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Apple Card CLI to $40K

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addision
Valued Member

Re: Apple Card CLI to $40K


@Aim_High wrote:

= = = = =

@addision wrote:

A question though. I was also following the >25% method. I was doing 25% per billing cycle until one time  wanted to see what happen if I only paid 80% of my balance instead of in full. I am up to 18k now.

Were you using 25% each billing period or just within each 90 day span betweeb CLI requests?


Thank you @NRB525. @Total80sKid , @addision.  Glad to help others with those data points.

 

Where did your credit limit start, @addision, and how long have you had the card to get it to $18K? 


I started at $6500 around May of 2020 and when I began asking for increases I put at least 25% on the card each month, so I guess that was 75% between each CLI. I beleive they gave me about 3k each time I asked and was approved. I didn't get my first CLI until last year about this time as I was building other cards. So they have given me 4 or 5 increases. I didn't pay in full this last time I asked just to see what happen and they denied me for not paying enough of the balance (like 80%).

 

I have a business and I can put a larger spend on the card. My goal was to get to 45-50k each on two to three cards.

 

I will look at maxing out the CL going forward to see if I can get the 10k each request.

Message 31 of 47
Aim_High
Super Contributor

Re: Apple Card CLI to $40K


@addision wrote:

@Aim_High wrote:


Where did your credit limit start, @addision, and how long have you had the card to get it to $18K? 

I started at $6500 around May of 2020 and when I began asking for increases I put at least 25% on the card each month, so I guess that was 75% between each CLI. I beleive they gave me about 3k each time I asked and was approved. I didn't get my first CLI until last year about this time as I was building other cards. So they have given me 4 or 5 increases. I didn't pay in full this last time I asked just to see what happen and they denied me for not paying enough of the balance (like 80%).

 

I have a business and I can put a larger spend on the card. My goal was to get to 45-50k each on two to three cards.

 

I will look at maxing out the CL going forward to see if I can get the 10k each request.


"My goal was to get to 45-50k each on two to three cards." 

 

I think you'll get there, especially with the ability to put larger business spend on cards.  You might do even better than you think!  Lenders like to see heavy spend-and-pay cycles.  I don't have the larger business spend like you, but my goals have been quite similar.  Originally, I set out to get all my limits to $25K or above, and with the exception of a few cards that are either newer (and haven't grown yet) or ones I chose to downsize to transfer limits (Chase), I've accomplished that goal.  Since then, I'm trying to get multiple cards into the $50K to $100K range.  I'd rather have a few quality cards with super-sized limits like that than 100 cards with $2K limits.   My goal for the next year is (6) cards at $50K or better, if all works out.  Within two years, at least 7-8 in that range, and all with different lenders.  Hopefully, one of those will be the Apple card at $50K if I do this cycle one more time.  Smiley Very Happy


Business Cards


Length of Credit > 40 years; Total Credit Limits >$850K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 94.5 - NFCU 80.0
AoOA > 30 years (Jun 1993); AoYA (Aug 2023)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 32 of 47
ChargedUp
Senior Contributor

Re: Apple Card CLI to $40K

Congrats @Aim_High ! You definitely live up to your screen name! goodjob02.gif

Message 33 of 47
addision
Valued Member

Re: Apple Card CLI to $40K


@Aim_High wrote:

@addision wrote:

@Aim_High wrote:


Where did your credit limit start, @addision, and how long have you had the card to get it to $18K? 

I started at $6500 around May of 2020 and when I began asking for increases I put at least 25% on the card each month, so I guess that was 75% between each CLI. I beleive they gave me about 3k each time I asked and was approved. I didn't get my first CLI until last year about this time as I was building other cards. So they have given me 4 or 5 increases. I didn't pay in full this last time I asked just to see what happen and they denied me for not paying enough of the balance (like 80%).

 

I have a business and I can put a larger spend on the card. My goal was to get to 45-50k each on two to three cards.

 

I will look at maxing out the CL going forward to see if I can get the 10k each request.


"My goal was to get to 45-50k each on two to three cards." 

