Adam McCann, Financial Writer
@adam_mcan
Yes, the Apple Card builds credit, since Marcus by Goldman Sachs reports your account information to all three major credit bureaus each month. Making on-time payments and keeping your balance low will improve your score. On the other hand, missing payments and maxing out your limit can hurt your credit. Just note that you need good credit to be eligible for this card in the first place.
How to Build Credit with an Apple Card
- Keep your credit utilization low. It’s good to keep your balance below 30% of your credit limit both on each individual card and overall.
- Pay above the monthly minimum. It’s always best to pay your statement balance in full to avoid paying interest. If you can’t pay in full, paying off as much as possible will help minimize the amount accruing interest. Plus, the less debt you carry, the better it is for your credit score.
- Never miss a payment. It’s never good to miss a due date, but you should at least pay within 30 days after the due date, before the missed payment shows up on your credit report. Setting up automatic payments can help ensure you don’t miss a due date by accident.
However, many factors influence your credit score, so following the above advice does not guarantee improvement.
If you want to check your credit score and get daily updates on your credit-building progress, you can register for a free WalletHub account. You can also get personalized advice and simulate your score based on future activity.
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People also ask
Is the Apple Card good for building credit?
The Apple Card is not good for building credit from scratch because it requires at least good credit for approval. But it can help people who meet that requirement further build their credit, since it reports to the major credit bureaus on a monthly basis.
Best Way to Build Credit With the Apple Card
- Use less than 30% of your credit limit each month (ideally 1% to 10%).
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Is it hard to get the Apple Card?
Yes, it is hard to get the Apple Card because it requires at least good credit for approval. Unless your credit score is 700 or higher and you have a lot of income, it will be difficult for you to get approved for the Apple Card.
In order to get the Apple Card, you will have to meet the credit score requirement, have a steady income and be at least 18 years old. You’ll also need to...
read full answer by Chip Lupo, Credit Card WriterWhat is the Apple Credit Card credit score requirement?
The Apple Card credit score requirement is 700 or better. That means people with good credit or better have a shot at getting approved for the Apple Card.
Note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Apple Card, too. Some other key criteria include your income, existing debt load, recent credit inquiries, number of open accounts, housing status, and...
read full answer by Maria Adams, Credit Cards ModeratorDid we answer your question?
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