topic How long to wait to get a credit increase after receiving a decrease credit decrease? in Credit Cards

How long to wait to get a credit increase after receiving a decrease credit decrease?

CreditNoob — Wed, 16 Oct 2024 00:39:02 GMT

I recieved a credit decrease on my Apple Card from Goldman Saahs sometime in August of this year. I have perfect history on my Apple Card with no late payments. However I carried a high balance on it near maxing it out for a very long time. One day I eneded up paying my card off in full as I was on a mission to decrease my utilization across all my cards. Three day after the payment posted on my Apple Card I receive and email that my credit limit would be decrease. I do not fault Goldman Sachs for doing that as I carried a large balance on the card for a long time. I am now on a mission to increase my credit limits on all my cards. I attempted to request a CLI on my card yesterday and got denied, with the reason given being "You recently received a credit limit decrease on Apple Card.". With that being said how long should I wait before attempting to ask for a CLI. I have been using my Apple card with the limit that I have heaviliy and have been paying it in full before my statement post so a 0 balance is reported. Does anyone recommend anything differnt that I should be doing? Should I ask for an increase some time in April 2025?

Re: How long to wait to get a credit increase after receiving a decrease credit decrease?

NoMoreE46 — Wed, 16 Oct 2024 17:07:01 GMT

@CreditNoob wrote:
I recieved a credit decrease on my Apple Card from Goldman Saahs sometime in August of this year. I have perfect history on my Apple Card with no late payments. However I carried a high balance on it near maxing it out for a very long time. One day I eneded up paying my card off in full as I was on a mission to decrease my utilization across all my cards. Three day after the payment posted on my Apple Card I receive and email that my credit limit would be decrease. I do not fault Goldman Sachs for doing that as I carried a large balance on the card for a long time. I am now on a mission to increase my credit limits on all my cards. I attempted to request a CLI on my card yesterday and got denied, with the reason given being "You recently received a credit limit decrease on Apple Card.". With that being said how long should I wait before attempting to ask for a CLI. I have been using my Apple card with the limit that I have heaviliy and have been paying it in full before my statement post so a 0 balance is reported. Does anyone recommend anything differnt that I should be doing? Should I ask for an increase some time in April 2025?

Thanks for sharing your CLD @CreditNoob. This is one of the first posts about a decrease from the Apple Card. I do expect more over the next few months though.

Is your $900 in your signature the lowered limit?
You'll need to probably wait at least six months and I would recommend trying to get your scores higher (like 50 points) in the interim. Your other cards- do they also have high Reported utilization?

All your cards are in sub $1000 range which is not great. Try working on the current ones to get your limits up as well.

Re: How long to wait to get a credit increase after receiving a decrease credit decrease?

CreditNoob — Wed, 16 Oct 2024 23:49:17 GMT

Hi @NoMoreE46 thank you for replying. Yes the $900 in my signature is the lowered limit. Before my limit was lowered it was $2700. First limit decrease I have ever recieved on any card. I do not blame them for decreasing it as I had a high balance on it for almost a full 12 months before I started to pay it off. Funny enough the moment that I paid $1800 to reduce my balance significantly they decided to decrease and cap my limit to the $900 balance that I had. I will take you advice and wait 6 months before asking for an increase and I will work on getting my CL up on my other cards. I wonder if I get a secured card and load 10-20k on it would that help as the bank would see that I have a high limit account?

Re: How long to wait to get a credit increase after receiving a decrease credit decrease?

NoMoreE46 — Thu, 17 Oct 2024 01:25:58 GMT

@CreditNoob wrote:
Hi @NoMoreE46 thank you for replying. Yes the $900 in my signature is the lowered limit. Before my limit was lowered it was $2700. First limit decrease I have ever recieved on any card. I do not blame them for decreasing it as I had a high balance on it for almost a full 12 months before I started to pay it off. Funny enough the moment that I paid $1800 to reduce my balance significantly they decided to decrease and cap my limit to the $900 balance that I had. I will take you advice and wait 6 months before asking for an increase and I will work on getting my CL up on my other cards. I wonder if I get a secured card and load 10-20k on it would that help as the bank would see that I have a high limit account?

Unfortunately, Goldman is "balance chasing" your Apple Card account.

Let us know if the CL gets reduce after another payment.

So you have ~ $10k available to leverage on a Secured Card?

Re: How long to wait to get a credit increase after receiving a decrease credit decrease?

CreditNoob — Thu, 17 Oct 2024 04:54:19 GMT

@NoMoreE46 Yes I have alot funds avaible at the moment. I already paid all my credit card down to 0 and I am currently leveraging the AZEO method. Would a secure card with a high limit be beneficial?