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So I decided to take a look at the Apple Card last night cause, why not it's a SP. I had been rejected a few times in the past, but I was looking to see if they would finally open up. To my surprise they did, not to my surprise it was a SL that is lower than the more recent cards I had opened in the past year. Apple is offering me a 5K limit. So my last 3 CC were Discover for 22K, Amex BCP for 22K, and Capital One for 12K. I don't need this card right away, I enjoy apple products so the financing option would be helpful in the future, but not at the moment nor a necessity . The card I am genuinely after is the Penfed PCR which I was planning to apply for in March of next year. If this card would most likely not affect that, I will take it. So I pose these questions with some DPs...
1. Would accepting this card affect my chances of getting the PCR with Penfed?
Discover opened 1/19
Cap one opened 10/19
Amex opened 01/20
Penfed Personal Loan opened 09/20 20K
Auto Loan PIF 09/20
Everything else on SIG
Util 2% TCL: ~97K
2. Would accepting a card with a lower SL, affect or look bad when you apply for the next card?
i would go for it - $5k is fine to start - spend on it and it will grow
i dont think it will affect your Penfed app, since it will be over 6 months old by then
I don't feel adding a card with a lower SL than other accounts is going to hurt you when PenFed reviews your application.
If you read back on the GS approvals all the way back to when they started the card in AUG 2019, several SL's were similar to yours. There were certainly outliers that were granted more (admittedly, me) but that's not to say that it would be an seen negatively by another bank. I have several cards with ranging limits all over the board and it's not an issue. CLI's with the Apple Card come in 6 month increments I believe...you can ask and it's a SP to request and approval. They like to see usage but not maxing out and they like to see good payment history.
As for Penfed, it seems like they've been rather generous of late and I don't recall reading of someone else getting denied because of too many recent accounts...which based on your DP's would be a few with this Apple Card. PenFed will do a EQ HP F9 for their card application.
GS has been slow and inconsistent on reporting to all 3 bureaus and each month.
Looks like your scores could use a boost and this new card will take you in the other direction temporarily when it first posts. I say..if you really want the PCR, hold off because this opportunity will still be around in the future as your accounts age and scores improve and they will continue to do SP approvals so you can continually check without adverse action to your profile.
@cashorcharge wrote:I don't feel adding a card with a lower SL than other accounts is going to hurt you when PenFed reviews your application.
If you read back on the GS approvals all the way back to when they started the card in AUG 2019, several SL's were similar to yours. There were certainly outliers that were granted more (admittedly, me) but that's not to say that it would be an seen negatively by another bank. I have several cards with ranging limits all over the board and it's not an issue. CLI's with the Apple Card come in 6 month increments I believe...you can ask and it's a SP to request and approval. They like to see usage but not maxing out and they like to see good payment history.
As for Penfed, it seems like they've been rather generous of late and I don't recall reading of someone else getting denied because of too many recent accounts...which based on your DP's would be a few with this Apple Card. PenFed will do a EQ HP F9 for their card application.
GS has been slow and inconsistent on reporting to all 3 bureaus and each month.
Looks like your scores could use a boost and this new card will take you in the other direction temporarily when it first posts. I say..if you really want the PCR, hold off because this opportunity will still be around in the future as your accounts age and scores improve and they will continue to do SP approvals so you can continually check without adverse action to your profile.
Let me ask you this, have you heard of anyone get an approval and later on a denial. Assuming no neggy DP's were added. Looking at what @RSX is saying into account it would be 6 months. Although, as you mentioned GS has been behind on reporting. I figure I take the offer and they stall 3 months before posting I would probably end up pushing back the PCR app... Which I'm looking forward to making my daily driver. Thoughts?
BTW, do you have any DP's on how much they drag their feet on reporting. I recently read an article that they are finally reporting to all 3 CB.
Let me ask you this, have you heard of anyone get an approval and later on a denial.
I have not heard this or read about an experience with regards to an Apple Card. There is one odd account in the Approvals thread that was related to their device, iCloud account and PO Box so I think that's a fluke...I don't think a normal process for approval then denial. I also have not seen this with regards to PenFed. I have only seen people getting approval for CLI's that were given and then exceeded a max limit so they weren't successful. Again, this too is likely a fluke so in general...no.
