Goldman Sachs, the bank that issues the Apple Card, says that it doesn't offer automatic credit limit increases, so you shouldn't rely on getting offered one without requesting it. However, some Apple Card customers have received automatic increases, so don't be surprised if this happens.
To request an Apple Card credit limit increase, you can chat with an Apple Card Specialist at Goldman Sachs.
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.
The limits are determined by the cardholder's credit score, credit age, and income at the time of application. Cardholders have reported credit limits as low as $50 and as high as $15,000. An Apple Card may be shared using Apple Card Family. It requires each person to be over 13 years old to share the card.
Requesting a credit limit increase can hurt your score, but only in the short term. If you ask for a higher credit limit, most issuers will do a hard “pull,” or “hard inquiry,” of your credit history. A hard inquiry will temporarily lower your credit score.
Maria Adams, Credit Cards Moderator
The Apple Card's credit score requirement is 700+. This means that you need at least good to get this card. While it's possible to be approved with a lower score due to a high income or other positive factors, it's best to not take the risk.
Credit limit increases can happen automatically with no action on your part, or by your request. Automatic credit limit increases may happen annually or if your card issuer notices you recently updated your income.
Apple Card Family lets you co-own your Apple Card account with one member of your Family Sharing group. You can share your credit line with a co-owner and build credit together as equals. You can even invite another Apple Card owner to combine credit limits with you and form one co-owned account.
Your credit score won't be impacted if you're declined, or don't accept your offer. Your credit score might be impacted if your application is approved and you accept your offer. You can apply for Apple Card again, but you might receive the same decision.
The Apple Card is a good credit card that's worth it for people with good credit or better who regularly buy Apple products and services, as well as for iPhone, Mac and iWatch users who are comfortable making purchases using Apple Pay. Owning the Apple Credit Card from Goldman Sachs doesn't have to cost you a thing.
Asking your credit card issuer to increase your credit limit can not only boost your buying power, but also lower your credit utilization, which could help your credit scores. Whether your request will be approved, however, is a matter of timing.
Co‑Owners are equal partners.
Apple Card Family allows two partners to merge credit lines 7 to form a single co-owned account, manage that account together, and build credit as equals. Both Co‑Owners can view and manage the account, see each member's activity, and set limits on Participants' spending.
The application process for Apple Card is incredibly straightforward. Once you're invited to apply, you can do so directly in the Wallet app on iPhone. Much of your information will be pre-filled based on your Apple ID. Details like your address, phone number, and name are pre-filled based on my Apple ID information.
With Apple Card Monthly Installments, you are promising to pay for the total cost of the iPhone by paying your credit card bill each month. If you buy the most expensive iPhone at, say, $60 per month, but only pay $30 a couple of those months, you won't get in trouble.
A high-limit credit card typically comes with a credit line between $5,000 to $10,000 (and some even go beyond $10,000). You're more likely to have a higher credit limit if you have good or excellent credit.
In 2020, the average credit card credit limit was $30,365, according to Experian data. This was a 3% decrease from the previous year's average. However, average credit card limits also vary by age range, and people who are new to credit or rebuilding their credit may have lower credit limits.
There have been reports of some being approved with credit scores as low as 620. Therefore, you'll need to make sure you have at least what is considered "fair" credit if you want a decent chance of being approved.
Apple Card uses FICO Score 9. FICO Score 9 ranges from 300 to 850, with scores above 660 considered favorable for credit approval.
FICO 9 is a credit scoring model owned by the Fair Isaac Corporation (FICO), who introduced it to creditors in 2014 and consumers in 2016. As with FICO's older models, such as FICO 8, it scores your credit on a scale from 300 to 850. Your FICO 9 score indicates how likely you are to repay your debts.
Automatic credit limit increase to $500 after making your first 5 monthly payments on time is for card holders that are on the capital one credit steps program.
You could be denied a credit limit increase for many reasons, such as defaulting on a card, having a history of late payments, recently were given an increase, too low of a credit score, too little credit history, too many recent applications, and too low of verifiable income.
Whether you request a credit limit increase online or over the phone, you may receive a response in as little as 30 seconds or you may need to wait up to 30 days.