Goldman Sachs is an American investment bank, with headquarters in New York City. The only card issued by Goldman is the ‘’Apple card’’, which is the result of a partnership with Apple. Goldman is Apple’s issuing partner in this deal, and the network that Apple works with is Mastercard. This card was launched in 2019, which is quite recent but has received amazing feedback. It is a credit card that is made for the iPhone. It allows customers to handle financial transactions through the Apple Wallet on their iPhone. They also offer daily cash backs and rewards for transactions made through this medium. One of the biggest issues that consumers have faced with this is the credit score and approval system. There are various reasons why some applications get rejected, which we will see later. Goldman uses TransUnion as a credit bureau to review customers’ applications. They use the FICO score 9 system, which is pretty rigorous compared to others. Though their official stance is that people with FICO scores of less than 600 will not be approved, some people with scores as high as 800 haven’t got approvals either. If you do get approved, however, your credit score may be slightly impacted. If you find fault with your credit score application, you can file a complaint against TransUnion.
Conditions That Determine Your Credit Score
These are the factors that will be considered while evaluating your credit score;
The previous payments you had made with other debtsThe debt or debts you currently have with other credit accountsHow long you have had a credit account The number of loans and type of loans you have pending The amount of credit you have used from what you have availedYour history with bankruptcy or foreclosure
Eligibility Factors
These are the factors that will determine if you are even eligible for this card or not.
You will have to be eighteen, or above eighteen years of age.Being an American citizen, having a lawful residential address.They might have to verify your identity, so you will need to have the required documents.Your Apple ID must be verified.You will have to sign in to iCloud.You should not have a freeze on your credit report. If it is there, you will have to lift it for the time being and then only apply for the card.
Why Is My Application Declined?
Goldman considers multiple factors before they approve of an application. If you do not meet their requirements, they will not approve your card. These are some factors why your application could be rejected.
Your history with debt or current defaults on payment
If you are currently under debt, they will see if you are making payments on time. If you default on your payment sometimes or have defaulted in the past, this is a reason to reject your application. Your account may have been closed by a bank because of repeated spending, or you have been behind on your debt payments.
Bad public records
If you have failed to pay your taxes on time, you have been bankrupt, or had lost possession of your property, your application is likely to get rejected. As their standards are stricter than others, they give importance to your past situation as well.
Heavy debt
If you are currently under a lot of debt, or the income you receive does not seem sufficient enough to fulfill your debt, you will get rejected. The debt you are under should ideally not cost more than half of your monthly income. They will also see if you have opened a lot of credit accounts recently, as that will contribute to your debt obligations. You should not have too many mortgages, loans, and credit cards. You need to have enough financial stability to pay off all your debts.
Incorrect information
If there is outdated or wrong information on your credit report, that is another reason for Goldman to reject your application. They do not want to take risks right now, so they will find any possible errors in your application. Checking and double-checking all your details can help you here.
Conclusion
Goldman Sachs, a financial giant, has partnered up with Apple, a technical giant. There is a lot of excitement regarding this partnership, and they do not seem to be disappointing. Except for having incredibly strict standards, the Apple Card has been very useful. You can find the status of your application in the Apple Wallet app. They will also send you any updates to your registered email so you will stay updated. If your financial situation is questionable, you can apply with lesser hopes or apply somewhere else. They may introduce reforms to their credit system later on, as their Card is still new in the market.
