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

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

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..

  • Yes, I know there are better cards than Apple Card. I applied because I am an Apple enthusiast and it would make a good keeper card
  • VS 3.0 simulation goes from 692 to 683 if I do it
  • YES! I know that VS 3.0 is "not accurate," but my FICO score hasn't even generated yet

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.

Cards: Discover It secured ($400 SL) | Apple Card ($250)
Message 1 of 20
19 REPLIES 19
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Super Contributor

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

If you wanna be cool, take itSmiley Wink. If not wait for a better offer and at least until you have true fico scores. Imo.
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Message 2 of 20
Valued Contributor

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

If I were you, I would take the $250 unsecured limit Apple card. You can grow the limit as your credit profile grow. It would be hard for you to get an unsecured card without having a generating a FICO score anyway.






Message 3 of 20
Member

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

Of course I "want it." It's a titanium card. I don't want to be stupid though. So you think it's better to wait and get an older average account age with a higher CL? Just trying to learn how this stuff is weighted with the score.


@AverageJoesCredit wrote:
If you wanna be cool, take itSmiley Wink. If not wait for a better offer and at least until you have true fico scores. Imo.

 

Cards: Discover It secured ($400 SL) | Apple Card ($250)
Message 4 of 20
Established Contributor

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

Here's my take, and it truly is just an opinion:

 

That credit line is entirely appropriate for you or someone in your position.  You are literally 18!  Most 18 year olds don't have a credit card (and that's probably a good thing!)  If a low income 18 year old wants a large credit line, that's probably a recipe for potential problems.

 

Other than secured cards, you would be looking at things like maybe the Student Discover card and Capital One platinum with it's $300 credit limit anyway.  This card will be a great way to learn about responsible spending, paying in full, not carrying debt, tracking expenses, etc.  Plus, it fits your lifestyle.

 

If I were in your shoes, I would take it, with the understand that it should grow as you demonstrate financial responsibility for years to come.

 

Kudos to you for giving this critical thought.

050719:     
081719:     

A regretful expert. I have repaired before, I will repair again. My current goal is 670 FICO08 across the board by November 2019.
Message 5 of 20
Established Contributor

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

I meant to add, since you asked:  Yes, having an additional unsecured line open will help you build a credit history.  Doing it now starts that clock "sooner than later".  How important that 6 month difference is would certainly be open to intrpretation.

050719:     
081719:     

A regretful expert. I have repaired before, I will repair again. My current goal is 670 FICO08 across the board by November 2019.
Message 6 of 20
Member

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


@BallBounces wrote:

Here's my take, and it truly is just an opinion:

 

That credit line is entirely appropriate for you or someone in your position.  You are literally 18!  Most 18 year olds don't have a credit card (and that's probably a good thing!)  If a low income 18 year old wants a large credit line, that's probably a recipe for potential problems.

 

Other than secured cards, you would be looking at things like maybe the Student Discover card and Capital One platinum with it's $300 credit limit anyway.  This card will be a great way to learn about responsible spending, paying in full, not carrying debt, tracking expenses, etc.  Plus, it fits your lifestyle.

 

If I were in your shoes, I would take it, with the understand that it should grow as you demonstrate financial responsibility for years to come.

 

Kudos to you for giving this critical thought.


I really appreciate your input! I totally agree with you that it is an acceptable credit limit. I am just wanting to build my credit score over time and I know that higher limits = higher scores. With that being said, I am in it for the long haul and just want to make sure every decision I make is smart for my score. I've decided to take the offer Smiley Happy

Cards: Discover It secured ($400 SL) | Apple Card ($250)
Message 7 of 20
Established Contributor

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


@drummerdude wrote:

@BallBounces wrote:

Here's my take, and it truly is just an opinion:

 

That credit line is entirely appropriate for you or someone in your position.  You are literally 18!  Most 18 year olds don't have a credit card (and that's probably a good thing!)  If a low income 18 year old wants a large credit line, that's probably a recipe for potential problems.

