Apple Card Computer more than Apple Card credit limit

[Fr. Guido Sarducci]

What is your income to debt ratio? Score is only a small part of being extended credit.

 

[Mity]

What is your income to debt ratio? Score is only a small part of being extended credit.

I have no debt. Like BigMcGuire, I also have a lengthy credit history because I've had a credit card since I was a teenager, courtesy of my parents. This is NOT income, debt or credit score related. This is rationing on GS' part because they're essentially losing money for 1 year since fed funds is about 3.5%.

TBH - this is not really a concern anymore. I originally posted this question because I was told different things by different Apple reps and I didn't want to drive out to a physical store.

 

[4sallypat]

I've been with Amex for 20 years and my Amazon Visa is the next longest with 15-ish years. So, it's not length of credit history, which is one component of a FICO score. It's one of the reasons why I have excellent credit, in addition to making all payments. I've never financed anything on a credit card. I aways use my credit card like a debit card. I do this to get points and rewards. My spending on my Amex card more than pays for the annual fee. The only thing that really attracted me was the 0% for 1 year.

I've been with Amex for over 30 years with NPSL Platinum, large credit lines: Blue Cash Preferred, Delta, and Amazon Business (recently transferred to US Bank).

But I noticed that lenders want to see more of a mix of credit - not just 1 or 2 cards, home/personal loans, and they want to see constant activity and at least one card that carries a small balance.

To get a larger credit line you need to work with a banker that will go to bat for you and get a card account that matches what you have invested, saved, etc...

 

[retta283]

Apple Card gave me an increase shortly after I bought my M4 MBP on credit last fall. I was surprised I got one because I wasn't even on a full year yet and I do not have good credit history. I had to get eye surgery and take a long time off work unpaid leave and I racked up major credit card debt, but I suppose I had righted the ship just enough to get approved for the increase. It's weird that they seem to be flaky in some cases and lenient in others.

I paid that computer off but frankly I'm afraid to put something like that on my card again. I do not have enough in retirement income to rely on in the event of an emergency, and I've already been through one bankruptcy. I was one of those fools who got suckered by cheap credit in the 2000s and my income dropped to near nothing after the recession. Just couldn't survive it.

If push comes to shove I will probably use the Apple Upgrade route, but I 'hope' I can buy my next phone and computer outright, or trade up for them from my existing gear. I'll be curious to see how much I can get for my M4 MBP next time I want to buy a computer. Trading in your existing stuff is always a good way to cut the costs, but I had been on the same ancient computers for so long that they weren't worth anything anymore.

 

[Mity]

I had to get eye surgery and take a long time off work unpaid leave and I racked up major credit card debt, but I suppose I had righted the ship just enough to get approved for the increase.

I'm sorry to hear about your eye and I hope you're on the road to recovery! I had a terrible fall this last December, right before New Year's, and I broke many bones in my face, including an orbital blowout and zygomatic fractures. I have multiple titanium plates in my face now.

 

[GregoryPeckEPA]

I'm trying to place a custom order for a new Mac Studio but the price is above the limit on my new Apple credit card. I just signed up for the card on Tuesday and my account is "too new" to request a credit line increase. So, there's no way to complete the transaction online using the Apple credit card. I called Apple Support and a rep told me that nothing can be done except to buy a cheaper computer. I asked to be transferred to Goldman and the GS rep told me that I can complete the transaction by splitting payments only at a physical Apple Store.

Has anyone encountered this and if so, can you confirm what I should do? Will the store allow me to do this? If I end up with a negative balance on my card (I buy something, make a payment, and then return the item), would this allow me to use the negative balance towards the purchase?

You can either split up the purchase in a store across multiple payment providers or pay over your limit. For example, if your limit is $3k and your card doesn’t hold a balance, you can make a $5k payment and then you’ll have $8k on the card to shop with. $5k of your own cash, and $3k credit.

Alternatively, you can call your CC provider and ask for a one time raise to your limit to make the purchase.

 

[GregoryPeckEPA]

Apple Card gave me an increase shortly after I bought my M4 MBP on credit last fall. I was surprised I got one because I wasn't even on a full year yet and I do not have good credit history. I had to get eye surgery and take a long time off work unpaid leave and I racked up major credit card debt, but I suppose I had righted the ship just enough to get approved for the increase. It's weird that they seem to be flaky in some cases and lenient in others.

I paid that computer off but frankly I'm afraid to put something like that on my card again. I do not have enough in retirement income to rely on in the event of an emergency, and I've already been through one bankruptcy. I was one of those fools who got suckered by cheap credit in the 2000s and my income dropped to near nothing after the recession. Just couldn't survive it.

If push comes to shove I will probably use the Apple Upgrade route, but I 'hope' I can buy my next phone and computer outright, or trade up for them from my existing gear. I'll be curious to see how much I can get for my M4 MBP next time I want to buy a computer. Trading in your existing stuff is always a good way to cut the costs, but I had been on the same ancient computers for so long that they weren't worth anything anymore.

Debt doesn’t by itself give you bad credit. Not paying does. You can be swimming in debt, owing $200k but so long as you never miss a payment, you will be treated like royalty. My mom owed $70k at one point and frequently used one card to pay off another for years. She was given A-status priority banking which meant she had her own specially teller. She likely turned $45k in actual debt into $80k because of the insane interest rates.

I was homeless, couch surfing at my friends place, unemployed about 10 years ago and they gave me a $15k line of credit. I had no credit. Took me till end of covid to finally pay it off and it was only at a 7.5% interest rate, but I never missed a payment. Not once.

 

[GMShadow]

Apple Card was generally based on usage - if you were a regular user they'd keep upping the limit regularly. I used to get 2-3 increases a year.

That said, I suspect they've pulled back now that the transfer to JPMC is underway as they are winding down their side of things. My last increase was almost a year ago.

 

[4sallypat]

Apple Card was generally based on usage - if you were a regular user they'd keep upping the limit regularly. I used to get 2-3 increases a year.

That said, I suspect they've pulled back now that the transfer to JPMC is underway as they are winding down their side of things. My last increase was almost a year ago.

Yes ^^^^ same here.

They have pulled back a lot.

I haven't been able to get increases in over a year.

And I have 3 installment loans at 0% for Apple stuff so I was stunned when they denied me.

Guess Chase is way more conservative ?