topic Re: Got approved Apple Card $9K, but seems low!? in Credit Card Approvals

Got approved Apple Card $9K, but seems low!?

ghector — Wed, 10 Nov 2021 00:43:02 GMT

[EDIT: I went ahead and accepted it yesterday, and marked my calendar to do an SLI in 91 days! (Mod cut - these kinds of discussions are not permitted here per the myFICO Forums TOS @ghector).

So, I went ahead and applied for the Apple Card through the Wallet app last night. I got a $9K limit with 12.99% APR. Do you all think this is low, and would it be better to deny it and try again another time? If so, how soon can I try again? I went through a ton of posts last night to see how my number compares and it seems for my credit, I should have a higher limit, so I'm curious if anyone has any insight. Thank you!

Credit:

Transunion 824 (this was the number Apple gave me in their report)

6% CU

$120K income

I have one HP for a card back in June- this has a SL of $18K. (Sapphire).

Average Age of Accounts 13 years

Credit history clean.

Any ideas? I hope I don't sound ungrateful. I'm trying to learn and understand so I can take advantage of hard work I put in. (I've always had bad credit- my credit score was in the mid 500s this past Feb!)

thank you so much!

Re: Got approved Apple Card $9K, but seems low!?

Rebuild2019 — Mon, 08 Nov 2021 15:48:15 GMT

Congratulations 🎉🎈🎊 on your Apple Approval.

Re: Got approved Apple Card $9K, but seems low!?

Yasselife — Mon, 08 Nov 2021 16:00:45 GMT

@ghector I've seen most people start with a $1,500 but seeing your profile and income I can understand your expectations. My income is 1/3 of yours and I've been pre approved for $4k.

Imo they welcomed you with flowers amd chocolates in comparison with me and others lol

Re: Got approved Apple Card $9K, but seems low!?

gdale6 — Mon, 08 Nov 2021 16:49:20 GMT

Grats on your Apple card approval & welcome to the board

Re: Got approved Apple Card $9K, but seems low!?

CreditAggie — Mon, 08 Nov 2021 16:54:51 GMT

Congratulations on your Apple Card offer! I would accept it. $9K and 12.99% is good for the card. It can also be grown with SP CLIs.

Re: Got approved Apple Card $9K, but seems low!?

Jordan23ww — Mon, 08 Nov 2021 17:01:43 GMT

Congratulations to you on your approval and all your credit rebuilding success! To be honest your $9000 is a fantastic starting point! Goldman Sachs for many applicants tend to be really conservative. A lot of people start off with less than $2000. People with $20K+ limits elsewhere have seen $4000 starting limits or less.

The great thing is, as conservative as Goldman Sachs can be with starting limits, they tend to be the opposite with increasing limits. The Apple Card website says between 4 months and 6 months with the card you can start to get limit increases. After the first increase you can routinely get additional increases every 91 days. So if you use this card regularly you should easily reach the credit limit you expected in no time. I started at $2100 last November and I'm up to $8850 so far. Limit increase requests are always soft inquiries.

Re: Got approved Apple Card $9K, but seems low!?

ghector — Mon, 08 Nov 2021 17:02:49 GMT

@Yasselife wrote:
@ghector I've seen most people start with a $1,500 but seeing your profile and income I can understand your expectations. My income is 1/3 of yours and I've been pre approved for $4k.
Imo they welcomed you with flowers amd chocolates in comparison with me and others lol

hehe thanks! yah,, I've seen a lot of $1500 on the board. I just want to make sure there isn't something else going on.

Re: Got approved Apple Card $9K, but seems low!?

ghector — Mon, 08 Nov 2021 17:03:56 GMT

@CreditAggie wrote:
Congratulations on your Apple Card offer! I would accept it. $9K and 12.99% is good for the card. It can also be grown with SP CLIs.

thanks! Yah,, I've seen some generous CLIs, so that's hopeful!

Re: Got approved Apple Card $9K, but seems low!?

ghector — Mon, 08 Nov 2021 17:07:56 GMT

@Jordan23ww wrote:
Congratulations to you on your approval and all your credit rebuilding success! To be honest your $9000 is a fantastic starting point! Goldman Sachs for many applicants tend to be really conservative. A lot of people start off with less than $2000. People with $20K+ limits elsewhere have seen $4000 starting limits or less.

The great thing is, as conservative as Goldman Sachs can be with starting limits, they tend to be the opposite with increasing limits. The Apple Card website says between 4 months and 6 months with the card you can start to get limit increases. After the first increase you can routinely get additional increases every 91 days. So if you use this card regularly you should easily reach the credit limit you expected in no time. I started at $2100 last November and I'm up to $8850 so far. Limit increase requests are always soft inquiries.

Thank you, that's very helpful. And wow, $6K in a year, very nice! I didn't know they were so conservative! Sounds like I need to unlock my TU and accept it! 850 experian?! and 193K limit?! hot **bleep**. I definitely want to strive for that!

Re: Got approved Apple Card $9K, but seems low!?

Anonymous — Mon, 08 Nov 2021 17:17:39 GMT

Congrats for the approval! Looks like a fanstatic SL. Don't they give you a hp since you are being approved? Wow, that is a huge jump from the mid 500s to 824 (from TU). Please can you provide us some data points? Thanks.

Re: Got approved Apple Card $9K, but seems low!?

