I’ve had my Apple Card since it launched in September of 2019. I requested a credit limit increase in August of ‘20 and it was approved. Now, today I received another increase without even asking. I’m curious if others have had a similar experience? From what I’ve googled, it doesn’t seem like Goldman Sachs does automatic increases and I wonder if that has changed? Thanks.
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Apple Card Apple Card limit increase.
- Thread starter Mr. Hindsight
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It is typical for any bank to periodically adjust credit limits based upon ones spending history, payment history, credit score, etc. I would expect that GS is following that same practice.
I can confirm as well, just received a significant increase. ~55% as well.
[EDIT] Can confirm other people I know got increases as well. Some people with increases by as much as 100% all occurred today.
[EDIT] Can confirm other people I know got increases as well. Some people with increases by as much as 100% all occurred today.
Thanks for the replies. My increase was 55% too! And I understand about periodic increases but was a little surprised since it was only three months from my last one.
Had 2700, got 4700 today. Not bad! Didn’t ask for an increase but I’m glad to lower my utilization percentage. Came to forums to see if I was alone.
I really can’t think of many reasons when an increase in credit limit would be a bad thing, other than u immediately max it out or maybe a hard pull was done. But I think the immediate lowering of ur utilization and potential credit score increase are big pluses.
That’s too bad. Have u had ur Apple Card / account long? When I requested an increase in August, I was told they recommend asking for a limit increase every three months. Idk if I’d ask that frequently tho. My suggestion is just try to pay off ur balance in full every month and if possible making early payments throughout the month really helps in regards to limit increases.
I got my card before it officially launched when they were sending invites out slowly. I always pay off my balance in full as soon as I get my statement.
Oh. I remember that. I had one too but stalled on my decision for a couple weeks.
This represents some level of false understanding of what an increased credit limit means. There is no down side to having an increased limit, in fact the opposite is true. Credit scores are impacted based on utilization, a larger limit means a decreased utilization no matter how much you spend.
If you pay your credit card off monthly (as you should!) then there's no up or down side to an increase.
If you do not pay your credit card off monthly, then it gives you more leeway in spending for the following month as you continue to pay down your credit card.
However, as NerdWallet points out the down side that is possible is if your budgeting is iffy, and you tend to overspend and use your limit as a maximum spending line. If that's the case, however, I would recommend focusing more on learning to budget.
I would just add that an automatic credit limit increase doesn't result in a hard pull on your credit score either.
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Sound information and advice.
And as you also point out, there is certainly the possibility for some credit card users that they will take the higher limit as an invitation to use the card more and end up with more than they can settle each month, leading to interest fees on the purchases which after all are where the credit card issuer makes their greatest amount of money.
As most everyone should be aware, despite interest rates being at historic lows for several years now, credit card interest rates are still quite high.
It isn’t a “false understanding”; it’s common courtesy.
Not really interested in joining you on your high horse of google-born financial education but I will say this. As any adult who has sought to be lent a significant amount of money(think house)can tell you, having a lot of unused credit can be seen as a warning sign to lenders.
Not to mention the opportunistic side of credit cards increasing our limits around holidays. Sure nobody is forcing you to spend but it’s just sleazy.
I know a lot ... of people who are in CC debt. I find it funny all the people preaching about paying off CCs completely at the end of the month on these threads. https://www.cnbc.com/2020/05/04/alm...carrying-credit-card-debt-and-more-of-it.html
When I was younger, I made the mistake of getting a lot of CCs as soon as I could. I loaded them up ... then was surprised when my limits increased. And ... of course... I loaded them up further ... limits increased and ... Yep. Let's just say... Banks should thank me for all the $ I've handed over.
lol.Banks are definitely making a boat load of $ off of people like I was. I see it all the time.
Not really sure where something like that can come up as an actual issue unless there's perhaps something else that is in play.
That's generally the better/best way to go about it all. Being actually able to do it is a somewhat different aspect of it.
Agreed. Having history of utilization and years and years of on time payments has really helped my credit worthiness. I know some who have had no utilization and thus find it difficult to get loans for things (cars, etc) on their own without cosigners whereas I could sign up for several, no issue - because of my history.
That said, having a % of utilization (especially 50%+), I've always thought, is a negative on one's credit score.
While my CC score hasn't been terrific, my history has been impeccable - so I've never had a problem applying for things on my own.