- Feb 16, 2018
This is utter B.S.Because you probably have too much open credit. Cards with not balance are not the only factor. If you have 5 cards with 20k on each you have 100K of open credit. That has an impact as well. In your situation, why do you need the Apple Card at all.
I had well over $120K in consumer credit available to me before I applied for an Apple Card. My utilization is about 0.5% right now, a typical amount for me.
My current FICO score is 821.
When I applied for an Apple Card, GS gave me a pathetic $9K limit at 19% APR. Hell, I don't care about the interest rate but the $9K limit is a joke. I think I have 6-7 cards and all but one have a credit limit over $16K.
My Visa from Brand B has a $40K limit. It has been like that for 20 years. And for about 18 of those years, I rarely used the card.
The worst thing about the Apple Card isn't the rate or the credit limit. It's the appallingly poor customer service from Goldman Sachs. It's pretty damned clear that these guys are complete newbies to the consumer finance realm.
I don't give a crap about what cash back rewards rate I get from the Apple Card if I need to spend 15 minutes on the phone with GS to verbally recite my credit union's routing number and account number to pay off a $10 bill. I have never had to do that with American Express since I became a cardholder in the early Nineties.