Conraddj — Mon, 08 Nov 2021 17:14:02 GMT

Congrats on pre approval ,

Re: Got approved Apple Card $9K, but seems low!?

Anonymous — Mon, 08 Nov 2021 17:42:04 GMT

Congrats!! Nice SL Offer!! I would accept it.

Honestly, how much more can you reasonably expect to increase your Score/Util/Profile to elicit a corresponding bump in SL? You're pretty maxed out unless you plan on doubling your income. You would grow the CL faster organically with CLIs than waiting for a higher SL. This is not true of all issuers however GS tends to "presently" be fairly generous with CLIs.

Re: Got approved Apple Card $9K, but seems low!?

ghector — Mon, 08 Nov 2021 17:41:16 GMT

@Anonymous wrote:
Congrats for the approval! Looks like a fanstatic SL. Don't they give you a hp since you are being approved? Wow, that is a huge jump from the mid 500s to 824 (from TU). Please can you provide us some data points? Thanks.

Thanks! Apple does a SP for pre-approval. I have a longer write up that I hope to post in a day or two regarding my 'fun' credit life.

Re: Got approved Apple Card $9K, but seems low!?

Jordan23ww — Mon, 08 Nov 2021 17:48:19 GMT

@ghector wrote:
@Jordan23ww wrote:
Congratulations to you on your approval and all your credit rebuilding success! To be honest your $9000 is a fantastic starting point! Goldman Sachs for many applicants tend to be really conservative. A lot of people start off with less than $2000. People with $20K+ limits elsewhere have seen $4000 starting limits or less.

The great thing is, as conservative as Goldman Sachs can be with starting limits, they tend to be the opposite with increasing limits. The Apple Card website says between 4 months and 6 months with the card you can start to get limit increases. After the first increase you can routinely get additional increases every 91 days. So if you use this card regularly you should easily reach the credit limit you expected in no time. I started at $2100 last November and I'm up to $8850 so far. Limit increase requests are always soft inquiries.
Thank you, that's very helpful. And wow, $6K in a year, very nice! I didn't know they were so conservative! Sounds like I need to unlock my TU and accept it! 850 experian?! and 193K limit?! hot **bleep**. I definitely want to strive for that!

@ghector You're welcome! Yeah I don't think you'll regret accepting it! I just hit 850 on Experian 6 days ago coincidentally. I was at 838 prior to that, but in August 2019 one of my FICO scores was a 583! So you definitely can reach that too!

Re: Got approved Apple Card $9K, but seems low!?

RSX — Mon, 08 Nov 2021 18:14:10 GMT

@ghector

The more important thing is that you got the lower APR of 12.99 - that one can't be changed - so having it start low is the best news!

the $9k will grow, if you put spend on the card

good luck to you

Re: Got approved Apple Card $9K, but seems low!?

ghector — Mon, 08 Nov 2021 19:04:15 GMT

@Anonymous wrote:
Congrats!! Nice SL Offer!! I would accept it.

Honestly, how much more can you reasonably expect to increase your Score/Util/Profile to elicit a corresponding bump in SL? You're pretty maxed out unless you plan on doubling your income. You would grow the CL faster organically with CLIs than waiting for a higher SL. This is not true of all issuers however GS tends to "presently" be fairly generous with CLIs.

good point! I was hoping there might be something I'm overlooking

Re: Got approved Apple Card $9K, but seems low!?

ghector — Mon, 08 Nov 2021 19:05:32 GMT

@Jordan23ww wrote:
@ghector wrote:
@Jordan23ww wrote:
Congratulations to you on your approval and all your credit rebuilding success! To be honest your $9000 is a fantastic starting point! Goldman Sachs for many applicants tend to be really conservative. A lot of people start off with less than $2000. People with $20K+ limits elsewhere have seen $4000 starting limits or less.

The great thing is, as conservative as Goldman Sachs can be with starting limits, they tend to be the opposite with increasing limits. The Apple Card website says between 4 months and 6 months with the card you can start to get limit increases. After the first increase you can routinely get additional increases every 91 days. So if you use this card regularly you should easily reach the credit limit you expected in no time. I started at $2100 last November and I'm up to $8850 so far. Limit increase requests are always soft inquiries.
Thank you, that's very helpful. And wow, $6K in a year, very nice! I didn't know they were so conservative! Sounds like I need to unlock my TU and accept it! 850 experian?! and 193K limit?! hot **bleep**. I definitely want to strive for that!
@ghector You're welcome! Yeah I don't think you'll regret accepting it! I just hit 850 on Experian 6 days ago coincidentally. I was at 838 prior to that, but in August 2019 one of my FICO scores was a 583! So you definitely can reach that too!

583 :-o and now 850!? thank you

Re: Got approved Apple Card $9K, but seems low!?

ghector — Mon, 08 Nov 2021 19:06:17 GMT

good point about the APR.. gonna hit the trigger now!!

@RSX wrote:
@ghector

The more important thing is that you got the lower APR of 12.99 - that one can't be changed - so having it start low is the best news!

the $9k will grow, if you put spend on the card

good luck to you

Re: Got approved Apple Card $9K, but seems low!?

cashorcharge — Mon, 08 Nov 2021 20:36:28 GMT

That's terrific!! Congratulations on your Apple Approval!! 🥂🎉👏🏻

Re: Got approved Apple Card $9K, but seems low!?

KingRue8500 — Mon, 08 Nov 2021 21:58:50 GMT

Congrats on your Apple Card approval