What you need to know
- Apple Card lender is approving a high number of applications according to a report.
- Apple reportedly wants to make the card accessible to most people.
- An Apple Card customer with a FICO score of 620 confirmed he was approved.
With the Apple Card roll out in full swing this week, a lot of people have been applying to get Apple's new credit card. Though some are being denied, many more are being approved according to a report from CNBC.
Per the report, Apple wants to make the Apple Card as accessible as the iPhone, so it nudged Goldman Sachs, the lender of the card, to approve a large majority of applications so as to be inclusive and provide a good user experience.
The bank, which is in charge of deciding who gets the Apple Card, is accepting some applications from users with less-than-stellar credit scores, according to people with knowledge of the matter. Goldman began to make the card available to some Apple customers this week ahead of a broader rollout later this month.
Depending on the credit score of a person, the approval process could differ. But Goldman Sachs is pushing the line by approving people with so-called low subprime scores.
While there is no standard definition for who qualifies as subprime, most fall under a FICO score of 660, and their loans often sour before borrowers with higher credit scores.
In the report, one Apple Card customer confirms that he got approved for the card even though he has a FICO score of 620.
Apple is entering uncharted territory with the Apple Card. While it'll likely enter the realm of success because this is an Apple product, it is balancing elements it has never really dealt with. Only time will tell how Apple manages its new product.