topic Re: Apple Card Approval - CLI Question in Credit Card Applications

Apple Card Approval - CLI Question

jer2305 — Sun, 30 Aug 2020 12:33:30 GMT

Hi All!

About 3 weeks ago, I was approved for an Apple Card, with SL of $2k. A bit on the low end, but my until was quite high (~62%) when I applied (should have waited a bit longer!). Just yesterday, I was able to pay down a significant balance that was outstanding on my CSP, and my total util. will drop down to about 6% across all of my cards. My average FICO around when I applied was about 705, and with the new util, the estimates show it rising to around 751 (according to Experian & CK estimates).

My question is since most people have posted waiting 90 days before requesting a CLI from Apple, I'm curious if I did request sooner than that, will they still leverage the same report they pulled a few weeks ago, or will they soft pull a new report that would show my updated util and score once everything posts in a week or so to perhaps make a new decision? Don't want to ask for the CLI if it's not going to benefit.

Thanks!!

Re: Apple Card Approval - CLI Question

blindambition — Sun, 30 Aug 2020 15:30:13 GMT

Congrats on the approval!! The system would most likely deny, based on their 3 month rule. Most lenders use older reports they have access to. Up to a couple months old. A very good chance they would use the older report.

Re: Apple Card Approval - CLI Question

cashorcharge — Sun, 30 Aug 2020 15:33:29 GMT

Agreed! Apple Card CLI's are all SP, but they like to see usage and time before approving.

Also note other comments on them being slow and inconsistently reporting to all your CR's

Re: Apple Card Approval - CLI Question

Aim_High — Sun, 30 Aug 2020 17:18:08 GMT

Since it's a soft pull, you could ask with no-harm, no-foul. However, I agree with others that you're probably just wasting the effort if you haven't met the time and utilization criteria.

Yes, Goldman Sachs has been very conservative in issuing limits on the Apple card. Most of us were unpleasantly-surprised with low to medium SL relative to SLs our profiles warranted with other cards and banks.

While there have been occassional exceptions, Goldman Sachs has proven to be like Capital One when it comes to CLIs. They like to see recent spend, and a lot of it. It has appeared to me from studying many CLI data points that GS likes to see a minimum of 25% to 30% of your credit limit used over a few months prior to approving a CLI. It's not so much a certain dollar amount as it is a percentage of your existing credit limit. So in your case, 25% of $2K is $500 absolute minimum to be considered, over about three months. If you want a heavier increase, you definitely want to go higher. Some that have reported better increases used 50% to 100% or more of their existing credit limit. Obviously, meeting this threshold gets harder as your limits grow, which is probably the idea of the whole premise.

Here is a long thread with many comparative data points on CLI with Apple card.

Lots of good info in there if you want to know what to expect.

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Apple-Card-credit-limit-increase-DPs/td-p/5808169

Re: Apple Card Approval - CLI Question

M_Smart007 — Sun, 30 Aug 2020 18:33:59 GMT

Congratulations on your Approval..from what I have read,

usage on The GS Apple card seems to really come into play when asking/getting a CLI.

Re: Apple Card Approval - CLI Question

CreditBones — Mon, 09 Nov 2020 23:22:27 GMT

@Aim_High wrote:
It has appeared to me from studying many CLI data points that GS likes to see a minimum of 25% to 30% of your credit limit used over a few months prior to approving a CLI.

Here is a long thread with many comparative data points on CLI with Apple card.
Lots of good info in there if you want to know what to expect.
https://ficoforums.myfico.com/t5/Credit-Card-Applications/Apple-Card-credit-limit-increase-DPs/td-p/5808169

Thank you for this! This is very helpful, as I am in my second month with this card, and also would like a CLI in the next couple of months. My SL is $5k, and I closed 3 weeks of spending at $1,014. I can see I didn't achieved a 25% in those 3 weeks, but I usually spend $700-800/mo between fuel and tolls, so I guess it will be easy to fly by $1250.

Re: Apple Card Approval - CLI Question

GrabbedByTheGhoulies — Tue, 10 Nov 2020 00:10:45 GMT

@jer2305 wrote:
I'm curious if I did request sooner than that, will they still leverage the same report they pulled a few weeks ago, or will they soft pull a new report that would show my updated util and score once everything posts in a week or so to perhaps make a new decision?

