Launched on August 20, 2019, the Apple Card is a unique credit card that’s deeply integrated into the iPhone. With 0 fees, unlimited daily cashback, and a variable APR range of 19.24% to 29.49%, it’s no wonder that the Apple Card currently has 12 million users.
In fact, the Apple Card has been used in so many transactions that cardholders have collectively earned $1 Billion in cash-back rewards in 2023. This begs the question, ‘How does the Apple Card affect your credit score?’
Does the Apple Card Affect Your Credit Score?
Yes, your Apple Card credit history is reported by Goldman Sachs bank to all three credit bureaus. Your payment history, credit utilization, and account age are reported every month and will appear on your credit report under the tradeline, APPLE CARD – GS BANK USA.
Why is the Apple Card Tradeline Missing from My Credit Report?
Upon creating your Apple Card account, it may take up to 45 days for the Apple Card tradeline to appear on your credit report. The delay could also be longer depending on how fast your personal credit monitoring service refreshes its information.
Why Did My Credit Score Drop After Opening an Apple Card Account?
Like with most credit cards, successfully applying for an Apple Card results in a hard inquiry and a reduction in the average age of your credit accounts. In most cases, this will impact your credit score negatively in the short term.
Can I Add Authorized Users to My Apple Card?
Yes, you can add people who are at least 18 years old as an Apple Card Participant. If an Apple Card Participant opts into credit reporting, they can build their credit history as authorized users of your Apple Card. Keep in mind that both positive and negative information will be reported in this case.
Will My Credit Be Affected if I Close My Apple Card Account?
Yes, your credit can be negatively affected depending on the age of your Apple Card account and the number of credit accounts you currently have.
What are the Requirements to Get an Apple Card
To successfully apply for an Apple Card, you’ll need to meet the following requirements:
- Be at least 18 years old
- Be a U.S. citizen or a lawful resident with a physical U.S. address (not a PO Box)
- Set up two-factor authentication for your Apple ID
- Sign in to iCloud with your Apple ID
- Have an unfrozen credit report (even if only temporarily)
- Verify your identity through a text message, Driver’s License, or State-issued photo ID
Summary
Your Apple Card can affect your credit score negatively when you apply because this results in a hard inquiry and a reduction in the average age of your credit accounts.
After using your Apple Card, your credit history will be reported by Goldman Sachs bank to all three credit bureaus.
Your payment history, credit utilization, and account age are reported every month and will appear on your credit report under the tradeline, APPLE CARD – GS BANK USA. Depending on your payment history, this can affect your credit either positively or negatively.
