Credit reporting on Apple Card holders rolling out now

Posted:
in General Discussion edited December 2019
Despite reports that neither Apple nor Apple Card issuer Goldman Sachs were reporting the usual payment details to credit bureaus, the information is now beginning to be sent.

Apple Card is nearly here
Apple Card is here.


Apple and its partner Goldman Sachs is rolling out its reporting of Apple Card payment details to credit bureaus. Those credit bureaus then in turn use the data to determine people's credit score.

While there is no legal requirement for them to do so, it had been claimed by Bloomberg's Mark Gurman on Twitter and financial publication MarketWatch, that the firms were ignoring common industry practice by failing to provide the data.

A source within Apple corporate who is not authorized to speak on behalf of the company told AppleInsider that Gurman's account is "not accurate" and the credit reporting functionality is done. "Reporting on some customers is happening now, and everything will be reported" when the system is fully deployed, added our source.

Apple Card launched in August to all applicants after an invitation process tested the resilience of the system. In September, some users found problems with their PDF statements -- which has since been resolved.

Comments

  • Reply 1 of 12
    gatorguygatorguy Posts: 23,165member
    Despite reports that neither Apple nor Apple Card issuer Goldman Sachs were reporting the usual payment details to credit bureaus, the information is now beginning to be sent.

    While there is no legal requirement for them to do so, it had been claimed by Bloomberg's Mark Gurman on Twitter and financial publication MarketWatch, that the firms were ignore common industry practice by failing to provide the data.

    A source within Apple corporate who is not authorized to speak on behalf of the company told AppleInsider that Gurman's account is "not accurate" and the credit reporting functionality is done. "Reporting on some customers is happening now, and everything will be reported" when the system is fully deployed, added our source.
    That's not exactly what Gurman claimed. What he did say seems to have been generally accurate as far as I can tell, tho that missed payment from September will eventually get reported and ding your credit score. Gurman either didn't catch that or didn't word his tweet properly.   The boxed quote I assume was from GS sometime on or prior to the 10th of this month, tho it could have come from Apple. 

    "Interesting Apple Card tidbit: Apple isn’t reporting your balances, payment history yet to the credit bureaus. So if you are on time, no positive impact on your score. If you miss your payments, seemingly not as much of a consequence on your score."


    edited October 2019
  • Reply 2 of 12
    lkrupplkrupp Posts: 9,452member
    I’ve wondered about Apple’s decision to not charge late payment fees. That seemed like an invitation to abuse the card, especially if the credit information was not being sent to the credit bureaus.

    There’s also a thread on the Apple Discussion Forums where users are upset that the Apple Card cannot sync with financial software like Quicken and Mint. Currently the Apple Card is the only card that I have to manually enter transactions into Quicken.
    edited October 2019 GeorgeBMacchemengin1
  • Reply 3 of 12
    Leave it to Mark Gurman to push a negative narrative about anything Apple whenever possible. 
    eideardRayz2016
  • Reply 4 of 12
    tjwolftjwolf Posts: 396member
    lkrupp said:
    I’ve wondered about Apple’s decision to not charge late payment fees. That seemed like an invitation to abuse the card...

    Seems like a nice feature to not ding a user beyond paying more interest on a higher balance and (eventually it looks like) getting dinged by the credit bureaus.  Why do you consider it an 'abuse' for someone to not make a monthly payment?  It's not like they're getting out of paying what they owe.
  • Reply 5 of 12
    eideardeideard Posts: 427member
    Just agreeing on Gurman.  When he shows up on BloombergTV, I change the channel.  The Party Line on BBGTV is anti-Apple, anyway...but, sensible geeks are often allowed on air.  Though, it's next-to-useless info watching staff like Gurman scurry around for reasons "why people seem to be buying new iPhones" other than performance and features.
  • Reply 6 of 12
    davgregdavgreg Posts: 877member
    Still do not see the value in the card and do not like the connection to Goldman Sachs.

