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I've had this card since October, with a SL of 12,500. I requested a CLI last week and recieved the dreaded We need some more time to review your request for a credit line increase. This may take up to ten days.
Today I received an email saying my CL was increased to 14,500, for a 2k improvement.
GS seems rather stingy, at least in comparison to my other cards. I did purchase a new Mac on the 0% APR installment plan three months ago, so perhaps that balance is hurting me?
Congrats on your Apple $2k CLI!
Congrats on the increase!
Congrats on your Apple CLI!
Congrats on the fruit CLI!
@SeaProbe wrote:I've had this card since October, with a SL of 12,500. I requested a CLI last week and recieved the dreaded We need some more time to review your request for a credit line increase. This may take up to ten days.
Today I received an email saying my CL was increased to 14,500, for a 2k improvement.
GS seems rather stingy, at least in comparison to my other cards. I did purchase a new Mac on the 0% APR installment plan three months ago, so perhaps that balance is hurting me?
Congratulations on your CLI! Goldman likes to see a lot of spend prior to a CLI request. Couldn't say for sure if it was the 0% plan. @Aim_High posted a very detailed analysis of his Apple Card journey a while back.
https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Apple-Card-CLI-to-40K/td-p/6458540
My experience has been similar to @Aim_High . I've a lower limit, but I've had easy CLIs every six months.
Congrats! Take what you can get.
@mortimerwereback wrote:
@SeaProbe wrote:I've had this card since October, with a SL of 12,500. I requested a CLI last week and recieved the dreaded We need some more time to review your request for a credit line increase. This may take up to ten days.
Today I received an email saying my CL was increased to 14,500, for a 2k improvement.
GS seems rather stingy, at least in comparison to my other cards. I did purchase a new Mac on the 0% APR installment plan three months ago, so perhaps that balance is hurting me?
Congratulations on your CLI! Goldman likes to see a lot of spend prior to a CLI request. Couldn't say for sure if it was the 0% plan. @Aim_High posted a very detailed analysis of his Apple Card journey a while back.
https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Apple-Card-CLI-to-40K/td-p/6458540
My experience has been similar to @Aim_High . I've a lower limit, but I've had easy CLIs every six months.
Congratulations on your Apple CLI, @SeaProbe!
What @mortimerwereback said is correct about my understanding and observations about Apple CLIs dating back to the early days of the card in a 2019 message thread where data points from many of our members were compiled. I wouldn't call GS/Apple "stingy" but like some other lenders, they are known for being sensitive to how the account has been used in recent history. On the high end, heavy usage can double a credit limit or even more, and at higher credit lines I've seen $10K increases. That is far from stingy, especially for a soft pull CLI. Your $2K/$12.5K increase is a 16% increase, so I think it's respectable for a soft pull increase. Many of my other lenders have given $1K to $3K increases on soft pulls including CITI, Capital One, and Discover.
On the other hand, from my personal experience and from other member postings, no usage almost guarantees a denial of any CLI. So a general rule of thumb is that they will reciprocate the generosity that you show them in using the card, and that seems to favor new charges versus use of special financing. That makes sense if you consider from their vantage point that 0% financing helps them to sell a product, but it ultimately costs them some money, while swiping the card is purely a revenue generator.
What is the current utilization on the card including the 0% offer? Off the top of my head, I seem to remember some members have reported no additional credit approval if their Apple UTI was over about 30% until it was paid down but I may be mistaken. So your CLI might have been inhibited by the account UTI.
@Aim_High wrote:What is the current utilization on the card including the 0% offer? Off the top of my head, I seem to remember some members have reported no additional credit approval if their Apple UTI was over about 30% until it was paid down but I may be mistaken. So your CLI might have been inhibited by the account UTI.
Thank you @Aim_High and @mortimerwereback for the helpful and thorough replies!
My overall utilization was last reported via Experian at 17%, but that's with a couple of installment payments paid plus new purchases (new purchases are always PIF). So say a high of around 20% after the initial purchase…
At any rate, the 0% installment plan - with the daily cash paid at purchase - is a huge benefit of this card. So I'll use it to my benefit first and CLI second.
@SeaProbe wrote:Thank you @Aim_High and @mortimerwereback for the helpful and thorough replies!
My overall utilization was last reported via Experian at 17%, but that's with a couple of installment payments paid plus new purchases (new purchases are always PIF). So say a high of around 20% after the initial purchase…
At any rate, the 0% installment plan - with the daily cash paid at purchase - is a huge benefit of this card. So I'll use it to my benefit first and CLI second.
Glad to help, @SeaProbe. Yes, finances come first.
When you do get ready for pursuing an increase, using about 25% to 30% (MINIMUM) of the existing credit line and pay-in-full will often yield a nominal increase. Heavier spend, say 50% to 100% of CL may yield more. In your case, since they only give CLI every six months now (as opposed to previous three month), 30% x $14,500 = $4,350 total spend or over 6 months, at least $725 per month average. And $2,416 per month on-average would spend 100% of the $14,500 CL so could net you as much as a $10K increase. But, as always, YMMV.