Your Apple Card credit limit may have been lowered due to late payments, inactivity on your card, or a change in your credit history. Marcus by Goldman Sachs will periodically review how you’re managing your current limit and may lower it if they don’t think you can afford the full thing.
You can call Marcus by Goldman Sachs at 1-877-255-5923 to ask about the particular reasons why your credit limit was lowered. You can also learn more about the most likely causes and how to avoid future credit-limit decreases below.
Why Your Apple Card Credit Limit Might Have Been Lowered
- Missed payments:If Marcus by Goldman Sachs detects a number of missed or latepayments, they could assume that you might be experiencing financial difficulties, and reduce their risk by lowering the amount you can borrow from them.
- High credit utilization:Yourcredit utilization is the ratio of the amount you’re borrowing compared to your credit limit. If your balance is frequently close to your limit, Marcus by Goldman Sachs may see you as risky, and they’re likely to limit how much you can spend – especially if other aspects of your credit profile seem shaky.
- Inactivity: If you aren’t using any of the limit that’s available to you, Marcus by Goldman Sachs might eventually lower your credit limit accordingly.
- Changing market conditions: Marcus by Goldman Sachs may have lowered your credit line to limit its risk in response to changes in the economic environment. Many people’s limits got lowered by credit card companies during the COVID-19 pandemic, for example.
While your card activity might not always be the reason for a credit limit decrease, you can reduce the chances that it will be lowered in the future by using your card regularly and responsibly.
How to Prevent Your Apple Card Limit From Being Lowered
- Never miss a due date. Missed payments are one of the main reasons why your Apple Card credit limit might be lowered. You should always pay at least the minimum amount required by your due date. Setting up automatic monthly payments from a bank account can help with this.
- Use your card once a month. Your Apple Card credit limit may be reduced due to inactivity, so it helps to make at least one purchase with your card each month to keep it active.
- Keep your balance low. Another factor that could make you appear risky is if you have high credit utilization. Ideally, you should keep your balance below 30% of your credit limit.
In most cases, Marcus by Goldman Sachs isn’t legally required to inform you before they change your credit limit. The exception is if your new limit would result in an over-the-limit fee, which you generally must opt-in for. In this case, they must notify you 45 days before the limit goes into effect, or they must waive the fee.
If your credit limit has already been lowered, you can try requesting a credit limit increase, especially if your account has been in good standing for several months.
This answer was last updated on 05/09/24 and it was first published on 05/01/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
