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Apple Card Credit Limit increase (A story of hope for my low credit people)

CreditAggie
Community Leader
Super Contributor

Re: Apple Card Credit Limit increase (A story of hope for my low credit people)

Congratulations on your rebuild and Apple Card CLI! I also started with a $250 SL with no prior credit history and have since grown the card to $3000. I am pleased with the card's ability to grow!

Current Cards (in order of approval):

            
Current FICO 8 | 9:  
Credit Age:  
Inquiries (6/12/24):  
Banks & CUs:                           Goal Cards:
    
Message 11 of 17
MartyWrite75
Valued Contributor

Re: Apple Card Credit Limit increase (A story of hope for my low credit people)

Congratulations on your CLI!

February 2023: Experian 722 Equifax 708; Transunion 730


Cards I Have:
Cap One QS: $600 (Sock drawer) || Cap One QS (#2): $5,600 (Sock drawer) || Discover It: $9,400 || Cap One Walmart: $600 (Sock drawer) || AMEX BCP: $8,900 || Amazon Prime Store Card: $10,000 || Overstock Store Card: $13,550 || FNBO Rewards Visa: $2,600 || Discover Cash Back: $3,500 || Citi Custom Cash: $6,000 || Verizon VS Visa: $9,500

Wishlist Cards:
Citi Double Cash || Paypal Mastercard || Target REDCard

Gardening to 02/18/2023 (ideally)
Total Utilization: 6%
Inquiries: Exp: (3) Trans: (1) Equif: (1)

Message 12 of 17
Ammod
New Member

Re: Apple Card Credit Limit increase (A story of hope for my low credit people)

Just to clarify, in August 2019 your sl is $250, and they increase your limit in a November 2020 to $2500. So between August and November your limit is only $250. But, you said your were spending between $500 to $1000 per month on the card. How is that possible? Did Apple let's you charge over the limit? Even if you paid in full, how are you able to charge over the limit to begin with. 

Message 13 of 17
Aim_High
Senior Contributor

Re: Apple Card Credit Limit increase (A story of hope for my low credit people)


@Ammod wrote:

Just to clarify, in August 2019 your sl is $250, and they increase your limit in a November 2020 to $2500. So between August and November your limit is only $250. But, you said your were spending between $500 to $1000 per month on the card. How is that possible? Did Apple let's you charge over the limit? Even if you paid in full, how are you able to charge over the limit to begin with. 


Welcome to My Fico Forums, @Ammod

 

A lot of our members with lower-limit cards (say for example under $500 to $1000) "cycle" their limits multiple times per month.  In the old days of paper statements and mailing checks, this would have been much more difficult if not impossible.  Today, by making extra electronic payments midcycle through a website or mobile phone app, a consumer can free up his credit line to use credit in excess of it for the month without ever exceeding the credit limit.  So if you had a $500 limit, ran it up every week, paid it off, and then charged another $500 after the payment cleared, you could put $2000 in one month's charges on a $500 limit.  

 

Some lenders can be sensitive to this technique, though, so use it with caution.  Especially on larger credit limits, it can start to make them wonder if there is money laundering or illegal activities going on that they don't want to be involved with.  Plus, their underwriting department approves you to spend a certain credit limit on the card based on your ability to repay with the income, debts, and credit score you had at time of approval.  Most consumers use much less than their limit every month, or no more than the limit.  So spending multiple times a limit is not really how the lender envisioned the card being used, probably goes outside how they calculated your limit, and may make them uncomfortable as to whether you'll be able to repay after you run it up.  All that said, it's easier to get away with on those smaller credit limits.  It's less risk for the banks and they also are more understanding that a small limit may be easily exceeded.



Length of Credit > 39 years; Total Credit Limits $734K
AoOA > 29 years (Jun 1993); AoYA (Oct 2022)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 14 of 17
BCH-Town
Established Member

Re: Apple Card Credit Limit increase (A story of hope for my low credit people)

Hello, 

To answer your question, No they would not let you charge over the limit. I would charge something on the card and pay it off right then and there. For example, If I go to wholefoods and spend $200, I would pay it off right then and there. And I would get the 2% reward. I made several payments over the month and I only carried a balance of $50.00. I hope this helps you better understand. 

