After receiving approval for the Apple Card from Goldman Sachs, there are a few things that happen next. First and foremost, Goldman Sachs will assign you an initial credit limit for your Apple Card. This credit limit is determined based on a variety of factors, similar to those considered during the approval process.
One of the primary factors taken into account is your credit score. A higher credit score generally indicates a lower credit risk, which may result in a higher credit limit. Goldman Sachs also considers your existing credit, such as any loans or credit cards you currently have. If you have a good track record of managing your credit responsibly, it may positively influence your credit limit.
In addition to credit score and existing credit, Goldman Sachs also looks at your income. A higher income can indicate a greater ability to repay debts, which may result in a higher credit limit. Conversely, a lower income may result in a lower credit limit.
Furthermore, Goldman Sachs considers the minimum payments tied to your existing debt. If you have significant outstanding debt with high minimum payments, it may affect the credit limit assigned to you. Higher minimum payments can reduce the available funds you have to repay additional debts, therefore impacting your credit limit.
It is important to note that the initial credit limit assigned to you by Goldman Sachs is not set in stone. As you use your Apple Card and demonstrate responsible credit behavior, such as making payments on time and keeping your credit utilization low, Goldman Sachs may reassess and potentially increase your credit limit over time. This can provide you with more purchasing power and flexibility.
The process after approval for the Apple Card involves Goldman Sachs assigning you an initial credit limit based on factors such as your credit score, existing credit, income, and minimum payments tied to your existing debt. It is important to manage your Apple Card responsibly to potentially increase your credit limit in the future.