@babbles wrote:it took me about 3 years to get an initial approval, I use the card every month to pay my xfinity and T Mobile bills, up to $250 per month and carry a $15 balance per month for credit score purposes, I might not be the prime person for a CLI being that I don't spend enough I take it
There's never a need to carry a balance and pay interest for credit purposes. Unless you meant you let it *report* a balance every month, but still pay in full as soon as it reports.
Sorry to hear about your denials! Thank you for sharing this information with us!
@Cashbackjunky wrote: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!
@Cashbackjunky the installment plans can definitely be a reason for a limit increase denials but can also be beneficial too! When I first got my Apple Card I got a new MacBook on an installment plan. When I asked for a limit increase at 91 days I was denied for not paying off enough of my balance yet. I paid off the the installment and asked again a month later and got an increase.
For my next few requests I made for a limit increase I kept getting denied for not using my current limit enough. I went a year between my first and 2nd increase because of this denial reason. I ended up getting another MacBook on installment and asked for a limit increase after paying down part of the installment. My installment was still using 24% of my current limit though and they approved my request.
Every increase I've gotten has either happened after paying off an installment or while I've had an installment going on. Outside of the installment spending I've done I don't ever seem to spend enough to satisfy the amount Goldman Sachs deems acceptable for a limit increase. Haven't gotten an increase since January 2022 because if this.
@NoMoreE46 wrote:It can be about utilitization ratios.
My wife used her Apple card for a $2500 purchase which brought her balance to $4,000 so. If she had a $7,000 limit then her October utility would have been 57%. Her limit is much higher than $7,000 so utility is about 25% this past month.
@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.
@NoMoreE46 I agree, individual Apple Card utilization is an important factor to Goldman Sachs. I had a Goldman Sachs rep once tell me if your Apple Card utilization is 30% or higher it is an almost automatic denial if you ask for a limit increase. If it is 29% or lower though your chances greatly improve. Of course there will be exceptions to this.
Yeah, that was my worry too @NoMoreE46. I fear that my spend won't warrant a CLI - there is only 1 way to find out.
My plan is to pay off the ~$1,000 left on the installment by end of the year and see how my CLI request goes come Jan/Feb of '23.
I'll certainly keep us all posted
Edited for spelling...
@NoMoreE46 wrote:Appreciate you sharing your details @bigseegar.
Thanks for your CLI DPs @Jordan23ww.
I paid off my 13 Mini early and have had no success with any of my CLI requests. Admittedly, I am not spending the same 20% or so of my CL monthly as was the case when it was $6000 to $8000; now at $14000.
Be interested if paying off your two iPhones will then allow a CLI @Cashbackjunky (I do know that it is already pretty high at $25k)
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@Jordan23ww wrote:@Cashbackjunky the installment plans can definitely be a reason for a limit increase denials but can also be beneficial too! When I first got my Apple Card I got a new MacBook on an installment plan. When I asked for a limit increase at 91 days I was denied for not paying off enough of my balance yet. I paid off the the installment and asked again a month later and got an increase.
For my next few requests I made for a limit increase I kept getting denied for not using my current limit enough. I went a year between my first and 2nd increase because of this denial reason. I ended up getting another MacBook on installment and asked for a limit increase after paying down part of the installment. My installment was still using 24% of my current limit though and they approved my request.
Every increase I've gotten has either happened after paying off an installment or while I've had an installment going on. Outside of the installment spending I've done I don't ever seem to spend enough to satisfy the amount Goldman Sachs deems acceptable for a limit increase. Haven't gotten an increase since January 2022 because if this.
@NoMoreE46 wrote:Gonna tag @Aim_High for his input.
He had been tracking CLI DPs for the Apple Card for a good while. Hoping he can provide a quick read into this.
Thanks for the tag, @NoMoreE46. I don't believe we had an abundance of data points about the impact of installment plans versus traditional spending but I'll try to help. I originally compiled data points in 2019 about early CLI successes ... or lack thereof.
Goldman Sachs loves spend-and-pay, but not if you don't pay off your balances promptly. I agree with the report from @Jordan23ww that carrying an installment plan with higher utilization may be cause for denial, even if utilization targets were met.
@Jordan23ww wrote: @NoMoreE46 I agree, individual Apple Card utilization is an important factor to Goldman Sachs. I had a Goldman Sachs rep once tell me if your Apple Card utilization is 30% or higher it is an almost automatic denial if you ask for a limit increase. If it is 29% or lower though your chances greatly improve. Of course there will be exceptions to this.
Keep in mind that the utilization targets we found seemed to serve as a "gatekeeper" function for the major of CLI success or failure. However, GS does consider other metrics. The target usage was suggested as an absolute minimum of 25% to 35% usage of the existing credit limit in-between CLI requests (not monthly). So multiplying CL x 0.35% is a safe target of the minimum spend someone would want to put on the card to increase success. As you noted, as your CL rises, it could become more difficult to continue to put enough spend on the card to warrant additional increases. Higher usages have shown to give higher CLIs, up to as high as $10K per increase. (That 0.35% can be divided over several months charges and payments. They don't have to be in a specific time-frame but heavier usage up to the point of requesting the increase is suggested.)
In terms of the installment plans, I believe they would count the same as other charges. However, if they haven't been paid off, they may hold back a member from CLI until they are paid since Goldman likes to see spend-and-PIF. I had not seen the 29% figure quoted but it makes sense that they would want to see utilization lowered to some target. Personally, I would suggest paying off the card IN-FULL before requesting the CLI. I would image carrying a balance, even if on a payment plan, could yield a lower increase if it did happen to still be approved. That is just my speculation.
