The ad for Apple Card specifically said that it has no affect on credit score. I found out yesterday that it caused my score to drop 64 points. Needless to say if I knew this was going to happen ahead of time, there’s no way I would have applied. I have worked very hard to get my credit where it is and I just lost a years worth of progress over a **** Apple Card. What gives?
Applying for the Apple Card MasterCard does not affect your FICO or VantageScore 3.0 credit score. In the process of approving your application a soft pull of your credit report is performed by Goldman Sachs Bank (Apple Card issuer and servicer). If you’re approved, you see an offer for credit that includes your Credit Limit and APR. You have a right to accept or decline the offer. If you decline the offer, there’s no affect on your credit report. If you accept the offer, an account is opened and a hard pull of your credit report is done and hard pulls will affect your report in the short term.
Your credit report will recover and actually go up over the level when you applied for the card. This is true every time you open a new account, buy/lease a car, your report goes down, buy a house, your report goes down. But ultimately go up higher than what it originally was.
I have 17 credit cards. I have what’s known as a thick file. When I open a new account my score only drops a few points. But when I was new to credit my score dropped just like yours. This is normal.
Most banks don’t do a soft pull when applied for. Banks normally do a hard pull. This means your score drops, even though you weren’t approved. You did well to apply for the Apple Card early in your credit journey.
I would wait 6 months or longer before opening any more accounts. Your score will have recovered by then and probably gone higher by then. There’s a lot to learn about credit. Use your card wisely, don’t pay any interest and enjoy the daily cash back.
https://support.apple.com/en-au/HT209218
Applying for the Apple Card MasterCard does not affect your FICO or VantageScore 3.0 credit score. In the process of approving your application a soft pull of your credit report is performed by Goldman Sachs Bank (Apple Card issuer and servicer). If you’re approved, you see an offer for credit that includes your Credit Limit and APR. You have a right to accept or decline the offer. If you decline the offer, there’s no affect on your credit report. If you accept the offer, an account is opened and a hard pull of your credit report is done and hard pulls will affect your report in the short term.
Your credit report will recover and actually go up over the level when you applied for the card. This is true every time you open a new account, buy/lease a car, your report goes down, buy a house, your report goes down. But ultimately go up higher than what it originally was.
I have 17 credit cards. I have what’s known as a thick file. When I open a new account my score only drops a few points. But when I was new to credit my score dropped just like yours. This is normal.
Most banks don’t do a soft pull when applied for. Banks normally do a hard pull. This means your score drops, even though you weren’t approved. You did well to apply for the Apple Card early in your credit journey.
I would wait 6 months or longer before opening any more accounts. Your score will have recovered by then and probably gone higher by then. There’s a lot to learn about credit. Use your card wisely, don’t pay any interest and enjoy the daily cash back.
https://support.apple.com/en-au/HT209218
Credit score