Assuming no neggy DP's were added. Looking at what @RSX is saying into account it would be 6 months. Although, as you mentioned GS has been behind on reporting. I figure I take the offer and they stall 3 months before posting I would probably end up pushing back the PCR app... Which I'm looking forward to making my daily driver. Thoughts?
Tough for me to say...I have a few daily drivers and Apple was one of them and I think that helped with my CLI's. I started at $20,000 and now I'm at $25,000. I tend to use ApplePay a lot so I was getting 2% everywhere I could...just like using the PCR.
BTW, do you have any DP's on how much they drag their feet on reporting. I recently read an article that they are finally reporting to all 3 CB.
Initially it took them a few months to post to reports. Then it started posting to TU and EQ but it wasn't until earlier this year...I think MAR or APR 2020 that it started reporting to EX...my account was opened in Aug 2019. Now, it is reporting to all 3...but as an example....your statement closes the last day of the month and they report as of that day...but today is OCT 7 and my last update from them was AUG 31st on all 3...so yes, they do lag in reporting. I wouldn't bank on this being a norm because I think it's just odd and if you're counting on it...it will likely take a few months to report consistently. I'd hate for you to count on that and then get a different result because they happened to get this quicker one month you were hoping they wouldn't. You may want to ask or get feedback from people who just got approved in the last 30-60 days to see if their reporting yet.
BTW, do you have any DP's on how much they drag their feet on reporting. I recently read an article that they are finally reporting to all 3 CB.
Initially it took them a few months to post to reports. Then it started posting to TU and EQ but it wasn't until earlier this year...I think MAR or APR 2020 that it started reporting to EX...my account was opened in Aug 2019. Now, it is reporting to all 3...but as an example....your statement closes the last day of the month and they report as of that day...but today is OCT 7 and my last update from them was AUG 31st on all 3...so yes, they do lag in reporting. I wouldn't bank on this being a norm because I think it's just odd and if you're counting on it...it will likely take a few months to report consistently. I'd hate for you to count on that and then get a different result because they happened to get this quicker one month you were hoping they wouldn't. You may want to ask or get feedback from people who just got approved in the last 30-60 days to see if their reporting yet.
No worries on that, I appriciate the advise and disclaimer. I was initially leaning towards taking it, and then applying for the PCR. But if they are taking a few months, my reports would take a hit around December, pushing back my PCR. I still have my 30 days to consider it, but I think I'll hold off due to that delay in reporting. The I don't use Apple Pay enough to push back my goal card ATM. Thanks for the help. Last question, does the 2% apply to Apple Pay on website purchases as well, or just NFC purchases at brick and mortar ?
@Openwater wrote:Last question, does the 2% apply to Apple Pay on website purchases as well, or just NFC purchases at brick and mortar ?
Yes, the 2% also applies to online purchases made with Apple Pay.
Why not just apply for PCR now? If GS gave you a SL of $5000 I don't see PenFed denying you.
I have two year old BK and applied for Apple Card in august and got approved for $1250.
later in September I applied for PCR and was approved for $1000.
@Jcbotero wrote:Why not just apply for PCR now? If GS gave you a SL of $5000 I don't see PenFed denying you.
I have two year old BK and applied for Apple Card in august and got approved for $1250.
later in September I applied for PCR and was approved for $1000.
Since I applied for the capital one, I have 0% interest until February. I wanted to have 0% interest for another year with the PCR. I also just applied for a personal loan with Pendfed. I wanted to let it mature for at least 6 months before asking them for a CC.
@Openwater wrote:So I decided to take a look at the Apple Card last night cause, why not it's a SP. I had been rejected a few times in the past, but I was looking to see if they would finally open up. To my surprise they did, not to my surprise it was a SL that is lower than the more recent cards I had opened in the past year. Apple is offering me a 5K limit.
I ended up with a 3k CL. I pocketed it (along with a Hotels.com 5k CL) and moved on- it's still adding to my overall tradelines and rebuild (and I'm enmeshed enough in the Apple ecosystem that I'll be buying Apple kit soon enough, probably when Apple Silicon laptops are available and the initial kinks are worked out). I don't see why a bank or credit union would count a "low" CL against you as long as everything else is positive.