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Whether you’ve signed up for the Apple Card to take advantage of the special financing terms on Apple products or for its unique features, you might be wondering how to increase your credit line on the card.
Increasing your credit limit can be a smart step. First, it will increase your buying power and allow you more budget flexibility. Secondly, it can help you improve your credit by decreasing your credit utilization ratio—how much you owe on your card in relation to your credit limit.
Goldman Sachs, the Apple Card’s issuer, doesn’t provide official eligibility requirements for a credit limit increase. However, there are certain steps you can take to improve your chances of being approved for a higher credit line.
Read on to find out how you can get a credit line increase with the Apple Card and what to do in case your request is denied.
Before you apply for a credit increase
However, it’s a good strategy to make it a habit to apply for a credit limit increase regularly—about every six months. Having more available credit not only looks good on your credit report, but it also helps your financial stability by providing more room in case of an emergency expense that you need to use a credit card to pay for in the moment. Just make sure that a higher credit limit doesn’t tempt you to spend more than you can repay, particularly for nonemergency expenditures.
Before you apply for a credit limit increase with your Apple Card, here are a few questions we recommend considering:
What is your current credit limit?
Knowing your current credit limit can help you determine how much of an increase you should ask for based on how much credit you already have and how much of it you’re using.
If you’re using a very low percentage of your credit, Goldman Sachs might decide against offering you more. On the other hand, if you’re often close to your credit limit, this might serve as a red flag to the issuer that you’re not managing your debt properly.
How much credit do you want?
While it can be tempting to request a significant increase, know that if you ask for a large amount, there’s a higher chance the issuer will decline your request.
For example, if you have a $3,000 credit limit, it might be a better idea to ask for a $1,000 dollar increase rather than request to raise your limit to $6,000. While the issuer might double or even triple your credit line, it’s best to ask for a 10 to 20 percent increase to avoid creating the impression that you’re trying to secure credit in a difficult financial situation.
Are you eligible for an increase?
While Goldman Sachs doesn’t list specific requirements for a credit limit increase, Apple’s support page notes that the issuer determines credit limits based on many of the same factors assessed in your credit card application, including your credit score and credit utilization ratio. Additionally, Goldman Sachs looks at your income and the minimum payments associated with your existing debts.
Based on this information, you can do a few things to potentially improve your odds of being approved for a credit limit increase.
- Make all of your payments on time. Your payment history is the most crucial factor in your FICO score and is considered in all credit decisions.
- Be a cardholder for at least six months. Apple states in its “financial health” info that you can make a credit limit request after having your Apple Card for four months, but, according to the support page, Goldman Sachs uses your credit history with Apple Card to inform any request for credit limit increases, and this can take six months or more.
- Avoid requesting more credit too often. As we mentioned, this can serve as a sign to the issuer that you’re experiencing financial issues.
How to request a higher credit line with the Apple Card
Goldman Sachs doesn’t offer automatic credit limit increases like many other issuers do, but you can request an increase on your Apple device by chatting with an Apple Card customer service representative.
To do that, open the Wallet App on your Apple device and tap the “More Options” icon in the upper right corner. Then, tap the “Message” icon to be connected to a Goldman Sachs representative. After that, you can send a message requesting a credit limit increase. The representative will ask a few questions related to your request to determine your eligibility.
Whether or not a credit limit increase request triggers a hard inquiry varies for the Apple Card, so it might be a good idea to ask the representative before you apply.
How long does an Apple Card credit line increase take?
While you might get the decision almost instantly, other times it might take up to 30 days for Goldman Sachs to process your request.
What to do if your Apple Card request is denied
If your request for a higher credit line is declined, it’s best to wait before requesting again. Take a few months to work on your credit score and improve your overall debt and financial situation before you give it another try.
Increase your income
Since Goldman Sachs considers your income when reviewing your request for more credit, increasing your income can improve your chances of being approved.
So, after you’ve secured a raise or a new, better-paying position, or maybe you have taken on a side hustle, make sure to mention that to the representative when requesting a higher credit line with the Apple Card.
Improve your credit score
Your credit score is the major factor in all credit decisions, so raising it can improve your chances of getting a higher credit limit. Work on building your credit by paying all your credit card and loan bills on time, reducing your debt and keeping your credit utilization ratio under 30 percent—or better yet, in the single digits.
Apply for a credit card from a different issuer
Instead of waiting for another time to apply for more credit on your Apple Card, you can try to get a credit card from a different issuer to boost the overall amount of credit available to you.
However, make sure you’re strategic about your credit card applications. Every time you apply for a credit card, a hard inquiry appears on your credit report which can cost you a few credit score points. Hard inquiries affect your scores for a year and stay on your credit report for two. One hard inquiry isn’t likely to hurt your credit much, but multiple ones can do more damage.
Overall, your chances of being approved for a higher credit line with Goldman Sachs—or any other issuer—come down to your credit habits and your overall financial health. If you have a history of managing your debt responsibly, credit card issuers are more likely to extend you more credit.