 

I think you'll get there, especially with the ability to put larger business spend on cards.  You might do even better than you think!  Lenders like to see heavy spend-and-pay cycles.  I don't have the larger business spend like you, but my goals have been quite similar.  Originally, I set out to get all my limits to $25K or above, and with the exception of a few cards that are either newer (and haven't grown yet) or ones I chose to downsize to transfer limits (Chase), I've accomplished that goal.  Since then, I'm trying to get multiple cards into the $50K to $100K range.  I'd rather have a few quality card with super-sized limits like that than 100 cards with $2K limits.   My goal for the next year is (6) cards at $50K or better, if all works out.  Within two years, at least 7-8 in that range, and all with different lenders.  Hopefully, one of those will be the Apple card at $50K if I do this cycle one more time.  Smiley Very Happy


Yes, we have similar goals. My only concern when I get more cards with high limits will be the issuer cutting limits for less use. I can't keep up the spend on every card. Right now I only spend alot on them to get the CLI's. I am sure I could save a couple dollars paying cash. But I feel this is opportunity cost.

 

Amex cut my 30k cards at the beginning of the recession around 2008 while I had balances on them and that just killed me for the next 10 years. Now, even if I have a large purchase I make sure that I will have the cash to pay the balance. I can't take another 10 year hit.

Message 34 of 47
sugarcreek67
Frequent Contributor

Re: Apple Card CLI to $40K

Congrats on your Apple CLI


>>current scores 12/11/21
EQ Fico9 759 | TU Fico9 763 | EX Fico9 768
EX fico 8 753 | EQ Fico8 745 | TU Fico 8 760 | Navy score 294
Message 35 of 47
Aim_High
Super Contributor

Re: Apple Card CLI to $40K


@ChargedUp wrote:

Congrats @Aim_High ! You definitely live up to your screen name! goodjob02.gif

= = = = = = = = = = = = = = = = = = = =

@sugarcreek67 wrote:

Congrats on your Apple CLI



Thanks @ChargedUp and @sugarcreek67

 

Appreciate the compliment, @ChargedUp.  It's been a long work in progress to build to this level since I don't have the heavy business spend (either self-employment or business reimbursed) or HNW assets that some have the advantage to help.   I like helping others do the same process, whether their goal is $10K limits, $25K limits or even higher.  To an extent, depending on credit profile and income, it's something that nearly everyone can do to some degree.  It just takes a little focus and effort since lenders may not offer if you don't ask.  Smiley Wink

 


Business Cards


Length of Credit > 40 years; Total Credit Limits >$850K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 94.5 - NFCU 80.0
AoOA > 30 years (Jun 1993); AoYA (Aug 2023)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 36 of 47
UH_HUH
Valued Contributor

Re: Apple Card CLI to $40K

Should be able to give someone 5 kudos 

for a post like that :-)

Congratulations @Aim_High 

Iam very happy for you!!

Cheers

Message 37 of 47
greatscott85
Frequent Contributor

Re: Apple Card CLI to $40K


@Aim_High wrote:

@NoMoreE46 wrote:

Very nice @Aim_High . 

Dropping 30 large and then PIF typically warrants an increase.

= = = = = = = = = = = = = = = = = = = =

@greatscott85 wrote:

Congrats!!!!! At worst my monthly CC expenses are around 12k. I could scramble for 30k however, my motivation is lower than yours Smiley Very Happy!


Thanks guys!   Yes, it's true that running up that large of a balance and then PIF would impress most lenders, @NoMoreE46.   And my normal expenses are normally MUCH lower than that also, @greatscott85!  I'm .... errrr ... "fortunate"? Smiley Indifferent  in that I had some very large unexpected expenses and just took advantage of the "opportunity" to run up the card instead of writing out a check from savings.   The last time I did this, I ran a balance up over a few months and PIF monthly instead of having one super-large month.  But I think it's worth noting that either way appears to work, as long as the prerequisite spend is applied to the card between CL increase attempts.

 

While spend does normally help with CLI requests with most lenders, the pattern with Goldman Sachs of requiring that level of spend to approve an increase and also the amount of the increase amount ($10K apparently being the upper cap per CLI) are both data points that I thought would be useful to others looking for an increase with Goldman Sachs.  If I had spent $30K for three months in a row and PIF, I imagine I would have gotten the same $10K CLI.  On the lower end, I'm wondering if I had spent $15K or $20K if it would have yielded the same results?  Maybe I will play with lower levels of spend on a future experiment. 


Heck of an experiment for sure! I'm slowly running out of SUB's, so Apple card will definitely get love.

