@cem13 wrote:The past few months, I have been paying down debt (AZEO) in preparation for an early retirement. I plan to use the Bucket Strategy. My Bucket One/Emergency Fund will be the Apple Savings Account paying 4.15% APR. Over the past few months, my TU FICO 9 score increased by 50 points and maxed out at 850 this month.
Citi DC is my daily driver but I am changing this to Apple/GS card. So I asked for a CLI ($6,000 currently). I had the Apple card (along with the other 13 cards) in the SD and cycled every 9~12 months. I have 5 cards with $25K CL. So, I hit the luv button (message) and was denied for "lack of use". You talk about conservative lending standards.
I guess I will have to show more usage and try again. Does anyone know what the wait time is after rejection?
Times are different than before. The old saying. Dont use it. Lose it. As your paying down for now. Whats your util % as it stands now with the Citi DC?
I requested CLIs on my Apple GS card on March 11, March 25, and April 20. I was rejected on March 11 and March 25. At both times I had very low utilization on the card, and low utilization across all of my credit card accounts. The stated reason for denial on March 25 was that my recent payments hadn't paid off a significant amount of my balance. Really? I had almost no balance! On April 20 my CLI request was approved, with an increase from $8,500 to $12,500. There was very little meaningful difference in my credit profile or account with GS betwed March 25 and April 20. It seems like they might not have been using very fresh data in March, but caught up in April. At least for me, asking repeatedly worked ok.
If you're not using the card enough it makes sense they'd say no. The days of utilization padding seem to be over
@Puppetmaster wrote:I requested CLIs on my Apple GS card on March 11, March 25, and April 20. I was rejected on March 11 and March 25. At both times I had very low utilization on the card, and low utilization across all of my credit card accounts. The stated reason for denial on March 25 was that my recent payments hadn't paid off a significant amount of my balance. Really? I had almost no balance! On April 20 my CLI request was approved, with an increase from $8,500 to $12,500. There was very little meaningful difference in my credit profile or account with GS betwed March 25 and April 20. It seems like they might not have been using very fresh data in March, but caught up in April. At least for me, asking repeatedly worked ok.
^^^^ This. My last request was denied and the data used was from April 9th. 30 days old almost. I'll try again later. 😏
That has been my case with the Apple card for a while now, every time I hit the luv button it tells me I am not using enough of the current limit. GS likes spend, if you run some spend through it for a few months and then try again I bet you get it.
I have seen data points that say you need to wait 90 days to ask for a cli on this card again, but I spoke with a CSR once who said that there is no such rule, so I hit the button for a cli and was denied because I had recently requested one too soon (I was at like 80 days) so who knows.
@Puppetmaster wrote:I requested CLIs on my Apple GS card on March 11, March 25, and April 20. I was rejected on March 11 and March 25. At both times I had very low utilization on the card, and low utilization across all of my credit card accounts. The stated reason for denial on March 25 was that my recent payments hadn't paid off a significant amount of my balance. Really? I had almost no balance! On April 20 my CLI request was approved, with an increase from $8,500 to $12,500. There was very little meaningful difference in my credit profile or account with GS betwed March 25 and April 20. It seems like they might not have been using very fresh data in March, but caught up in April. At least for me, asking repeatedly worked ok.
@Puppetmaster I have also found this to be the case. It seems that Goldman Sachs will use a credit report that is 1 to 2 months old when they do their soft pulls especially for limit increases!
I once had a MacBook Pro installment on my Apple Card, back when I first got the card. My starting limit was $2100 and it was using up 92% of my card''s limit. My score took a hit for having the high utilization. Since I had the money available, I paid the card off immediately and then waited 5 weeks to ask for a limit increase (at this point my account age was slightly over 3 months old). I had already gotten my next statement which showed a $0 balance. I got denied for the limit increase because I had not paid off enough of my current balance and for having high utilization on my card.
I was confused how that would be the denial reason on a $0 balance card, 5 weeks after my payment posted. I then noticed the Fico 9 score they displayed on my denial email. My score on the email was what my score had been 2 months prior when I had gotten approved for the card and did the installment. My score had changed a lot since paying the card off. I waited another month and asked again and got my limit increase. This is when I realized they were using older reports for their soft pulls. I've found that Amex does this too but their soft pulls tend to usually be 1 month old.
