The Apple Card preapproval process is designed to give you an idea of the interest rate and credit limit you would qualify for without impacting your credit scores. This step occurs after you have met the initial requirements, such as being at least 18 years old, having a U.S. residential address, and meeting the credit score threshold.
To begin the preapproval process, you need to open the Wallet app on your iPhone and tap on the “+” icon to add a new card. From there, you will be able to see the option to apply for the Apple Card. When you select this option, you will be asked to provide some personal information, such as your name, date of birth, phone number, and the last four digits of your Social Security number.
Once you have entered this information, the preapproval process will begin. Apple will use the information you provided to perform a soft credit inquiry, which does not impact your credit scores. The soft credit inquiry allows Apple to assess your creditworthiness and determine the interest rate and credit limit you would qualify for.
This is a significant advantage of the preapproval process because it allows you to see the terms of the Apple Card offer without any negative impact on your credit scores. You can review the offer and decide whether to proceed with the application or not.
If you are satisfied with the preapproval offer, you can continue with the application process. At this stage, a hard credit inquiry will be performed, which may have a slight impact on your credit scores. The hard inquiry is a standard practice when applying for any credit card and helps the lender assess your creditworthiness more thoroughly.
It’s important to note that preapproval does not guarantee final approval for the Apple Card. The final decision will be based on your complete application, including additional financial information and a more detailed credit evaluation. However, the preapproval process gives you valuable insight into the terms you can expect and allows you to make an informed decision before proceeding with the application.
In my personal experience, the Apple Card preapproval process was seamless and straightforward. I was able to see the interest rate and credit limit I would qualify for within a few minutes, without any impact on my credit scores. This allowed me to evaluate the offer and decide whether to proceed with the application. the preapproval process was a convenient way to assess my eligibility for the Apple Card and understand the terms I could expect.