Goldman Sachs1 uses your credit score, your credit report, and the income you report on your application when reviewing your Apple Card application. This article highlights a number of factors that Goldman Sachs uses, in combination, to make credit decisions but does not include all of the details, factors, scores or other information used to make those decisions.
If your application was declined, learn what you can do to try and improve your next application.
Requirements to get Apple Card
To get Apple Card, you must meet these requirements:
- Be 18 years or older, depending on where you live.
- Be a U.S. citizen or a lawful U.S. resident with a U.S. residential address that is not a P.O. Box. You can also use a military address.
- Own a compatible iPhone with the latest iOS version.2
- Use two-factor authentication with your Apple ID.
- Sign in to iCloud with your Apple ID.
- If you have a freeze on your credit report, you need to temporarily lift the freeze before you apply for Apple Card. Learn how to lift your credit freeze with TransUnion here.
- You might need to verify your identity with a Driver's license or State-issued Photo ID.
Conditions that might cause your application to be denied
When assessing your ability to pay back debt, Goldman Sachs1 looks at multiple conditions before making a decision on your Apple Card application.
If any of the following conditions apply, Goldman Sachs might not be able to approve your Apple Card application.
If you're behind on debt obligations3 or have previously been behind
- You are currently past due or have recently been past due on a debt obligation.
- Your checking account was closed by a bank (for example, due to repeatedly spending more than your available account balance).
- You have two or more non-medical debt obligations3 that are recently past due.
If you have negative public records
- A tax lien was placed on your assets (for example, due to a failure to pay sufficient taxes on time).
- A judgement was passed against you (for example, as a result of litigation).
- You have had a recent bankruptcy.
- Your property has been recently repossessed.
If you're heavily in debt or your income is insufficient to make debt payments
- You don't have sufficient disposable income after you pay existing debt obligations.
- Your debt obligations represent a high percentage of your monthly income (for example, your unsecured debt obligations (i.e., loans that are not backed by collateral) are 50% or more of your total income).
- You have fully utilized all of your credit card lines in the last three months and have recently opened a significant amount of new credit accounts.
If you frequently apply for credit cards or loans
- You have a high number of recent applications for credit.
If your credit score is low
Goldman Sachs uses TransUnion and other credit bureaus to evaluate your Apple Card application. If your credit score is low (for example, if your FICO9 score is lower than 600),4 Goldman Sachs may not be able to approve your Apple Card application.
Why your credit score is used
Credit scores can indicate how you use and pay off debt.
How credit scores are determined
Information found in your credit report is used to determine your credit scores, which may include the following:
- Your history of debt payments
- Hard inquiries5 on your credit score from new credit applications
- The amount of debt you currently have on your credit accounts
- The age of your credit accounts
- The amount and type of loan accounts you have open
- The percentage of available credit you've utilized
- If and when you had a foreclosure, declared bankruptcy, or had debt sent to collections
It's common to see varying credit scores when you look at different sources. Your credit report and the timing of when your credit score is updated can affect your credit score.
For information about credit scores from TransUnion, please click here.
What you can do if your application was denied
If your application was denied, a message with an explanation is sent to the primary email address associated with the Apple ID you used to apply for Apple Card. The message might show your credit score. If information provided by a credit bureau contributed to your application being declined, you can request a free copy of your credit report from that credit bureau using the instructions in the email you receive.
If you were declined due to not being able to verify your identification information, you can:
- Make sure that the information you provided in the application is accurate.
- If you were asked to verify your US ID with your driver’s license or state-issued photo ID, make sure:
- There’s nothing in between your device’s camera and the ID that would cover any part of it.
- The last name on your ID matches your application.
- Your ID hasn’t expired.
Your credit score will not be impacted if you are declined, or do not accept your offer. Your credit score may be impacted if your application is approved and you accept your offer.
You can apply for Apple Card again, but you might receive the same decision.
If you want to receive a different decision on your application when you apply again, you should review your credit report to see if you have conditions that might result in a denied application: Check for these common errors in your credit report.
How your initial credit limit is determined
To determine your initial credit limit, Goldman Sachs uses your income and the minimum payment amounts associated with your existing debt to assess your ability to pay.
In addition, Goldman Sachs uses many of the same factors that are used to assess whether your application is approved or denied, including your credit score and the amount of credit you utilize on your existing credit lines.
Goldman Sachs will need your credit history with Apple Card to inform any request for credit limit increases on Apple Card, and this can take six months or more.
Why your application is pending or in review
Goldman Sachs might need more time to review some applications, or request more information to verify your identity. After you apply, you are shown a message in Wallet app that will indicate your application is in review. Updates regarding your Apple Card application will be sent to the primary email address associated with your Apple ID.
- Goldman Sachs Bank USA, Salt Lake City Branch is the issuer of Apple Card.
- Software is subject to change.
- A debt obligation can include mortgages, auto loans, personal loans, utility bills, and more.
- Number provided for illustrative purposes. A range of FICO9 scores may be considered by Goldman Sachs in conjunction with other factors in making credit decisions.
- A hard inquiry occurs when a financial institution checks your credit for the purpose of extending you a line of credit or approving a loan.