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If the Apple Card is your go-to, you may occasionally find yourself in need of a higher credit limit. Fortunately, the credit card company has made it quick and easy to request a credit limit increase for the Apple Card. Here, we'll walk you through the easy-to-follow steps.
How to request additional credit on your Apple Card
When the J.D. Power 2021 U.S. Credit Card Satisfaction Study came out, Goldman Sachs ranked much higher than other midsize credit card issuers. The Apple Card is the only card issued by Goldman Sachs and, based on their J.D. Power rankings, the company takes pride in customer satisfaction. That may be one of the reasons they made it so simple to request a credit limit increase. Here are three options.
Call
If you have an Apple Card and are a devoted Apple product user, chances are you're pretty tech savvy. However, if you're not wild about requesting an increase on your Apple Card via iPhone or iPad, give the folks at Goldman Sachs a call. Customer service can be reached by calling (877) 255-5923.
iPhone
Requesting an Apple Card credit limit increase doesn't get much easier than reaching for your iPhone. Here's how it works:
- Open the Wallet app
- Tap Apple Card
- Tap the More button (the button with three horizontal dots)
- Tap the Message button (that's the one that looks a little like a cartoon thought bubble)
- Type a message requesting a credit increase
- Tap the Send button (the arrow pointing up)
iPad
You can also make a credit limit increase request using your iPad. Here's how:
- Open the Settings app
- Scroll down and tap Wallet & Apple Pay
- Tap Apple Card
- Tap the Info tab
- Tap the Message button
- Type a message requesting a higher limit
- Tap the Send button
What's next?
Goldman Sachs will take a new look at your credit history (which may include a hard credit check). This time, it will pay special attention to your history as an Apple Card customer. According to Goldman Sachs's website, you'll need at least six months of history paying your Apple Card as agreed.
While Goldman Sachs does not explicitly say what it's looking for as it reviews your request, a quick look at the eligibility requirements to open an Apple Card account offers some insight. In a nutshell, meeting these criteria will improve your odds of a credit limit increase:
- You've been an Apple Card user for six months or more.
- You've paid your Apple Card on time each month and keep your overall credit utilization rate low. "Credit utilization rate" refers to the percentage of your available credit you use. Let's say you have three credit cards, each with a $5,000 credit limit. When a company (like Goldman Sachs) checks out your creditworthiness, it gets a little nervous if your cards are charged to the max.
- You don't make it a habit of requesting a credit card limit increase.
- Nothing notable has happened to your credit score since your initial Apple Card application was filed. If a cursory check indicates that your credit score has taken a dive, Goldman Sachs may have a reason to worry that an Apple Card limit increase would make managing your finances challenging.
Focus on your credit score
The past couple of years have been tough on everyone, and some people who once had plenty of money in their bank account began to worry about where they would find the daily cash to pay bills. If Goldman Sachs denies your request for an increased credit limit, it may be due to a dip in your credit score.
Building an excellent credit score can take years and is always the long-term goal. In the near term, though, these steps should help you see an improvement.
Go over your credit report with a fine-tooth comb
You have the right to request a free copy of your credit report from the big three credit reporting agencies once a year. Once you have a copy from each agency, go over it with a fine-tooth comb. You're looking for mistakes. For example, if you see a debt that was never yours, it's a mistake and could reduce your credit score. If you've paid a debt off in full and your credit report still shows a balance, that's another mistake that could decrease your credit score.
Dispute errors
Disputing errors on your credit report is far easier than it once was. It's as easy as going to the credit reporting agency's website and using their online portal to let them know that your report contains an error. According to the Fair Credit Reporting Act, the agency has 30 to 45 days to investigate your claim and another five days to inform you of the results of their investigation.
Pay down balances
The credit utilization rate (also called "Amounts Owed") is worth 30% of your total credit score. The higher your balances are, the higher your utilization rate. Chip away at your debt, beginning with credit card debt. The goal is only to use a small percentage of your available credit.
When you consider that the average credit card limit in the U.S. in 2019 (for all cards held by a single person) was $31,015, it's easy to see how keeping the balances low can increase credit utilization.
Keep old credit cards open
As tempting as it may be to cut up and cancel credit cards that have lured you into spending more than you should, don't do it. If you can get by without using the available credit on those cards, it lowers your credit utilization rate. As far as the credit card issuer can see, you have all this credit but are choosing to use a small percentage of it. If you're afraid you'll be tempted to pull the cards out and use them, give them to a friend or family member for safekeeping.
Make all payments on time
No matter what's going on, make it a point to get payments in on time. It's a habit that slowly but surely builds your credit score.
Maintain a mix
Your "credit mix" is worth 10% of your credit score. A good credit mix means that your credit portfolio includes more than one thing. In other words, if the only credit you had were four car payments or four credit cards, a creditor would wonder if you are able to manage different types of credit. Show them you are by mixing up your debt.
Of course, your credit score may already be in great shape. If that's the case, good work! There's nothing left for you to do but wait to hear back from Goldman Sachs and carry on with your good credit habits. And next time you apply for a credit card, you'll be in excellent shape to apply for the high credit limit card you're looking for.
Still have questions?
Some other questions we've answered:
FAQs
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Although online posters report credit limits as high as $40,000, it is difficult to verify the legitimacy of the claims. Your credit limit will be based on your credit score, work history, income, and other criteria chosen by the card issuer.
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You should be a cardholder for at least six months so that Goldman Sachs has a history of how well you've managed the Apple Card so far.
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Goldman Sachs may choose to conduct a hard credit check, which will temporarily ding your credit score a bit. Before they do, though, they must have your permission. If you don't want a hard credit check run, do not give your consent. If a soft credit check tells them everything they need to know, that may be all they will run. A soft credit check in no way impacts your credit score.
Our Credit Cards Expert
Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.
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