I just applied for the card and was kind of shocked at my credit limit, only a grand. That's not even enough to buy one of your better phones! The funny part is that I have a credit score above 800, no mortgage on my home or or 3 other rental homes and the only debt that I owe is a zero interest card to a lumber yard for less than $2,500. Anyone else find this odd?
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Yes, I have heard of very similar situations.
From what I understand, when GS does a soft credit pull, they look at how "fat" your credit profile is.
With very high credit scores, they are looking for different algorithms like credit usage, age of accounts, and activity.
People with high scores but low credit activity I have seen either declined or low CL.
On the flip side, people with low scores (under 680) are getting very high limits due to high credit activity (multiple cards w/ balances)....
Come to think of it I guess I can see how they might not really want me as a customer. They are not likely to get much interest income from me or others like me. Actually surprised that they just don't decline the application.
Now that is helpful, thanks!
How is this even helpful?
850 is the maximum score so again I am interested in if anyone else would have the same type issue with this card as it seems incredible to offer such a low limit to a person with such a high score and no debt, home or auto with only 1 small balance on an interest free 2 year deal.
It is relevant, that is why I ask the question to begin with. Do many users with similar situations ie credit scores as high as mine receive such low scores. I never ask why the limit is low only if others found this to be odd and again if anyone else had a similar situation as mine.
Why the low Apple Card limit?
