Whether you signed up for the Apple Card to take advantage of the special financing terms on Apple products or for its unique features, you may be wondering how to increase your line of credit on the card.
Raising your credit limit can be a smart step. First, it will increase your purchasing power and allow you more budget flexibility. Second, it can help you improve your credit by lowering your credit utilization rate – the amount you owe on your card against your credit limit.
Goldman Sachs, the issuer of the Apple card, does not provide official eligibility conditions for a credit limit increase. However, there are steps you can take to improve your chances of being approved for a higher line of credit.
Read on to find out how to get your credit limit increased with the Apple Card and what to do if your request is denied.
Before asking for a credit increase
In general, cardholders want a higher credit limit for two reasons: they’re looking to make a big purchase, or they’re working to improve their credit rating.
However, it is a good strategy to get into the habit of asking for a credit limit increase on a regular basis, about every six months. Having more available credit not only looks great on your credit report, but it also helps your financial stability by providing more room for emergency spending where you need to use a credit card to pay on the bank. moment. Just make sure that a higher credit limit doesn’t encourage you to spend more than you can repay, especially on non-urgent expenses.
Before you apply for a credit limit increase with your Apple Card, here are some questions we recommend that you consider:
What is your current credit limit?
Knowing your current credit limit can help you determine the amount of increase you should request based on how much credit you already have and how much you are using.
If you are using a very small percentage of your credit, Goldman Sachs may decide not to offer you more. On the other hand, if you are often close to your credit limit, it could serve as a red flag to the issuer that you are not managing your debt properly.
How much credit do you want?
While it may be tempting to ask for a significant increase, be aware that if you request a large amount, the issuer is more likely to decline your request.
For example, if you have a credit limit of $ 3,000, you might be better off asking for a $ 1,000 increase rather than asking to increase your limit to $ 6,000. While the issuer can double or even triple your line of credit, it is best to ask for a 10-20% increase to avoid giving the impression that you are trying to get credit in a difficult financial situation.
Are you eligible for a raise?
Although Goldman Sachs does not list the specific requirements for a credit limit increase, Apple’s support page Note that the issuer determines credit limits based on many of the same factors assessed in your credit card application, including your credit score and your credit utilization rate. In addition, Goldman Sachs examines your income and the minimum payments associated with your existing debt.
Based on this information, there are things you can do to potentially improve your chances of being approved for a credit limit increase.
- Make all your payments on time. Your payment history is the most crucial factor in your FICO score and is factored into all credit decisions.
- Have been a card holder for at least six months. Apple declares in its info “financial health” that you can apply for a credit limit after you’ve had your Apple Card for four months, but, according to the support page, Goldman Sachs uses your credit history with Apple Card to notify any request for a credit limit increase , and it may take six months or more.
- Avoid asking for more credit too often. As we mentioned, this can serve as a sign to the issuer that you are having financial problems.
How To Apply For A Higher Line Of Credit With Apple Card
Goldman Sachs does not offer an automatic credit limit increase like many other issuers do, but you can request an increase on your Apple device by speaking with an Apple Card customer service representative.
To do this, open the Wallet app on your Apple device and tap the “More options” icon in the top right corner. Next, tap the “Message” icon to connect to a Goldman Sachs representative. After that, you can send a message asking for an increase in the credit limit. The representative will ask a few questions related to your application to determine your eligibility.
Whether or not a credit limit increase request triggers a serious request varies for the Apple card, so it may be a good idea to ask the representative before applying.
How Long Does an Apple Card Credit Limit Increase Take?
While you can get the decision almost instantly, other times it may take up to 30 days for Goldman Sachs to process your request.
What to do if your Apple card application is denied
If your request for a higher credit limit is denied, it is best to wait before reapplying. Take a few months to work on your credit score and improve your overall debt and financial situation before you try again.
Increase your income
Since Goldman Sachs takes your income into account when considering your application for additional credit, increasing your income may improve your chances of being approved.
So after you’ve gotten a raise or a new, higher paying position, or maybe you’ve taken a side business, be sure to mention it to the rep when you apply for a higher line of credit with the Apple Card.
Improve Your Credit Score
Your credit score is the primary factor in all credit decisions, so increasing it can improve your chances of getting a higher credit limit. Work on building your credit by paying all of your credit card and loan bills on time, reducing debt, and keeping your credit utilization rate below 30%, or better yet, single digit.
Apply for a credit card from another issuer
Instead of waiting until another time to apply for more credit on your Apple Card, you can try getting a credit card from another issuer to increase the overall amount of credit you have.
However, be sure to be strategic in your credit card applications. Every time you apply for a credit card, a serious request appears on your credit report, which can cost you a few credit points. Serious inquiries affect your scores for one year and stay on your credit report for two. One inquiry probably won’t hurt your credit much, but several can do more damage.
Overall, your chances of being approved for a higher line of credit with Goldman Sachs or any other issuer depend on your credit habits and overall financial health. If you are used to managing your debt responsibly, credit card issuers are more likely to grant you more credit.
