Ever since its first credit card launch in August 2019, till early 2022, Apple Card has gathered an estimated 6.7 million users. To help you out with the same. In this article, I will be writing all you need to know about getting an Apple card credit limit increase and how you can qualify for it too.
You may be using an Apple Card to enjoy the cashback benefits and the privacy or the special financing you get on Apple products; it surely has stuck in your mind if you can get an Apple card credit limit increase.
There could be multiple reasons why you would want to increase the credit limit on your Apple card. But to know exactly how to request it and what qualities you just possess may be unknown to you.
How To Get An Apple Card Credit Limit Increase?
While applying for an Apple card, or any credit card, for that matter, the issuer of the card will compute your debt-to-income ratio by contrasting your income to the debts that you owe.
This gives a clear image to the issuer if you can afford to take any more debt, and if yes, then how much, and accordingly, your credit limits are set.
If you want to request an Apple card credit limit increase, do follow the below-mentioned steps:
- On your phone, open the Wallet App.
- Select the Apple Card.
- Tap on the “More” icon
- Click on the “Message” icon to send in your request to Goldman Sachs, which is the issuer of the card.
Once the request is submitted, a representative of the bank might ask you a few questions to evaluate your eligibility. At this point, you are to ask the issuer of the card if they are to run a new solid inquiry on your credit reports.
After this is done, Goldman Sachs will evaluate multiple factors to conclude if you are eligible enough for your request to get approved.
Now that you know that you are to qualify for an Apple card credit limit increase, let me take you through the ways through which you can be eligible for a credit increase.
Read More: Can You Get Cash Back With Apple Pay?
How Can You Qualify For An Apply Card Credit Limit Increase?
Generally, the conditions that are required to get a higher credit limit on your Apple card are similar to the conditions that were required of you to get the card in the very first place.
The issuer will ensure that you can repay the debts that you might have incurred on the card. The Chairman of Debt.com, Howard Dvorkin, said that these requirements are fairly standard for every credit card company.
If you have an increased credit score, but on the other hand, your DTI has decreased, your credit limit increase is not guaranteed, but there are fairly slight chances.
Additionally, with these general credit and income necessities, Goldman Sachs will also be looking into your Apple Card activities. Hence, it will take the issuer six months after you open the account to gather the necessary information to raise your limit.
Why Would You Want An Apple Card Credit Limit Increase?
You must keep in mind that if you have already maxed out your card limit because of overspending or are close to it, trying to get more credit might not work in your favor.
In case this happens, take measurements to address your balance and work to pay it down. This will not just give you the available credit that you have been looking for but also help you increase your credit score.
While keeping this in mind, here are some of the reasons why you must want to increase your Apple card limit:
To Lower Your Credit Utilization
The credit utilization ratio is the percentage of your credit available that you are using at a given time. You may be paying your bill completely every month, but a relatively low credit limit will increase your credit utilization ratio and damage your credit score overall.
If your credit limit is high and your spending habits intact, in that case, you will have a better credit score.
Additional Credit For Emergencies
However, it is apparently not a good idea to put huge emergency expenses on a credit card. You have the emergency fund for that. But if there is an instance where you haven’t been able to save money, it is better to rely on your credit card than depend on your payday loan.
You can add the available credit to your Apple card that will help you avoid high-interest loan options. When the limit is set high, you will also be able to make bigger purchases.
An Improvement In Your Income And Credit Situation
If you had received a low credit balance when you initially opened your Apple Card account, but since then, your income and credit score has gone up, you may want to consider asking Goldman Sachs to review your new information and allow you a greater credit limit as you are at a lesser lending risk.
This is also applicable when you have paid off all other debts, and there is a decrease in your debt-to-income ratio.
What Happens When Your Apple Card Credit Limit Increase Request Is Denied?
There is no guarantee that your request for an Apple card credit limit will be approved even if there is an improvement in your finances and credit since you initially opened the account.
The card issuer is obliged to consider all your other debts, history with the Apple Card, and other broader economic circumstances.
Getting your credit limit increased during an economic downtown may be difficult. In fact, when during the initial stages of the Covid-19 pandemic, credit card companies slashed card limits to reduce the potential default risk. Some issuers took to canceling cards.
However, in most cases, a denial happens in personal cases and is related to your income, credit, or debit issues.
Therefore consider checking for these qualities before you apply, and your chances for approval will be relatively high.
The Bottom Line
This was all that you needed to abbot an Apple card credit limit increase; however, this is also applicable for other credit cards as well.
Hence, you must always consider talking to a professional to prepare yourself well before you apply for an increase in the credit limit.