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Apple Card Approval - CLI Question

jer2305
Established Member

Apple Card Approval - CLI Question

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!! 

Message 1 of 13
12 REPLIES 12
blindambition
Community Leader
Senior Contributor

Re: Apple Card Approval - CLI Question

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.

Message 2 of 13
cashorcharge
Valued Contributor

Re: Apple Card Approval - CLI Question

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

Message 3 of 13
Aim_High
Senior Contributor

Re: Apple Card Approval - CLI Question

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/...






Total Length of Credit > 35 years; AoOA (Currently open accounts) > 27 years
AAoA > 7 years; AoYA less than 1 year (Aug 2020)
Credit Limits: Total > $573K. Average > $28K. Utilization 1%.
Total Inquiries (TU:3 ~ EQ:4 ~ EX:7); Scorable Inquiries (TU:1 ~ EQ:2 ~ EX:4)
New Accounts: 1/6 months; 4/12 months; 11/24 months (as of 01/11/21)
* Hover cursor over each card to see name & CL, or press & hold on mobile app.
** Gardening since 08/15/20. Garden Goal ACHIEVED!!: Gold Spade on 02/15/21
Message 4 of 13
M_Smart007
Epic Contributor

Re: Apple Card Approval - CLI Question

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.




Message 5 of 13
CreditBones
Regular Contributor

Re: Apple Card Approval - CLI Question


@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/...


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.

Message 6 of 13
GrabbedByTheGhoulies
Established Member

Re: Apple Card Approval - CLI Question


@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. 

Message 7 of 13
Aim_High
Senior Contributor

Re: Apple Card Approval - CLI Question


@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/...


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, @CreditBonesSmiley Happy 

 

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. 






Total Length of Credit > 35 years; AoOA (Currently open accounts) > 27 years
AAoA > 7 years; AoYA less than 1 year (Aug 2020)
Credit Limits: Total > $573K. Average > $28K. Utilization 1%.
Total Inquiries (TU:3 ~ EQ:4 ~ EX:7); Scorable Inquiries (TU:1 ~ EQ:2 ~ EX:4)
New Accounts: 1/6 months; 4/12 months; 11/24 months (as of 01/11/21)
* Hover cursor over each card to see name & CL, or press & hold on mobile app.
** Gardening since 08/15/20. Garden Goal ACHIEVED!!: Gold Spade on 02/15/21
Message 8 of 13
CreditBones
Regular Contributor

Re: Apple Card Approval - CLI Question


@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/...


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, @CreditBonesSmiley Happy 

 

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!

 

 

Message 9 of 13
CreditBones
Regular Contributor

Re: Apple Card Approval - CLI Question

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

398659F7-B6FD-4E0A-A30C-F4DB5E3336D4.jpeg


$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!

Message 10 of 13
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