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Is this the next thing we need to worry about with a new iPhone? If it is the courier then any Apple Store could also get saddled with fake devices without knowing it.

Stabitha_Christie said:

rob53 said:

We’ll see what happens to our credit ratings when the GS Mastercard is dropped. I have excellent credit but having a new credit card will reduce my credit age. Amex isn’t always taken at stores and restaurants so it might not be a good replacement. 

Okay, “credit age” is kind of a weird term to use but I assume you mean credit history. If so, then this shouldn’t impact your credit history. You will show an account closed with one bank and another opened with a new bank. That doesn’t change the length of your credit history. 

Credit age is different from credit history. History is everything that has taken place in your credit. Payments (or lack of), when it was opened, balances, credit limits, etc. Credit age is a different metric that measures how long you've had established credit. While credit age is discerned from your info without credit history these are not one and same.

For example, if you have a card that you opened up 10 years ago as your only card you have a credit age of 10 years, but if you then opened up 4 more cards to today as soon as those cards are reported to your credit bureaus your credit age would drop to the mean average of 2 years. This will shown by Credit Karma and others as Oldest Account, Newest Account, and the Average Age. This has a medium impact on your overall score.


PS: I suggest everyone create accounts and FREEZE their credit from all the major bureaus. This is different from LOCKING your credit for a free from the major bureaus. This is help ensure that your info — which is very likely on the dark web already — can't be used to open up new lines of credit without your express efforts to unfreeze your credit to allow a credit check to occur. Data is still reported without interruption even when your credit is frozen.

gatorguy said:

sflagel said:

sbdude said:

The only reason I got the card was the attractive no-interest financing on Apple products. And even that has become less attractive as Apple/GS only give one year (one!) to pay off a mac, and two years to pay off an iphone (because that makes sense).

As far as transitioning banks, no, you won't have to "reapply" for a new card. When Costco dumped Amex for Citi, I did not have to reapply, and all balances, credit limits, etc. carried over without issue. Yes, it will show as a closed account and, if it was your card with the most longevity, it would affect your score. Given how new the apple card is, I doubt it establishes a majority of users' credit histories or is their "lengthiest" card.

Why is the credit score so important? You really only need good credit once: when you want to get a mortgage. Surely, mortgage lenders look at income vs expenses, savings, outstanding loans, and value to mortgage ratio more closely than they look at a credit score.

Unexpected perhaps, but it's a significant factor in insurance scoring. Better credit rating=better price on insurance.

Not unexpected. Risk is risk. Statistically, people who are responsible with their finances also tend to also be responsible drivers, and those are not responsible borrowers tend not to be responsible drivers.

sflagel said:

I never understood what Apple brought to the table in this deal, other than their logo. Apple is just the distributor. The card is issued by GS; credit extended by GS; cash-back paid by GS; billing, customer service, etc. provided by GS. This is just a white labelled credit card, with a good app - there are plenty of these in the world, all of which can be added to Apple Wallet. GS wanted to make the deal because as a newcomer to the CC market, which has very high marketing costs, they saw a lot of value in Apple distribution, but I doubt any established card issuer will see it this way.

Adding a card to Wallet isn't the same as what you get with Apple Card in Wallet.

sflagel said:

sbdude said:

The only reason I got the card was the attractive no-interest financing on Apple products. And even that has become less attractive as Apple/GS only give one year (one!) to pay off a mac, and two years to pay off an iphone (because that makes sense).

As far as transitioning banks, no, you won't have to "reapply" for a new card. When Costco dumped Amex for Citi, I did not have to reapply, and all balances, credit limits, etc. carried over without issue. Yes, it will show as a closed account and, if it was your card with the most longevity, it would affect your score. Given how new the apple card is, I doubt it establishes a majority of users' credit histories or is their "lengthiest" card.

Why is the credit score so important? You really only need good credit once: when you want to get a mortgage. Surely, mortgage lenders look at income vs expenses, savings, outstanding loans, and value to mortgage ratio more closely than they look at a credit score.

Once, eh? And how do you establish credit if you only need to establish an excellent credit score if you only worry about when you need to get your mortgage? 

Oddly, you have ignoring refinancing, purchasing another home/property/upgrade, purchasing a vehicle, auto insurance, and countless other ways in which your credit score is used to determine if you are a statistically safe bet, but I'm also not surprised as you've now been on several threads regarding this card making foolish statements.

I would've been duped after having gone into the Settings.