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What are the odds my limit will be lowered?

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johngee9876
Member

What are the odds my limit will be lowered?

I'll try to make this as simple as possible 

 

I declared bankruptcy in 2017. At that time, my mortgage stopped being reported on my Credit Report

A couple of times, I made an attempt to apply for an Apple Card and was declined on the spot (no hard pull no problem)

Earlier this year, I was approved for a small limit/high interest. I have other cards that I'm responsible with and don't need the credit so I opted to hold out for a better offer. 

6 months later, same offer. 

Refinanced my mortgage in August. Paid off a car loan (old paid off car was totalled when I got rearended a couple years back), an old private student loan and a couple other small things that weren't hateful but ate up my DTI. 

New mortgage has NOT appeared on my credit report as of today. First payment due 10/1. I expect it will pop up shortly thereafter.

With all the payoffs, my scores are up in general so I checked my Apple Card offer again and lo and behold, they offered me a decent CL (more than 3 times previous offers).

 

My question is, I know that banks, Card Companies, lenders in general, etc. watch your credit. My credit has not included a housing payment for 4 years and is about to. What are the odds, if I take the offer, that my CL will be decreased as soon as my new mortgage payment appears in the next few weeks?

 

Overall DTI is ~ 23% including new mortgage payment. 

Message 1 of 10
9 REPLIES 9
CreditInspired
Community Leader
Super Contributor

Re: What are the odds my limit will be lowered?

I really don't think you have anything to worry about. When you applied for the Apple card, the application asked for monthly rent/mortgage payment and income. 

IMO, you're good, so enjoy your Apple card approval!!

Congrats!


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 2 of 10
johngee9876
Member

Re: What are the odds my limit will be lowered?

That's the thing. They didn't ask for Rent/Mortgage. Just income/social/etc...

 

That's actually why I'm concerned...

Message 3 of 10
HeavenOhio
Senior Contributor

Re: What are the odds my limit will be lowered?

In general, it seems to me that lenders don't get bent out of shape over new loans the way they can over new credit cards. I think you're going to be fine.

Message 4 of 10
Remedios
Credit Mentor

Re: What are the odds my limit will be lowered?

Take it, nothing is going to happen over mortgage showing up. 

 

Message 5 of 10
SouthJamaica
Mega Contributor

Re: What are the odds my limit will be lowered?


@johngee9876 wrote:

I'll try to make this as simple as possible 

 

I declared bankruptcy in 2017. At that time, my mortgage stopped being reported on my Credit Report

A couple of times, I made an attempt to apply for an Apple Card and was declined on the spot (no hard pull no problem)

Earlier this year, I was approved for a small limit/high interest. I have other cards that I'm responsible with and don't need the credit so I opted to hold out for a better offer. 

6 months later, same offer. 

Refinanced my mortgage in August. Paid off a car loan (old paid off car was totalled when I got rearended a couple years back), an old private student loan and a couple other small things that weren't hateful but ate up my DTI. 

New mortgage has NOT appeared on my credit report as of today. First payment due 10/1. I expect it will pop up shortly thereafter.

With all the payoffs, my scores are up in general so I checked my Apple Card offer again and lo and behold, they offered me a decent CL (more than 3 times previous offers).

 

My question is, I know that banks, Card Companies, lenders in general, etc. watch your credit. My credit has not included a housing payment for 4 years and is about to. What are the odds, if I take the offer, that my CL will be decreased as soon as my new mortgage payment appears in the next few weeks?

 

Overall DTI is ~ 23% including new mortgage payment. 


Not sure what "offer" you're referring to.


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 712 TU 710 EX 708

Message 6 of 10
johngee9876
Member

Re: What are the odds my limit will be lowered?

@SouthJamaica 

 

The application process for an Apple Card is a little different from other credit cards. You put in some info and they do a soft pull. At that point they either decline you or they make an offer. The offer will include a CL, rate and fees. AFAIK, the fees will always be zero. You have the option to accept or decline the offer. If you accept, they do a hard pull






Message 7 of 10
Anonymous
Not applicable

Re: What are the odds my limit will be lowered?


@johngee9876 wrote:

I'll try to make this as simple as possible 

 

I declared bankruptcy in 2017. At that time, my mortgage stopped being reported on my Credit Report

A couple of times, I made an attempt to apply for an Apple Card and was declined on the spot (no hard pull no problem)

Earlier this year, I was approved for a small limit/high interest. I have other cards that I'm responsible with and don't need the credit so I opted to hold out for a better offer. 

6 months later, same offer. 

Refinanced my mortgage in August. Paid off a car loan (old paid off car was totalled when I got rearended a couple years back), an old private student loan and a couple other small things that weren't hateful but ate up my DTI. 

New mortgage has NOT appeared on my credit report as of today. First payment due 10/1. I expect it will pop up shortly thereafter.

With all the payoffs, my scores are up in general so I checked my Apple Card offer again and lo and behold, they offered me a decent CL (more than 3 times previous offers).

 

My question is, I know that banks, Card Companies, lenders in general, etc. watch your credit. My credit has not included a housing payment for 4 years and is about to. What are the odds, if I take the offer, that my CL will be decreased as soon as my new mortgage payment appears in the next few weeks?

 

Overall DTI is ~ 23% including new mortgage payment. 


Here's a really good article on DTI and mortgage lending

What is the best debt-to-income ratio for a mortgage?

https://www.bankrate.com/mortgages/why-debt-to-income-matters-in-mortgages/ 

Message 8 of 10
hdporter
Regular Contributor

Re: What are the odds my limit will be lowered?

In absence of a reported mortgage on your  credit report, creditors don't assume you live under a rock.  A newly reported mortgage isn't likely to change your creditors' impression of your creditworthiness (especially when the payment amount is within guidelines for an affordable housing payment given your income).  Don't lose sleep over this.



Message 9 of 10
NoMoreE46
Community Leader
Senior Contributor

Re: What are the odds my limit will be lowered?

@johngee9876 

Welcome to the board.  

Can understand your hesitation - if the issuer was Synchrony, FBNO, Chase or Barclays.  
I don't recall anyone here having  a CLD on their Apple Card from GS at all.  Go for it.

 

 

Message 10 of 10
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