much better options.
The approval process for me was easy. I got 17.00% APR with a credit line of $9,000. My credit score is 805.
You could try again and see if it goes though.
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I wouldn't have thought it would be quite that big unless you had really young credit outside of those.