They will use the same report from when you applied until they update their internal records in January. January 5th would be a good date to ask if you'd like them to have an updated report.

Re: Apple Card Approval - CLI Question

Aim_High — Tue, 10 Nov 2020 02:13:42 GMT

@CreditBones wrote:
@Aim_High wrote:
It has appeared to me from studying many CLI data points that GS likes to see a minimum of 25% to 30% of your credit limit used over a few months prior to approving a CLI. Here is a long thread with many comparative data points on CLI with Apple card. Lots of good info in there if you want to know what to expect.
https://ficoforums.myfico.com/t5/Credit-Card-Applications/Apple-Card-credit-limit-increase-DPs/td-p/5808169
Thank you for this! This is very helpful, as I am in my second month with this card, and also would like a CLI in the next couple of months. My SL is $5k, and I closed 3 weeks of spending at $1,014. I can see I didn't achieved a 25% in those 3 weeks, but I usually spend $700-800/mo between fuel and tolls, so I guess it will be easy to fly by $1250.

Glad it was helpful, @CreditBones.

That 'ballpark' 25% to 30% is my estimate of the minimum spend they want to give an increase. But higher spend can be better. If you want to optimize your increase, put all spending you can on this card alone for two or three months. We've had some members (especially with limits less than $5K) get 3x or even 10x their SL with heavier use. If you use 25% of CL on a $5K limit, you would probably bump to $6K to $7.5K, I would guess.

Either way, let us know how it turns out and give us some spend data points. As the Apple Card program has aged, we've had a few members get approved with less spend than than the earlier conservative increases. Trend data is always helpful.

Re: Apple Card Approval - CLI Question

CreditBones — Tue, 10 Nov 2020 05:15:29 GMT

@Aim_High wrote:
@CreditBones wrote:
@Aim_High wrote:
It has appeared to me from studying many CLI data points that GS likes to see a minimum of 25% to 30% of your credit limit used over a few months prior to approving a CLI. Here is a long thread with many comparative data points on CLI with Apple card. Lots of good info in there if you want to know what to expect.
https://ficoforums.myfico.com/t5/Credit-Card-Applications/Apple-Card-credit-limit-increase-DPs/td-p/5808169
Thank you for this! This is very helpful, as I am in my second month with this card, and also would like a CLI in the next couple of months. My SL is $5k, and I closed 3 weeks of spending at $1,014. I can see I didn't achieved a 25% in those 3 weeks, but I usually spend $700-800/mo between fuel and tolls, so I guess it will be easy to fly by $1250.
Glad it was helpful, @CreditBones.

If you use 25% of CL on a $5K limit, you would probably bump to $6K to $7.5K, I would guess.

Either way, let us know how it turns out and give us some spend data points. [...] Trend data is always helpful.

Yup! $1k to $1,5k CLI is what I am guessing too, based on a analysis you did earlier:

"I just did the following analysis based on earlier DPs.

You got $1K on a $6.5K limit, so about 15% bump.

Okay, but not huge.

For a CLI at all, I assumed at a minimum you'd have to be putting regular spend on it (7.5% of CL = about $500).

But if you put super-heavy spend, you'd probably have gotten more than 15% increase.

So 30% of your CL over 3 months was the $2K spend for a $1K increase."

So, if 30% spend of my $5k CL ($1,5k) over 3 months ($500/mo) would hypothetically generate a 15% CLI ($750)... then, I could speculate that with a forecasted minimum spending of $1,250/mo [75% of my $5k CL ($3,750) over 3 months], my CLI could be around 37.5% over my $5k CL ($1,875)... more realistically speaking $1k to $1,5k.

But if they ask me a desired amount for my CLI, I will not hesitate to ask for a $2,5k CLI.

I am reading through the whole thread you recommended on the link above; I am already in page 21! LOL

I will definitely share my DPs! Count with that!

Re: Apple Card Approval - CLI Question

CreditBones — Fri, 01 Jan 2021 18:43:27 GMT

@Aim_High , I am getting ready for that CLI!!!

$1,014 — Oct 9 - 31

$1,830 — Nov

$1,410 — Dec

All charges were paid of entirely before bill cut date; Oct & Nov: one sole payment. December: multiple payments.

How has the CLI approval rate trend been lately?

Wishing y'all a better new year!

Stay strong!

