Yesterday I was able to have an Apple Card Rep give my personal cell number to a GS Rep after having been denied a CLI numerous times since my last Apple Card Auto CLI that GS gave me that was over 7 months ago. My card balance is zero as I PIF a couple months ago. Reason for my frustration is there has been no rhyme or reason for the denials and the reasons given have been all over the place. My scores are 730ish across the boards with zero lates ever and zero baddies. Apple Card rep did tell me it could take 1-10 DAYS for GS to call me. However GS called me within the hour and it was a GS Credit Supervisor who gave me the true down low on how they look at Apple Card CLI's and also their new internal CLI procedures. Here is exactly what she told me for DP's for anyone wondering.
* This one she said is by far their biggest one: GS wants too see BOTH lots of usage and lots or payment before they will grant a CLI in most cases. She said that they prefer that customers don't carry balances and if they do that they don't want to see that balance carried more than 2-3 months. If/When carrying a balance they want to see LARGE payments made toward the balance larger even than 2X the Mininum Due. They totally prefer heavy usage and PIF every month and made it clear they don't like balalnces and that alone is enough for them to deny CLI's if they feel you aren't paying enough monthly. (One would think they'd like the interest but they are also sitting at an industry high loss rate of 2.9% on this card. So that may explain them not liking balances).
* Their new internal policy is definitely CLI every 181 Days now (following a sucessful prior CLI request) and is no longer 91 days. There also is NOT a 30 day waiting period after a denial for any reason as always thought or posted about. You can ask again the next day BUT they do "recommend" waiting 30 days due to possible changes in credit report (TU) she said.
* She said GS has NO Reconsideration process or department nor will they even entertain any such request (which is what mine was really).
* Lastly, she said that GS is going to start being much more restrictive/less lenient on both Apple Card CLI's and new Apple Card apps due to their losses and also trying to get away from the Subprime borrowers that have in the past been approved for the Apple Card. (In other words they're going to start cutting their losses literally).
Now personally I understand more on how they are thinking and in all fairness I rarely use my Apple Card and have never used more than 50% of my current CL. So, I understand why the CLI denials on my end as I'm not their ideal card holder. Like I told her I use my AmEx cards a daily and would and will have regardless of an Apple card CLI anyway. I thought these DP's about the Apple Card CLI "behind the scenes" process might help others understand and/or plan according.
@whoknows1 wrote:
Just wondering why would one want more CLI on Apple card. I use mine only for app store purchases and they gave me 7k and that's more than enough for me.
Is it because it helps your credit score or? I always pay my balance in full every month so my denominator doesn't play too much of a factor in Utilization.
I was gonna say, "you must be new around these parts" but saw you've been on the boards since '19.
Don't you know, higher CL's is a sign of status?! <~~ sarcasm
Thanks for the DP's @bigseegar! I have to imagine having an installment (our new iPhones) on the card is 'carrying a balance'. That would make sense why the reason for denial that I keep getting is:
"You have not used and paid enough of your Apple Card credit limit since your last credit limit increase".
I may pay the installment off early, let my report cycle, then try again. You know, for science!
@whoknows1 wrote:
Just wondering why would one want more CLI on Apple card. I use mine only for app store purchases and they gave me 7k and that's more than enough for me.
Is it because it helps your credit score or? I always pay my balance in full every month so my denominator doesn't play too much of a factor in Utilization.
I would prefer a higher CL because every now and again I buy a Mac or other item on the 12 month installment plan and would prefer to keep my utilization for that single card as low as I can regardless of how fast I actually intend to pay it off. That's probably residual insecurity from my bad credit days.
Thanks for the info - now I know why I'm stuck with 4k with no CLI
@whoknows1 wrote:
Just wondering why would one want more CLI on Apple card. I use mine only for app store purchases and they gave me 7k and that's more than enough for me.
Is it because it helps your credit score or? I always pay my balance in full every month so my denominator doesn't play too much of a factor in Utilization.
The card used to grow extremely quickly, for people with low credit lmits it made utilization management pretty easy. The all metal blank card is a cool design, the UI is amazing, the payment plan on apple products is pretty decent. 2% on applepay is pretty good especially if you also routinely shop at the 3% bonus catagories, the no ftf, no overage and no late fees is pretty good. It is/was also a pretty easy card to get with a 620 fico 9 threshold making it much easier for people just starting out vs other 2% cards. It is by no means an amazing card but for it's placement in the market it is pretty decent card.
