Has anyone else noticed a racial component in the limit approved on your (Goldman Sachs) Apple Card?...... My wife was approved for nearly twice the limit although we have similar credit scores (mines is slightly higher) and I make 3.5x her salary. The only difference I can see for the lower limit is race (White vs Black)
The credit score is just one factor banks use when determining credit limits on cards. Length of employment, types of employment, education, history with bank and other factors will determine credit limits So, identical credit scores are not the sole basis for determining racial bias.
Goldman Sachs uses TransUnion for their credit reports, in most states I believe. Have you ordered copies of both reports to examine all the information they contain? That would be my first step in trying to make sense of differences.
I hope this helps.
The credit score is just one factor banks use when determining credit limits on cards. Length of employment, types of employment, education, history with bank and other factors will determine credit limits So, identical credit scores are not the sole basis for determining racial bias.
Goldman Sachs uses TransUnion for their credit reports, in most states I believe. Have you ordered copies of both reports to examine all the information they contain? That would be my first step in trying to make sense of differences.
I hope this helps.
There is no racial component - the Apple Card is issued by Goldman Sachs uses a different method of credit worthiness.
GS is not your typical old school bank/creditor where it's just about DTI and FICO scores.
They use different algorithms.
Refer to the issue that was brought up with complaints early on.
Many states and investigations later, GS was found not to be discriminatory.
Here's an article from NYSDFS:
https://www.dfs.ny.gov/system/files/documents/2021/03/rpt_202103_apple_card_investigation.pdf
From Verge on gender discrimination:
https://www.theverge.com/2021/3/23/22347127/goldman-sachs-apple-card-no-gender-discrimination
Hi, we’re all just guessing. But logic tells me something is different or why are the incomes so different? I would be a lot more concerned about gender bias in the workplace if my wife did the same work etc and made ⅓ what I made.
No one here will know and this is a user to user community hosted by Apple but they don’t participate here.
If you really want to get data points etc. I’d be asking on the Reddit credit card community and FICO’s community forums. You’ll get many, many more responses that may be relevant to your concerns. Good luck and I hope this helps.
Jeff
See the various factors in:
How your Apple Card application is evaluated
https://support.apple.com/kb/HT209218
which may extend to how they decide to assign credit.
Thanks for sharing as I also read through the application overview process. Based on the guidelines not sure how I received less. We both have 800 credit scores and if we carry the same debt but one makes 100k and the other 300k how does the person making more be approved for considerably less?…….
Hi Jeff-
Thanks for the reply - We both actively monitor our credit report and as stated carry the same debt in addition to having similar scores. I am well versed in alternate factors that should go into determining credit worthiness as I work for a bank. If we compare all factors (credit score, length of employment, debt etc.) there is no logical conclusion to reach outside of racial bias in the algorithm for the discrepancy in spending limit.
Hi Jeff - Appreciate the dialogue and I am raising in this forum to see if anyone else has had a similar experience. (I have already submitted an inquiry with Goldman)
My wife is not in my field nor works for my company. Our pay is in line with the position/ titles that we hold.
RUSD tech - I’ve read the NYS investigation report released in March 2021
If the system was shown to have gender biased why is it such a leap that there maybe racial bias?
I’m asking if anyone has had a similar experience to mines. (Don’t need any one to provide me with there corporate counter arguments)
Hi, there is no corporate response here. No one that is responding works for Apple or GS. But this discussion is starting to cross the line of what Apple allows in this community forum.
This forum is here to allow fellow Apple users help each other, to the best of their abilities.
We’re all guests here and it’s not what this forum is intended for. I’m just saying this thread will be locked and disappear if it continues.
I am raising in this forum to see if anyone else has had a similar experience. (I have already submitted an inquiry with Goldman)
Just FYI, topics like this run the risk of being deleted because you are brushing up against several aspects prohibited by the Apple Support Communities Terms of Use
Jeff-
Thanks for your feedback.
As noted if anyone has had a similar experience please share.
Racial component in Apple Card algorithm
