Apple Card made me an offer for a very low limit - do I take it?

[BallBounces]

@drummerdude,

Keep hanging around the forums!  Lots to learn, we wanna make sure you get the nuances right! 

[Rebuild2019]

@drummerdude Congratulations on your new Apple Card!! GL to you!

[Anonymous]

Only way your FICO can go is up with either patience or trigger happy fingers, IMO. I don’t know how the Apple Card will grow, but I just took the offer for 6.5k at 23%. Good luck on your decision!

[nuohlac]

If I were you I would take it. You need credit lines to build credit. None one walks into the FICO game with great scores and huge limits at 18 years of age. It starts today manage it wisely and you will get it in due time. 

[kdm31091]

Honestly, I mean this in the nicest way, you're 18. Take the $250 limit, use it responsibly, it will probably grow just fine for you (obviously we don't really know how the Apple product will be with CLI at this point, but they should offer them eventually).

While the forums can offer great advice and input, the main thing to remember is that building credit (and becoming eligible for higher limits) takes time and payment history. There's no shortcut to it.

[Anonymous]

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@kdm31091 wrote:

Honestly, I mean this in the nicest way, you're 18. Take the $250 limit, use it responsibly, it will probably grow just fine for you (obviously we don't really know how the Apple product will be with CLI at this point, but they should offer them eventually).

While the forums can offer great advice and input, the main thing to remember is that building credit (and becoming eligible for higher limits) takes time and payment history. There's no shortcut to it.

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That's exactly right! I accepted the offer and already made a small purchase since they give you the card number instantly. Will be paying off the balance as soon as it posts. Now it's time to nurture the Discover Card and Apple Card, get the Discover Card graduated, and continue the credit journey! I'm hoping to get the Citi Double Cash in July or August of 2020 as my next card, because that's when the Discover cashback match ends, meaning I won't get 2% back on stuff anymore.

[Anonymous]

I have to agree with kdm because this will, in time, show future lenders that you can be trusted. Not only that but there are and will be some really great cards that you will qualify for that offer 0 apr for an introductory period and rewards, so you can buy new shiny Macs, iPhones etc with! By all means do what you think is best, but I would start building your profile early. :-)

Good luck!

[Anonymous]

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@Anonymous wrote:

I just started my credit building journey last month with the Discover It secured card. I just turned 18 and have low income, and I opened the Discover account as soon as I could. I've got a $400 secured limit on that account. I'm a huge Apple enthusiast, so I applied for Apple Card today and they made me an offer with a $250 limit. A few things..

Would you take it to get an unsecured account open this early? I'm not sure if it's better to have 2 accounts open this soon, one being unsecured, even though it's a low limit, or wait a year to apply for an unsecured card hoping to get a higher limit (but cut the average account age in half). I'm not sure what to do.

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Normally I would say go for it but, not knowing how GS will handle CLI's at this point makes it a 50/50 proposition in taking the bait.

[Anonymous]

I took the offer. Already made a purchase with it and paid it! It's amazing how fast the transactions post. They post within a day, where my Discover It card takes 3-4 days to clear.

[FinStar]

Congrats on the approval OP.

Locking this thread as you have been approved. Feel free to start a new approval thread in the Approvals forum if you would like to do so.