You may wonder how you can increase your card’s credit line by signing up for an Apple Card* and taking advantage of the special funding terms for your Apple product, or daily cashback rewards.
Increased credit limits can be a wise step. First, increase purchasing power and increase budget flexibility. Second, you can improve your credit score by reducing your credit usage (how much you owe your card in relation to credit restrictions).
Goldman Sachs, the publisher of Apple Card, does not provide official eligibility requirements for increased credit limits. However, there are certain steps you can take to increase your chances of being approved on a higher line of credit.
Things to consider before applying for increased credit
Generally, cardholders want a higher credit limit for two reasons.
- They want to make a big purchase.
- They are working to improve their credit scores.
However, applying for credit limits regularly is a good strategy to increase regularly every six months. Having available credits not only looks good on your credit report, but also helps financial stability by providing more space in case of emergency costs where you currently need to use a credit card. Don’t let the higher credit limits tempt you to spend more than you can repay, especially for non-emergency spending.
Before you apply for an increase in credit limits with your Apple Card, there are a few questions:
1. What is the current credit limit?
Knowing your current credit limits can help you determine how much increase you should seek based on the amount of credit you already have and the amount you are using.
If you are using a lower percentage of your credits, Goldman Sachs may decide to oppose offering you more. On the other hand, if you are often close to your credit limit, this may serve as a red flag for issuers who say you are not properly managing your debt.
2. How much credit do you want?
While demanding a significant increase is appealing, know that when you ask for a large number of requests, the issuer is likely to reject the request.
For example, if you have a credit limit of $3,000, you might want to seek an increase of $1,000 instead of asking you to increase the limit to $6,000. Issuers may even double or triple their credit line, but it is best to request an increase of 10-20% to avoid creating the impression that they are trying to secure credit in difficult financial situations.
3. Are you eligible for an increase?
Goldman Sachs doesn’t list any specific requirements for increasing credit limits, but Apple’s support page notes that issuers determine credit limits based on many of the same factors rated in the credit card application, and based on credit card restrictions, including credit scores and credit usage. Additionally, Goldman Sachs is focused on minimum payments related to your income and existing debt.
Based on this information, there are a few things you can do to improve your chances of being approved for increased credit limits.
- All payments will be made on time. Your payment history is the most important factor in your FICO score and is considered in every credit decision.
- You will be a cardholder for at least six months. Apple says it can make credit limit requests after holding an Apple card for four months, with “financial health” information. However, according to the support page, Goldman Sachs uses credit history on your Apple card to notify you of requests for increased credit limits. This can take more than six months.
- Do not ask for credits frequently. As mentioned before, this serves as an indication for the publisher that you are experiencing financial problems.
How to request a higher credit line with your Apple Card
You can request an increase in your Apple device by chatting with your Apple Card Customer Service Representative.
- Open the Wallet app on your Apple device and tap the 3-dot icon in the top right corner.
- Tap the Card Details option. This will display a screen full of information about your Apple card.
- Tap the Message icon to connect to a Goldman Sachs representative.
- You can send messages requesting an increase in credit limit. The representative asks a number of questions related to the request to determine eligibility.
What if my Apple Card Request is rejected?
If a higher line of credit request is denied, it is best to wait before requesting again. It will take several months to work on your credit score and improve your overall debt and financial situation before improving your overall debt and financial situation.
1. Increase your income
Goldman Sachs takes your income into consideration when checking for more credit requests, so increasing your income may improve your chances of being approved.
So, after securing a Rays or a new, better salary position, or after riding a side hustle, make sure to mention it to your representative when requesting a higher line of credit with your Apple Card.
2. Improve your credit score
Your credit score is a major factor in all credit decisions, so raising it can increase your chances of gaining a higher credit limit. Work on building your credit by paying all your credit card and loan invoices on time, reducing your debt and keeping your credit usage below 30%.
3. Apply for a credit card from another issuer
Instead of waiting to apply for more credit with your Apple Card, you can get a credit card from another issuer to increase the overall amount of credit available.
However, make sure you are strategic about your credit card application. Every time you apply for a credit card, you will receive strict inquiries on your credit report and will be charged several credit score points. Hard enquiries affect scores for a year and only take two credit reports. One difficult inquiry is unlikely to hurt your credit, but multiple inquiries can cause more damage.
Conclusion
Overall, the chances of being approved for a higher credit line with Goldman Sachs or higher credit line with credit card issuers will come down to your credit habits and overall financial health. If you have a history of managing your obligations responsibly, credit card issuers offering comparable cashback credit cards may be more likely to extend more credits.
*Information about Apple Cards is collected independently by Bankrate.com. Card details have not been reviewed or approved by the issuer.