 

Other than secured cards, you would be looking at things like maybe the Student Discover card and Capital One platinum with it's $300 credit limit anyway.  This card will be a great way to learn about responsible spending, paying in full, not carrying debt, tracking expenses, etc.  Plus, it fits your lifestyle.

 

If I were in your shoes, I would take it, with the understand that it should grow as you demonstrate financial responsibility for years to come.

 

Kudos to you for giving this critical thought.


I really appreciate your input! I totally agree with you that it is an acceptable credit limit. I am just wanting to build my credit score over time and I know that higher limits = higher scores. With that being said, I am in it for the long haul and just want to make sure every decision I make is smart for my score. I've decided to take the offer Smiley Happy


 Since the forum is so credit score and credit limit focused, we sometimes miss the forest for the trees.  Healthy FICO scores expect responsible use, not higher limits.  Something to be careful about from above:  For responsible credit users, your scores (partially) drive the limits, not the other way around....

050719:     
081719:     

A regretful expert. I have repaired before, I will repair again. My current goal is 670 FICO08 across the board by November 2019.
Message 8 of 20
Valued Contributor

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


@drummerdude wrote:

@BallBounces wrote:

Here's my take, and it truly is just an opinion:

 

That credit line is entirely appropriate for you or someone in your position.  You are literally 18!  Most 18 year olds don't have a credit card (and that's probably a good thing!)  If a low income 18 year old wants a large credit line, that's probably a recipe for potential problems.

 

Other than secured cards, you would be looking at things like maybe the Student Discover card and Capital One platinum with it's $300 credit limit anyway.  This card will be a great way to learn about responsible spending, paying in full, not carrying debt, tracking expenses, etc.  Plus, it fits your lifestyle.

 

If I were in your shoes, I would take it, with the understand that it should grow as you demonstrate financial responsibility for years to come.

 

Kudos to you for giving this critical thought.


I really appreciate your input! I totally agree with you that it is an acceptable credit limit. I am just wanting to build my credit score over time and I know that higher limits = higher scores. With that being said, I am in it for the long haul and just want to make sure every decision I make is smart for my score. I've decided to take the offer Smiley Happy


I don't know how you came to that conclusion but its definitely not true.  Higher scores are a function of responsible credit use i.e. paying your balances on time and keeping your utilization low.





Message 9 of 20
Member

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


@MaizeandBlue wrote:

@drummerdude wrote:

@BallBounces wrote:

Here's my take, and it truly is just an opinion:

 

That credit line is entirely appropriate for you or someone in your position.  You are literally 18!  Most 18 year olds don't have a credit card (and that's probably a good thing!)  If a low income 18 year old wants a large credit line, that's probably a recipe for potential problems.

 

Other than secured cards, you would be looking at things like maybe the Student Discover card and Capital One platinum with it's $300 credit limit anyway.  This card will be a great way to learn about responsible spending, paying in full, not carrying debt, tracking expenses, etc.  Plus, it fits your lifestyle.

 

If I were in your shoes, I would take it, with the understand that it should grow as you demonstrate financial responsibility for years to come.

 

Kudos to you for giving this critical thought.


I really appreciate your input! I totally agree with you that it is an acceptable credit limit. I am just wanting to build my credit score over time and I know that higher limits = higher scores. With that being said, I am in it for the long haul and just want to make sure every decision I make is smart for my score. I've decided to take the offer Smiley Happy


I don't know how you came to that conclusion but its definitely not true.  Higher scores are a function of responsible credit use i.e. paying your balances on time and keeping your utilization low.


Got it. I got that idea primarily from Creditwise in the Capital One app (where I have my checking and savings account). They have this scale on available credit limit, and the higher it is, the higher the scale is. I know those simulators and VS 3.0 scores are kind of a load of it though. I just accepted the offer, and I can already use Apple Card with Apple Pay! The titanium card will be coming in the next few days.

Cards: Discover It secured ($400 SL) | Apple Card ($250)
Message 10 of 20
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