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If you love all things Apple, then a great way to stay in the Apple ecosystem is to use the Apple Card. Apple Card is Apple’s credit card, with several perks including daily cashback, unparalleled privacy protection, and a sleek titanium card that will look great wherever it’s used.
Of course, before you can enjoy the benefits of the Apple Card, you have to be approved for the Apple Card. To help increase your chances of qualifying for this card, here are four things you can do.
One of the most important components of credit card approval is your credit score and the factors behind that score. Therefore, before you apply for the Apple Card, it’s vital that you know your current score.
Factors that affect your score include your debt-to-credit ratio, the number of hard credit inquiries on your account in the last two years, and the average age of your open accounts.
By diving deeper into your score, you can make changes to help improve your score, thus improving your chances of qualifying for the Apple Card.
One thing all creditors look for when making credit decisions is the amount of debt you have. If you’re using most or all of your available credit on your credit cards, this can have a negative impact on your ability to qualify for the Apple Card.
Since high credit utilization can make it difficult to pay down your debt, you can utilize a debt settlement service to consolidate your debt and reduce the amount of interest you have to pay. By reducing your debt more quickly, you’ll be more likely to qualify for the Apple Card.
Another component of your credit that companies look at is the number of new credit lines you’ve applied for recently. If you’re trying to increase your spending power, it’s far better to simply get a better job that pays more rather than applying for several credit cards to increase your credit limit.
Too many credit applications indicate an applicant that is not responsible with credit. Therefore, if you want to increase your odds of being approved for the Apple Card, be sure to apply for it before you apply for any other lines of credit.
Another reason not to open too many other accounts when applying for the Apple Card is that it lowers the average age of your open accounts. Though this doesn’t have quite as much impact as other factors on your creditworthiness, it’s still an important consideration.
With that in mind, it’s also vital that you don’t close any accounts you’ve had open for a long time, as this will also decrease your average account age. By leaving things alone, you’ll have a much better chance of qualifying for the Apple Card.
Once you qualify for your long-awaited Apple Card, it’s important that you use it wisely. Even if you’re approved for a high credit limit, don’t think that you won’t suffer financial consequences if you use all of your available credit and then try to pay it back using the minimum monthly payments. Instead, try to keep your card paid off every month, and you and your Apple Card will be a match made in heaven.
Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan