topic Re: Apple Starting Limit in Credit Card Applications

Apple Starting Limit

citanX — Thu, 17 Dec 2020 14:21:21 GMT

I apped for the Apple card at beginning of month and got approved for 15.99% and an SL of $4000. I have 30 days to accept or deny.

My transunion score is 761 right now and utilization is 19% with 2 out 4 accounts showing a balance. According to the myFico simulator, if I bring utilization down under 5%, my score can go up 20 points.

How likely is it that my lower utilization and slightly higher score will result in better terms?

I would like both a lower APR and higher starting limit, specially a higher starting limit. This would definitely be the best card in my collection if I added it. Right now my daily driver is a capital one quicksilver with a $2500 limit.

I can't really app for anything else since transunion is my best score because of early exclusion.

Also, does anybody know what happens if I click deny on the Apple wallet? Will I be able to apply again immediately and get a new offer or will it still give me the old offer or will it make me wait 30 days to be able to apply again?

Re: Apple Starting Limit

Ficoproblems247 — Thu, 17 Dec 2020 14:49:04 GMT

GS is not known for issuing particularly high SLs for the Apple Card. Your offer looks in-line with what a lot of others post with similar profiles. My last 2 offers have been $4K with scores about the same as yours, the highest they've offered me is $6,500. The card can grow with SP CLIs I believe every 90 days with a moderate amount of spend on the card. If you hit "decline offer," your offer will disappear and you will be locked out of applying for another 30 days. If you want the offer to sit and marinate for the 30 day waiting period, simply swipe out of the application without hitting accept or decline.

Re: Apple Starting Limit

citanX — Thu, 17 Dec 2020 14:56:54 GMT

I would really like a $6500 limit. What was different that time compared to the other times if you don't me me asking?

Re: Apple Starting Limit

M_Smart007 — Thu, 17 Dec 2020 16:18:42 GMT

@citanX wrote:
I would really like a $6500 limit. What was different that time compared to the other times if you don't me me asking?

@citanX, Hi and Welcome to the forum!

If you can really utilize the card, it might be better to take the offer now?,

use the card and ask for a CLI (I believe they are SP) You also get the benefit of the card/Inquiry starting to age on your report(s) .(YMMV)

The difference you might get in APR might be negligible, according to the DP's I have seen.

Also best not to carry a balance unless it is a 0% promo BT/Purchase APR.

If you decide to decline the offer, it is best just to "swipe" away the screen, rather than hit "DECLINE OFFER".

This is all JMHO. Please go with what best fits your needs. ... Happy Holidays!

Re: Apple Starting Limit

M_Smart007 — Thu, 17 Dec 2020 16:22:52 GMT

Sorry @Ficoproblems247 , I did not read the last part of your post, when I posted.

Re: Apple Starting Limit

Ficoproblems247 — Thu, 17 Dec 2020 17:19:00 GMT

@citanX wrote:
I would really like a $6500 limit. What was different that time compared to the other times if you don't me me asking?

The only difference in my overall profile at that point was I had 2 less revolving accounts. It goes back and forth a bit for approval terms depending on how GS is feeling that month, and I generally apply every month for S&G. 4K and 6.5K are certainly not much different in the grand scheme of things. I totally agree with @M_Smart007 in that if it is a card that fits your spend I would just go for it, use it, and keep requesting those SP CLIs. From what others have reported it's not the quickest grower, but they seem to hand out CLIs in 90 day increments with reasonable use of the card.

Re: Apple Starting Limit

cashorcharge — Thu, 17 Dec 2020 20:08:53 GMT

@M_Smart007 wrote:
@citanX wrote:
I would really like a $6500 limit. What was different that time compared to the other times if you don't me me asking?
@citanX, Hi and Welcome to the forum!
If you can really utilize the card, it might be better to take the offer now?,
use the card and ask for a CLI (I believe they are SP) You also get the benefit of the card/Inquiry starting to age on your report(s) .(YMMV)
The difference you might get in APR might be negligible, according to the DP's I have seen.
Also best not to carry a balance unless it is a 0% promo BT/Purchase APR.

If you decide to decline the offer, it is best just to "swipe" away the screen, rather than hit "DECLINE OFFER".

This is all JMHO. Please go with what best fits your needs. ... Happy Holidays!

There is also a strong correlation to your Yearly Income and your SL as reported (well, this was a while back) in other threads.

Re: Apple Starting Limit

citanX — Thu, 17 Dec 2020 20:32:24 GMT

For me, 4k to 6.5k would be a big difference since I am just starting out.

I think I will just wait it out and apply next month. I applied on the 4th so I am already almost half way there. I am curious as to how much of a difference the changes would make.

I am just impatient because my credit was bad for so long.

Need to stay away from that accept button for now.

As for carrying a balance, I am trying to do AZEO. I am putting all my spend on the capital one so currently I usually pay the balance reported on my statement several times over in the course of the month. If I read the terms right, as long as I do that, I should not incur an interest charge even if it is reporting a balance.

Re: Apple Starting Limit

wngraham — Mon, 21 Dec 2020 02:50:16 GMT

Yep, as stated above they give regular CLIs. I started at $6500, then $8200, then $10500, now $12500. I pay in full every month but always put about 10% of whatever the limit is at the time on the card.

Re: Apple Starting Limit

Aim_High — Tue, 22 Dec 2020 07:43:51 GMT

@citanX, Goldman Sachs has been very conservative with starting limits. However, many members have been able to get regular CLI's with regular moderate usage. If you intend to make this card a daily driver, it's worth it to take the offer and let it grow.

