Apple has launched a new Apple Card programme designed to build credit for those who have had their applications declined.

Path to Apple Card is a four-month, opt-in programme, which enables applicants to assess and improve the financial markers that made them unsuccessful.

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The programme leverages the information used by Goldman Sachs to determine credit worthiness and outline why they were declined.

When they sign up, users will receive monthly updates from Apple on what to do to increase their chances of being approved next time. Some of the specific tasks include resolving past due balances, making on-time payments, and lowering credit card and personal loan debt.

The updates also include specific steps to take to improve each issue.

Customers will be invited to reapply to Apple Card once they have completed the programme.

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Financial health website

To coincide with the programme release, Apple launched a new Apple Card financial health website. The website also details the exact financial markets used to determine acceptance, as well as other Apple Card information.

In addition, the website states that a person’s FICO score is a key factor used to show lenders how reliably they manage credit. It combines data about an applicant’s payment history, current debts and the length of the applicant’s credit history.

Apple Card uses FICO score 9, which ranges from 300 to 850. According to Apple, scores above 660 are considered favourable for credit approval.

Big tech competition

Earlier this year, there were reports of Google working on its own virtual and physical credit cards. This would put the tech giant in direct competition with Apple.

The new cards would allow users to make purchases using the card, mobile phone or online, connected with a Google app.

Furthermore, the new card is expected to be co-branded with bank partners including Citi and Stanford Federal Credit Union, TechCrunch reported.