Apple launches Path to Apple Card, a 4-month credit improvement program – TechCrunch
Apple is launching an exciting new Apple Card program for people who have their application refused.
Denied Apple Card applicants may start seeing notifications on their device later in the day that offer them the Path to Apple Card program. It’s a register program that can last up to 4 months. It draws on the information Goldman Sachs used to determine their creditworthiness to explain why they were turned down and to help them improve specific financial markers that would make them more likely to be approved next time around.
Once a user signs up on their device, they receive an update once a month on their progress on specific tasks that are personalized based on their rating.
- Resolve overdue balances.
- Make on-time payments on secured and unsecured debt accounts.
- Reduce credit card and personal loan debt.
The updates also include specific steps you can take to improve each of these markers.
After a customer completes the program, they are prompted to reapply for the Apple Card.
There is no doubt that the above points sound fairly straightforward to anyone with a solid basic knowledge of how credit works. But I encourage anyone to whom it seems easy to consider how a lot people do do not have a real window into the factors that determine whether an underwriting process in a financial firm accepts or rejects their request. No other interactive program like this exists in the credit card world to my knowledge.
Normally, when you receive a denial from a major credit card bureau, you will receive a message stating that you will receive a letter in the mail within a few days with the “reasons” for your denial. The result is usually a bunch of papers with a single, relatively useless sentence telling you which factor was causing the problem. Nothing proactive.
On the privacy front, Apple only knows if you’ve chosen to participate in the program. It does not keep personally identifiable information or know the details of the financial situation of participants. Goldman Sachs also does not share this data with third parties for advertising or marketing purposes. Pretty much the same offer as the Apple Card itself.
I’ve been optimistic in the past about how Apple Card handles tax transparency. The “payment wheel” inside the card interface on iOS devices is one of the clearest and best designed interfaces for any credit card ever. The approach taken by Apple – a total effort to make it as easy as possible do not paying interest on purchases unless you absolutely want to – is very different from industry standards.
This additional financial health tool fits well with this overall philosophy. As a secondary benefit, these steps will undoubtedly result in an overall improvement in the credit score of the participants.
Apple also recently launched an additional website that details the exact criteria Goldman Sachs uses to determine acceptance and credit limit. It also offers additional details on things like calculating interest for the platform.
Article updated to note that invitations to participate are received on devices.