I agree that income seems to be a factor with credit limit approvals but I'm sure there are others. I think the strength of credit score more directly affects the APR. I don't know the exact approval relative to income but here is an illustration. Joe makes $100K per year. Bank X approved Joe for a $10K card, about 10% of his income. With the same profile, Goldman Sachs approved him for $5K, or about 5% of his income. Most of our members were disappointed with lower-than-normal starting limits relative to our profiles.

In some analysis I did on other threads, it appears using at least 25% to 30% of your credit limit over a few months before asking for an increase usually helped approvals. So if you were initially approved for a $4K starting limit, charging an average of at least $300 to $400 monthly for 3 months ($1K-$1.5K spend) might be enough to be approved for an increase of another $1000 to $1500 or so. Higher spend might yield better increases. They love usage.

Re: Apple Starting Limit

Jnbmom — Tue, 22 Dec 2020 08:00:26 GMT

@citanX

What limits do you have on the cards you currently have?

4K SL is not a bad start especially considering GS can be a little conservative and the current state we are in.

Apple card tends to grow pretty well every 90 days SP can add up quickly.

Re: Apple Starting Limit

RickNATL — Wed, 23 Dec 2020 19:13:35 GMT

Results are better with higher income; not the score or DTI (esp. if it is already 10% or less).

Re: Apple Starting Limit

RickNATL — Wed, 23 Dec 2020 19:18:51 GMT

@wngraham do you apply for your CLIs or have they been automatic? Any DPs; primary card, avg spend, etc.?

Re: Apple Starting Limit

Jordan23ww — Wed, 23 Dec 2020 19:38:26 GMT

Hey, congratulations on your Apple Card approval offer. I'm not certain if having your score go up 20 more points will make a difference in the offer. I've read a lot of posts from others getting approved for the Apple card and the offer you have received seems to be comparable with those with similar profiles. I think the best option would be to accept this offer and then in 90 days ask for a limit increase. Data points on this forum show that with routine use of the card the limit can rise a lot in the first year by asking every 90 days. Of course by all means do whatever you feel will best work for you!

Your scores are higher than mine but I was approved in November 2020 for $2100 with 0% utilization across my cards with a Transunion Fico 9 score in the low 700's and over 100K in available credit. I think that just getting your foot in the door with them is great! The APR isn't gonna need to be lower if you are able to use the card and not carry a balance (the exception being if you buy eligible Apple products and choose the 0% interest installment plans). My APR is 21.99% but for me it won't be an issue, I pay in full each month.

Re: Apple Starting Limit

FalconSteve — Thu, 24 Dec 2020 04:15:26 GMT

Congratulations on your approval offer. It seems in line with the other SL I've been reading and the AppleCard does seem to grow pretty well with use and CLI requests.

Re: Apple Starting Limit

ghost-cell — Sun, 27 Dec 2020 10:18:06 GMT

4k really isn't bad.. In June 2020 they approved me for 1k. I was like NOPE, I have much better cards and imo 1k is a toy limit considering many Apple products cost more than 1k. I tried again in Aug 2020 and was offered 4.5k. That time I took it.

Re: Apple Starting Limit

Anonymous — Sun, 27 Dec 2020 20:25:57 GMT

Honestly I'd accept it. Here is my story. I was curious if I'd get approved for the Apple Card about two months ago and applied. Was approved for $4k and 21.99. Took a peak at my fico score and decided to wait since I saw with a simulator I could bump

uo my score. Lowered my utilization from 54% down to 1% and got a 52 point bump on my transunion fico score. I just reapplied last night and also used my household income (125k) this time instead and only got a 3k SL and 21.99%. I declined it and tried again after adding a bunch of stuff to my cart, and still got the 3k. I ended up accepting it since I'm picking up a new Mac in a couple weeks. Figured I was locked in with the 3k for 30 days and if a 52 point increase in my credit score didn't help I figured it wouldn't change much in a month. Just make plans to do a CLI.

Re: Apple Starting Limit

Anonymous — Mon, 28 Dec 2020 09:34:06 GMT

What was you TU score when you applied before the bump?

@Anonymous wrote:
Honestly I'd accept it. Here is my story. I was curious if I'd get approved for the Apple Card about two months ago and applied. Was approved for $4k and 21.99. Took a peak at my fico score and decided to wait since I saw with a simulator I could bump
uo my score. Lowered my utilization from 54% down to 1% and got a 52 point bump on my transunion fico score. I just reapplied last night and also used my household income (125k) this time instead and only got a 3k SL and 21.99%. I declined it and tried again after adding a bunch of stuff to my cart, and still got the 3k. I ended up accepting it since I'm picking up a new Mac in a couple weeks. Figured I was locked in with the 3k for 30 days and if a 52 point increase in my credit score didn't help I figured it wouldn't change much in a month. Just make plans to do a CLI.

Re: Apple Starting Limit

Anonymous — Mon, 28 Dec 2020 09:47:53 GMT

When I originally applied at the end of October my TU score was 678. When I applied yesterday it was 730. Still bummed with the lower SL, but I'll get over it and hopefully I'll see a decent CLI in the future.

Re: Apple Starting Limit

Anonymous — Mon, 28 Dec 2020 09:49:58 GMT

Thinking of applying myself! Just concerned about my util which is at about 29% (feel it might be considered high).