Re: Apple Card Approval - CLI Question

Aim_High — Fri, 01 Jan 2021 18:47:51 GMT

@CreditBones wrote:
@Aim_High , I am getting ready for that CLI!!!

$1,014 — Oct 9 - 31
$1,830 — Nov
$1,410 — Dec

All charges were paid of entirely before bill cut date; Oct & Nov: one sole payment. December: multiple payments.
How has the CLI approval rate trend been lately?
Wishing y'all a better new year!
Stay strong!

Awesome, @CreditBones! Great minds think alike. Lol I'm doing the exact same thing. Since I'm gardening for new cards, decided to push my Apple Card limit and see if I have success. With my relatively high $20K SL, it may take much more spend than it does with smaller limits which is why I hadn't done it. Some of my spend was at 2% or 3% but I did a lot of 1% swipes too. A short-term sacrifice in rewards for longer term credit limit gain.

Honestly, the titanium card is kinda cool to swipe and I'm surprised at how durable it has been. Still looks pristine after carrying in my wallet. I just wish the basic 1% rewards rate wasn't so pitiful.

Trend-wise, it has appeared to me that Apple has loosened up a little bit from where they were with approvals last year, but they still want to see good usage.

This is my December total spend as-of last night. I plan to do it again in January.

Re: Apple Card Approval - CLI Question

CreditBones — Sat, 02 Jan 2021 01:45:34 GMT

@Aim_High wrote:
@CreditBones wrote:
@Aim_High , I am getting ready for that CLI!!!

$1,014 — Oct 9 - 31
$1,830 — Nov
$1,410 — Dec

All charges were paid of entirely before bill cut date; Oct & Nov: one sole payment. December: multiple payments.
How has the CLI approval rate trend been lately?
Wishing y'all a better new year!
Stay strong!
A short-term sacrifice in rewards for longer term credit limit gain.

Yup! I am about to exchange 3 months of 6% CB on $600/mo in groceries, for $1,800 additional dollars passed through the AppleCard, for my second CLI request. It's all in the name of a higher credit limit ceiling.

I just wish the basic 1% rewards rate wasn't so pitiful.

I kid you not!

Trend-wise, it has appeared to me that Apple has loosened up a little bit from where they were with approvals last year, but they still want to see good usage.

Those are great news!!!

This is my December total spend as-of last night. I plan to do it again in January.

Niiiice!!!

Re: Apple Card Approval - CLI Question

CreditBones — Sun, 10 Jan 2021 18:03:51 GMT

@CreditBones wrote:
@Aim_High wrote:
@CreditBones wrote:
@Aim_High wrote:
It has appeared to me from studying many CLI data points that GS likes to see a minimum of 25% to 30% of your credit limit used over a few months prior to approving a CLI. Here is a long thread with many comparative data points on CLI with Apple card. Lots of good info in there if you want to know what to expect.
https://ficoforums.myfico.com/t5/Credit-Card-Applications/Apple-Card-credit-limit-increase-DPs/td-p/5808169
Thank you for this! This is very helpful, as I am in my second month with this card, and also would like a CLI in the next couple of months. My SL is $5k, and I closed 3 weeks of spending at $1,014. I can see I didn't achieved a 25% in those 3 weeks, but I usually spend $700-800/mo between fuel and tolls, so I guess it will be easy to fly by $1250.
Glad it was helpful, @CreditBones.

If you use 25% of CL on a $5K limit, you would probably bump to $6K to $7.5K, I would guess.

Either way, let us know how it turns out and give us some spend data points. [...] Trend data is always helpful.

So, if 30% spend of my $5k CL ($1,5k) over 3 months ($500/mo) would hypothetically generate a 15% CLI ($750)... then, I could speculate that with a forecasted minimum spending of $1,250/mo [75% of my $5k CL ($3,750) over 3 months], my CLI could be around 37.5% over my $5k CL ($1,875)... more realistically speaking $1k to $1,5k.

But if they ask me a desired amount for my CLI, I will not hesitate to ask for a $2,5k CLI.

I am reading through the whole thread you recommended on the link above; I am already in page 21! LOL

I will definitely share my DPs! Count with that!

NEWSFLASH!!

CLI approved!
Forget the 37.5% / $1,875 and a more "realistic" $1k to $1.5k CLI!!!
It got approved for $3k!!! That is a 62.5% CLI!!!
Here are the DPs.