 

I'm going to take a stab and say "Aim High" is an Air Force reference, easily my favorite motto. Tack on NFCU, USAA, and it makes sense Smiley Happy. I still wear my flight suit for Halloween however, I'm taller than Tom Cruise Smiley LOL.

Message 38 of 47
Aim_High
Super Contributor

Re: Apple Card CLI to $40K


@addision wrote:

@Aim_High wrote:

@addision wrote:  My goal was to get to 45-50k each on two to three cards.



... I don't have the larger business spend like you, but my goals have been quite similar.   ... I'm trying to get multiple cards into the $50K to $100K range.  I'd rather have a few quality card with super-sized limits like that than 100 cards with $2K limits.   My goal for the next year is (6) cards at $50K or better, if all works out.  


Yes, we have similar goals. My only concern when I get more cards with high limits will be the issuer cutting limits for less use. I can't keep up the spend on every card. Right now I only spend alot on them to get the CLI's. I am sure I could save a couple dollars paying cash. But I feel this is opportunity cost.

 

Amex cut my 30k cards at the beginning of the recession around 2008 while I had balances on them and that just killed me for the next 10 years. Now, even if I have a large purchase I make sure that I will have the cash to pay the balance. I can't take another 10 year hit.


From my experience, I think it's hard to grow cards to high limits without recognition of that opportunity cost, @addision, so I think you're on the right track.  If I had focused on just rewards, I doubt many of my cards would have had the chance to grow very well.  This is why I choose not to focus just on the rewards aspect of a card but on all other factors and features. (Age, Credit Limit, APR, Fees, BT offers, Lender Diversity, Payment Network Diversity, Perks, Customer Service, Etc.)     From what I've seen, optimizing rewards beyond just a couple of cards starts to enter the realm of diminishing returns while at the same time diluting rewards and spend across too many cards to keep each one well-utilized, at least for those of us with just normal household spend and not extraordinary business spending.  

 

If you have large business spend and are looking for large limits to support that primarily, I'd suggest you visit the Business Credit forum (see link) for discussion about some great options.  They might be a great fit for your purposes.  Business cards are a great way to segregate your business and personal spending which can benefit your personal credit profile and those cards can grow very well, especially those from lenders like AMEX and Chase who offer many options. 

 

I understand your concern about lenders reclaiming unused high credit limits.  I believe this may be unfounded with the caveat that you must maintain your credit profile so as not to raise any concerns about risk.  It's all to scale, but what I've seen over a few decades of credit is that once a lender gives out a limit, most of them are unlikely to reclaim it as long as the card gets at least light-to-moderate usage and overall credit profile is stable.  But picking the right lender in this case may be important.  Some lenders are very sensitive to changes in the economy or your personal profile and might be quick to slash high limits to mitigate risk, especially those not used. (I won't mention names but there were a few of them that generated a lot of recent discussion threads.)   I wouldn't carry any large balances for very long, make just the minimum payments, or have any adverse information posted to profile if I wanted to avoid adverse action.   When I had some heavy debts at one point that I was struggling to repay during to a major career transition, that's when lenders balance-chased me or closed accounts, similar to what you described in your experience with AMEX.  On the other hand, I've had cards in the $25K to $50K+ range that got little to any spend stay open and in good standing for years when I've been keeping my debts in check and FICO high/stable. 


Business Cards


Length of Credit > 40 years; Total Credit Limits >$850K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 94.5 - NFCU 80.0
AoOA > 30 years (Jun 1993); AoYA (Aug 2023)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 39 of 47
Aim_High
Super Contributor

Re: Apple Card CLI to $40K


@UH_HUH wrote:

Should be able to give someone 5 kudos 

for a post like that :-)

Congratulations @Aim_High 

Iam very happy for you!!

Cheers


Thanks very much, @UH_HUHSmiley Happy 

I appreciate the extra kudos, even if they are 'virtual' lol Smiley Tongue 

 

The last I saw your total, you had broken the $750K TCL level (02/16/2021) and since then the approvals have kept coming!  What are you up to these days with TCL and number of cards?  Do you have a goal such as $1M or just having fun?  Smiley Very Happy


Business Cards


Length of Credit > 40 years; Total Credit Limits >$850K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 94.5 - NFCU 80.0
AoOA > 30 years (Jun 1993); AoYA (Aug 2023)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 40 of 47
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