    Offer a better interest rate and get rid of the cash back gimmick. I do not need a rebate/kickback, but would appreciate a non-usurious interest rate. Considering the cost of money to banks the interest rates are outrageous.
  • Reply 7 of 12
    davgreg said:
    Still do not see the value in the card and do not like the connection to Goldman Sachs.

    Offer a better interest rate and get rid of the cash back gimmick. I do not need a rebate/kickback, but would appreciate a non-usurious interest rate. Considering the cost of money to banks the interest rates are outrageous.
    Folks like myself that pay off the car each month like the cash back. Cash in my wallet is not a gimmick to me. 
    potatoleeksoupGeorgeBMacchemengin1
  • Reply 8 of 12
    davgreg said:
    Still do not see the value in the card and do not like the connection to Goldman Sachs.

    Offer a better interest rate and get rid of the cash back gimmick. I do not need a rebate/kickback, but would appreciate a non-usurious interest rate. Considering the cost of money to banks the interest rates are outrageous.
    This is intentionally a rewards card. They all have higher interest rates, which is how they can pay out rewards.

    You may not qualify for USAA, but their "rate advantage" card goes as low at 8.9% APR, as long as you are a low lending risk.

    https://www.usaa.com/inet/wc/bank-credit-card-rate-advantage-platinum-visa
  • Reply 9 of 12
    lkrupp said:
    I’ve wondered about Apple’s decision to not charge late payment fees. That seemed like an invitation to abuse the card, especially if the credit information was not being sent to the credit bureaus.

    There’s also a thread on the Apple Discussion Forums where users are upset that the Apple Card cannot sync with financial software like Quicken and Mint. Currently the Apple Card is the only card that I have to manually enter transactions into Quicken.
    Reportedly the forwarding of information to the credit reporting agencies has been somewhat delayed, but Goldman is supposedly getting their act together. 

    Though cardholders aren’t charged a late payment fee, there are other penalties, like tanking your credit score if you’re more than 30 days late and additional interest charges. The only difference is the typical $25-35 late payment fee Is waived.

    re: data export to mint, quicken, etc., Apple said it’s coming, but they didn’t say when. 
    edited October 2019
  • Reply 10 of 12
    MplsPMplsP Posts: 3,250member
    lkrupp said:
    I’ve wondered about Apple’s decision to not charge late payment fees. That seemed like an invitation to abuse the card, especially if the credit information was not being sent to the credit bureaus.

    There’s also a thread on the Apple Discussion Forums where users are upset that the Apple Card cannot sync with financial software like Quicken and Mint. Currently the Apple Card is the only card that I have to manually enter transactions into Quicken.
    I wondered the same - apparently it will affect your score, just not have a direct financial penalty. Basically what one would (or at least should) expect. Were people actually thinking they could charge whatever they want, not pay their bill and not have if affect their credit?
  • Reply 11 of 12
    GeorgeBMacGeorgeBMac Posts: 10,260member
    lkrupp said:
    I’ve wondered about Apple’s decision to not charge late payment fees. That seemed like an invitation to abuse the card, especially if the credit information was not being sent to the credit bureaus.

    There’s also a thread on the Apple Discussion Forums where users are upset that the Apple Card cannot sync with financial software like Quicken and Mint. Currently the Apple Card is the only card that I have to manually enter transactions into Quicken.
    That's why I restrict it to only Apple purchases which are (comparatively) limited.
    Well, actually, I enter ALL my transactions into Quicken.  Then, when I download transactions from the bank, Quicken matches them automatically to those I already entered and the reconciliation takes just seconds.  But, since the AppleCard doesn't have a download function that's done entirely by hand now.
  • Reply 12 of 12
    GeorgeBMacGeorgeBMac Posts: 10,260member
    Yes, this card as well as the one I opened prior to it bothered me -- because my credit monitoring said that there were "no changes to my credit report".  I pretty much assumed the credit monitoring was not doing its job.   Now I realize they can only report on what's been reported.
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