Message 15 of 17
FalconSteve
Valued Contributor

Re: Apple Card Credit Limit increase (A story of hope for my low credit people)


@Ammod wrote:

Just to clarify, in August 2019 your sl is $250, and they increase your limit in a November 2020 to $2500. So between August and November your limit is only $250. But, you said your were spending between $500 to $1000 per month on the card. How is that possible? Did Apple let's you charge over the limit? Even if you paid in full, how are you able to charge over the limit to begin with. 


You pay it multiple times per month

 

My wife's Citi DC has a $2900 limit, but we've spent over $7k on it this month (Christmas spend- probably should be careful with this and use the AmEx more next Christmas, it's not that much less cashback)

1/8/17 Discover $18300 CL- $1k SL- AU, no longer on reports b/c of error (wife's card)
1/26/20 AmEx Cash Magnet $35k CL (wife's card)
2/19/20 BB&T/Truist Rewards $11k SL- impulse application
2/22/20 Citi Double Cash WEMC $17,400 CL, $2900 SL- AU- (wife's card)
3/8/20 Wells Fargo Propel AmEx $3200 CL (AU, wife's card, not on CR b/c I was temporarily removed as an AU)
3/9/20 BB&T/Truist Rewards $11k SL- AU, not on reports- impulse app (wife's card)
3/21/20 REDcard MasterCard (TD Bank) $2500 SL, $6000 CL
11/24/20 AmEx Cash Magnet $10k SL, CLI after 36hr to $20k- $35k CL
6/10/21 SoFi World Elite MC (TBOM) $7000 SL
1/19/22 AppleCard/GS $10k CL, SL $6k SL AU, wife
8/15/22 Chase freedom $10.3k wife (not an AU yet)

Credit Scores for both of us around 800, depending on what you pull & balances. All PIF, frequently before statement close
Message 16 of 17
FalconSteve
Valued Contributor

Re: Apple Card Credit Limit increase (A story of hope for my low credit people)


@Aim_High wrote:

@Ammod wrote:

Just to clarify, in August 2019 your sl is $250, and they increase your limit in a November 2020 to $2500. So between August and November your limit is only $250. But, you said your were spending between $500 to $1000 per month on the card. How is that possible? Did Apple let's you charge over the limit? Even if you paid in full, how are you able to charge over the limit to begin with. 


Welcome to My Fico Forums, @Ammod

 

A lot of our members with lower-limit cards (say for example under $500 to $1000) "cycle" their limits multiple times per month.  In the old days of paper statements and mailing checks, this would have been much more difficult if not impossible.  Today, by making extra electronic payments midcycle through a website or mobile phone app, a consumer can free up his credit line to use credit in excess of it for the month without ever exceeding the credit limit.  So if you had a $500 limit, ran it up every week, paid it off, and then charged another $500 after the payment cleared, you could put $2000 in one month's charges on a $500 limit.  


Back then, couldn't you just write a check for more than the amount due? Or, phone in a payment once that was available? Or, go to a branch?

1/8/17 Discover $18300 CL- $1k SL- AU, no longer on reports b/c of error (wife's card)
1/26/20 AmEx Cash Magnet $35k CL (wife's card)
2/19/20 BB&T/Truist Rewards $11k SL- impulse application
2/22/20 Citi Double Cash WEMC $17,400 CL, $2900 SL- AU- (wife's card)
3/8/20 Wells Fargo Propel AmEx $3200 CL (AU, wife's card, not on CR b/c I was temporarily removed as an AU)
3/9/20 BB&T/Truist Rewards $11k SL- AU, not on reports- impulse app (wife's card)
3/21/20 REDcard MasterCard (TD Bank) $2500 SL, $6000 CL
11/24/20 AmEx Cash Magnet $10k SL, CLI after 36hr to $20k- $35k CL
6/10/21 SoFi World Elite MC (TBOM) $7000 SL
1/19/22 AppleCard/GS $10k CL, SL $6k SL AU, wife
8/15/22 Chase freedom $10.3k wife (not an AU yet)

Credit Scores for both of us around 800, depending on what you pull & balances. All PIF, frequently before statement close
Message 17 of 17
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