According to a new report today, the degree of credit card approval “Apple Card” achieves unusually high proportions, with some sub-prime borrower having accepted their application. The report also stated that Apple first looked to launch its own credit card in the 1990 years, but Steve Jobs was concerned about Apple’s customers who would refuse to use and fear many of them could hardly pay the bills.
CNBC cited both non-name project-related sources, as well as the client’s reports that Goldman Sachs was creating a widespread network for customers using Apple’s new credit card, accepting some borrowers under standard authorization. The bank will be responsible for deciding who gets to use the Apple Card, accepting a number of applications from users with less credit score. Goldman started providing cards to some Apple customers this week before a wider deployment at the end of the month.
Apple Card will have high level of approval, a good news for those with low credit score
From the very beginning, Apple wants its banking partner to create a credit technology platform that approves as many users as possible among the 100 million iPhone users in the US, within the limits of regulatory and lending responsibly. This fits the motto of Apple when it desires to provide a better experience for its customers. Although there is no formal definition of sub-factors, credit scores below 670 are often a sign to identify who has or cannot afford to pay the bills. However, some customers who have lower scores are being accepted to use the new Apple technology.
A new Apple Card client, Ed Oswald, said his FICO score was around 620, below the norm and he currently uses the bank’s credit card Merrick Bank, which is for the sub-prime borrower him. But Oswald said Goldman was giving him a rather modest credit limit of $750, which was relatively lower than his credit cards used.
As Experian credit score calculations, the limit points include: 800-850 is special, 740-799 is very good and 670-739 is good. Any lower score of 670 will often make credit recovery more difficult, but there are also many types of credit cards that have chosen to reduce the evaluation criteria down to attract more users.