Credit score plummeting because of apple card

You need to get your facts straight before you make false claims.

FICO (Fair Isaac Corporation) creates scoring models. In very simplistic terms they create credit scoring models (algorithms) to help banks determine an individual’s credit risk/score. The scoring models are used in multiple industries such as banking and insurance. The score consists of 5 factors, that are weighted by what FICO determines to be of highest importance in determining risk.

Yes, when you accept an offer of credit and open a new account your score will drop. This is a known fact. The amount of the drop is based on several factors. The two most relevant are Inquiries and Average Age of Accounts. The hard pull cost you an Inquiry. After 12 months the Inquiry is no longer factored into the score.

A new account has an age of 0 months and when factored into your other accounts (open or closed) your average drops and consequently your score drops. This is normal and experienced users know this.

However, Inquiries and AAoA together only account for 25% of your total score. The two most significant factors are Payment History (35%) and Utilization (30%).

Utilization means paying your account in full every month and Payment History means never missing a payment. If you want a high score, never miss a payment and always pay your balance in full.

Now, if you’ve been using apps like Credit Karma, Credit Sesame, Credit Hub, Mint etc. They are showing your VantageScore 3.0 score. VS 3.0 uses a different scoring model and can’t be compared to your FICO score. Very few banks or credit unions use VantageScore 3.0 for credit decisions.

There are 3 major credit reporting bureaus, Experian, Equifax and TransUnion. Get copies of your credit reports from each agency and let’s look at them. But don’t expect them to match what you’ve been seeing.

https://www.annualcreditreport.com/index.action

You can see your FICO score(s) on the myFICO app, but a subscription is required. You can also get your Experian FICO score on their app and it’s free.

So, that’s the first of your free lessons on credit reporting. Once you get your free copies of your credit report, post a reply and I’ll teach you how to start to fix the reporting, if that is indeed the issue. It’s up to you where you go from here. But I‘d try to reduce the false claims and accusations.

You can’t delete the post, but click the Exclamation point in the circle and ask a moderator to edit your post. There’s some good information that will help other community members now, and in the future.

I’m glad we’re good on this. I’m happy to answer questions and give you straight answers. There is a lot of misinformation out there about credit reporting. Get your facts here.

That’s a few data points. Not missing a payment is a great accomplishment, congratulations. Are you paying the balance in full or carrying a balance month to month?

Goldman Sachs is the issuer and servicer of Apple Card MasterCard accounts. Apple Card is considered a co-branded card. Apple has nothing to do with the approval process or reporting process.

Goldman Sachs typically reports to the credit bureaus (Experian, Equifax, TransUnion) usually between the 7th and 14th of the month. The numbers that are reported are the numbers from the statement that is issued around the 1st or 2nd of the month. This is different than every other credit card.

Where are you getting the credit score numbers? Have you requested copies of your credit report to verify they aren’t being reported? How do you know that you don’t have fraudulent activity being reported on your account? The reports are free. Request them and look at them. Otherwise we’re just flying in the dark.

How Apple Card and Apple Card Family is credit reported - Apple Support

you card information is reported. Review the article for details.