@CreditCuriosity wrote:
@EW800 wrote:I am wondering if others may have any thoughts what may be holding down the CL that Apple/GS has offered me ...$10K. I know that is a CL that a lot of people would love to have, however if I were to accept it, it would be one of my lowest CL's.
With my scores, only one inquiry on one report, almost no debt and thick file and income in the $130K range, I am trying to figure out what may be holding my CL offer down.
Best friend has income > 600k and only got offered 20k and he has 840+ credit scores.. They are basically cheap/conservative is what it comes down to with limits.. He has a few others card in the 70-90k limit each...
^ ^ ^ +1
GS is basically proving to be a very conservative lender.
Low starting limits and slow to grow for most of us.
As I alluded earlier, akin to Capital One Bank in lending.
So the card has its' advantages and is a good match for some profiles, but this is not a card to target for high limits, at least for now. Whether it works for you better than other cards depends mostly on your Apple spending and what else you've got in your wallet that will pay 2%+.
My profile got me the lowest available APR and what they consider (for them) a "high limit" of $20K.
However, like you both, this is one of my lowest limits. I've gotten SL's up to $35K and currently have three cards in the $50K to $70K range. When I applied in August, my average limit was over $30K.
My other limits apparently mattered very little to them. If anything, they aim to match your lowest card.
They didn't care that they pulled a perfect 850 TU FICO for the application.
They didn't care that my income was over $350K.
They didn't care that I had almost $250K in the bank with them.
They didn't care that my file is over 35 years thick.
They didn't care that my file was mixed with dozens of cards reporting open/closed, mortgages, car loans, student loans.
If anything, I wonder if already having almost $400K in available credit at time of application caused me to have a lower SL since I'm not using it heavily.
And it appears that paying-in-full before statement cut further hurt my potential limits as my decline for CLI mentioned that they look at how much credit you're using on all available accounts (yet they couldn't see how much I'm using on many accounts because the balances never hit the CRB after statement cut.)
After using it for a few months, I'm not sure I want to be heavily immeshed in a card that requires my iPhone to manage it, has no independent app or website, no paper statements (sorry, I'm old-fashioned and like my paper), and that only pays me 2% where Apple Pay is accepted. I have so far had no need to use that impressively-heavy and shiny titanium Apple physical card because the measly 1% rewards is almost amusing in the current credit market. What if I lose my iPhone? What if I decide I want to switch to another operating system or phone?
The stingier lending limits don't encourage me to value the card or account. Basically, when I run into cards that offer stingier lending limits or that make me work too hard to make them grow, it's evident that I'm not their target demographic and they don't value me as highly as a customer. At least for this card, GS Bank is not targeting me and it shows. I get the message. Compared to other large lenders, they are putting less weight on credit scores, income, credit history, and wealth to focus more on newer files, younger consumers (i.e. Generation X, Millenials, Generation Z and not younger Baby Boomers like myself.) They would rather approve 10 thinner files with $2K limits than 1 thicker file with $20K limits. Higher limits only awarded with heavy regular use. Apple loyalty is being rewarded. Enthusiasm for and heavy use of mobile pay / Apple Pay is being rewarded. They seem to want younger consumers who may not yet have any 2% or better credit cards and who use Apple Pay for that, plus have heavier use of buying new Apple products. Younger consumers who may not yet have a heavy metal premium card and want to 'flash' their Apple card where Apple Pay is not accepted, and are willing to accept only 1% rewards to do it, maybe because they don't get higher rewards yet on other physical credit cards. So I still think it's a good card: but for the right consumer profile. I'm not bitter about any of that and it's just my analysis; I just wish I had known this before burning a HP, but these are DPs that we are discovering as we go since this is a new card and new lender in the credit markets. I'll keep the card and maybe in time it will become more useful to me as things do change. Options are always good. But for now, this is not a daily driver.
Nothing yet still.. Suspect I would of got my decline on request by now as at least one other from 24th submitted has heard back. Appears approvals in CLI come quicker than denials? Anyways will let all know outcome regardless. As speculated earlier it will be to much available credit to credit used i can assure you 
... One can still hope though!
@CreditCuriosity wrote:Nothing yet still.. Suspect I would of got my decline on request by now as at least one other from 24th submitted has heard back. Appears approvals in CLI come quicker than denials? Anyways will let all know outcome regardless. As speculated earlier it will be to much available credit to credit used i can assure you
Fingers crossed @CreditCuriosity. I don't have a fruit in the race, but sending you good vibes 🍎😁👍
@FinStar wrote:
@CreditCuriosity wrote:Nothing yet still.. Suspect I would of got my decline on request by now as at least one other from 24th submitted has heard back. Appears approvals in CLI come quicker than denials? Anyways will let all know outcome regardless. As speculated earlier it will be to much available credit to credit used i can assure you
Fingers crossed @CreditCuriosity. I don't have a fruit in the race, but sending you good vibes 🍎😁👍
@FinStar just a matter of time till you break down and get the fruit card I speculate are the holidays coming up when bored and un-box your ipad lol .. I know I am getting a itch as been a whole month since a new TL..
@CreditCuriosity wrote:
I know I am getting a itch as been a whole month since a new TL..
My God, a month?!?
How in the world did you do it?
Lol 
