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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: Lyndon Stratford//GettyImages July 15, 2021 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Ana Staples is a reporter for Bankrate and an expert on all things credit basics and personal finance for the younger generation. Rebekah Hovey is an editor with nearly a decade of experience creating and shaping content in finance-related and health care fields. Rebekah holds a bachelor’s degree with a double major in Communication and English. Emily Sherman is a senior editor for CreditCards.com and Bankrate Credit Cards, specializing in product news and recommendations. She has worked as a writer and editor in the credit cards space for several years, covering any and all topics related to how cards work, rewards programs, card benefits, travel, cash back and more. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Bankrate logo The Bankrate promise
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Generally, cardholders seek a higher credit limit for two reasons: They’re looking to make a or they’re working to . 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, 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. 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 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 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. SHARE: Ana Staples is a reporter for Bankrate and an expert on all things credit basics and personal finance for the younger generation. Rebekah Hovey is an editor with nearly a decade of experience creating and shaping content in finance-related and health care fields. Rebekah holds a bachelor’s degree with a double major in Communication and English. Emily Sherman is a senior editor for CreditCards.com and Bankrate Credit Cards, specializing in product news and recommendations. She has worked as a writer and editor in the credit cards space for several years, covering any and all topics related to how cards work, rewards programs, card benefits, travel, cash back and more. Related Articles