How your GM Rewards Credit Card Application is Evaluated

FAQs

My GM Rewards Card & Extended Family Card

How is my GM Card application evaluated?

Goldman Sachs uses your credit score, your credit report (including your current debt obligations), and the income you report on your application when reviewing your GM Card application.

Conditions that might cause your application to be declined

When assessing your ability to pay back debt, Goldman Sachs looks at multiple conditions before making a decision on your GM Card application.

If any of the following conditions apply, Goldman Sachs might not be able to approve your GM Card application.

If you're behind on debt obligations or have previously been behind

  • You are currently past due or have recently been past due on a debt obligation.
  • Your checking account was closed by a bank (for example, due to repeatedly spending more than your available account balance).
  • You have two or more non-medical debt obligations that are recently past due.

If you have negative public records

  • A tax lien was placed on your assets (for example, due to a failure to pay sufficient taxes on time).
  • A judgement was passed against you (for example, as a result of litigation).You have had a recent bankruptcy.
  • Your property has been recently repossessed.

If you're heavily in debt or your income is insufficient to make debt payments

  • You don't have sufficient disposable income after you pay existing debt obligations.
  • Your debt obligations represent a high percentage of your monthly income (for example, your  unsecured debt obligations, such as loans that aren't backed by collateral, are 50% or more of your total income).
  • You have fully utilized all of your credit card lines in the last three months and have recently opened a significant amount of new credit accounts.

If you frequently apply for credit cards or loans

  • You have a high number of recent applications for credit.

 

If your credit score is low

Goldman Sachs uses TransUnion and other credit bureaus to evaluate your GM Card application. If your credit score is low (for example, if your FICO9 score is lower than 660 or if the Vantage score is lower than 630), Goldman Sachs might not be able to approve your GM Card application.

Why your credit score is used

Credit scores can indicate how you use and pay off debt.

How credit scores are determined

Information found in your credit report is used to determine your credit scores, which might include the following:

  • Your history of debt payments
  • Hard inquiries on your credit score from new credit applications
  • The amount of debt you currently have on your credit accounts
  • The age of your credit accounts
  • The amount and type of loan accounts you have open
  • The percentage of available credit you've utilized
  • If and when you had a foreclosure, declared bankruptcy, or had debt sent to collections

 

It’s common to see varying credit score when you look at different sources, however Goldman Sachs uses TransUnion FICO and TransUnion Vantage Score for your GM Card application. Your credit report and the timing of when your credit score is updated can affect your credit score.

By law, you're allowed to get a free annual copy of your credit report and file a dispute with TransUnion if you find an error.

For information about credit scores from TransUnion, please click here.

What you can do if your application is approved with an insufficient credit limit or it's declined

If your application is declined, a message with an explanation is sent to the primary email address you used to apply for GM Card. The message might show your credit score. If information provided by a credit bureau contributed to your application being declined, you can request a free copy of your credit report from that credit bureau using the instructions in the email you receive. 

If you're approved but your credit limit isn't enough to buy a GM vehicle

If your application has been approved with insufficient credit to cover the cost of your purchase, you can also choose a different payment method.

If your application is declined because your identification information couldn't be verified

Make sure your name, address and other information provided on your GM Card application is correct. 

Applying does not impact your credit score. Accepting a card after your application is approved will result in a hard inquiry, which may impact your credit score. 

How your initial credit limit is determined

To determine your initial credit limit, Goldman Sachs uses your income and the minimum payment amounts associated with your existing debt to assess your ability to pay.

In addition, Goldman Sachs uses many of the same factors that are used to assess whether your application is approved or declined, including your credit score and the amount of credit you utilize on your existing credit lines.

Why your application is pending or in review

Goldman Sachs might need more time to review some applications, or request more information to verify your identity.

GM Business Card

How is my GM Card application evaluated?

Goldman Sachs uses your and your business's credit report (including current debt obligations), and the business revenue you report on your application when reviewing your GM Business Card application.

GM Business Card Conditions that might cause your application to be declined

When assessing your ability to pay back debt, Goldman Sachs looks at multiple conditions before making a decision on your GM Business Card application.

If any of the following conditions apply to the business or the authorized user, Goldman Sachs might not be able to approve your GM Business Card application.

If you're behind on debt obligations or have previously been behind

  • You are currently past due or have recently been past due on a debt obligation
  • You had a recent charge-off on a debt obligation

 

If you have negative public records

  • A tax lien was placed on your assets (for example, due to a failure to pay sufficient taxes on timeA judgement was passed against you (for example, as a result of litigation).
  • You have had a recent bankruptcy.
  • Your property has been recently repossessed.

 

If you're heavily in debt or your business revenue is insufficient

You don't have sufficient business revenue to be eligible for Business Card our debt obligations are very higYou have fully utilized all of yourredit card lines ecently and have recently opened a significant amount of new credit accounts.

If you frequently apply for credit cards or loans

  • You have a high number of recent applications for credit.

 

If your credit score is low

Goldman Sachs uses Equifax and other credit bureaus to evaluate your GM Business Card application. If your consumer or commercial credit score is low (for example, if your FICO9 score is lower than 660), Goldman Sachs might not be able to approve your GM Business Card application.

Why your credit score is used

Credit scores can indicate how you use and pay off debt.

How credit scores are determined

Information found in your credit report is used to determine your credit scores, which might include the following:

  • Your history of debt payments
  • Hard inquiries on your credit score from new credit applications
  • The amount of debt you currently have on your credit accounts
  • The age of your credit accounts
  • The amount and type of loan accounts you have open
  • The percentage of available credit you've utilized
  • If and when you had a foreclosure, declared bankruptcy, or had debt sent to collections

It's common to see varying credit scores when you look at different sources. Credit Karma and other services might display different credit scores, like Equifax VantageScore, which is different from the Equifax FICO score that's used for your GM Business Card application. Your credit report and the timing of when your credit score is updated can affect your credit score.

By law, you're allowed to get a free annual copy of your credit report and file a dispute with Equifax if you find an error. 

For information about credit scores from Equifax, please click here.

What you can do if your application is approved with an insufficient credit limit or it's declined

If your application is declined, a message with an explanation is sent to the primary email address you used to apply for GM Business Card. The message might show your credit score. If information provided by a credit bureau contributed to your application being declined, you can request a free copy of your credit report from that credit bureau using the instructions in the email you receive. 

If you're approved but your credit limit isn't enough to buy a GM vehicle

If your application has been approved with insufficient credit to cover the cost of your purchase, you can also choose a different payment method. 

If your application is declined because your identification information couldn't be verified

Make sure your name, address and other information provided on your GM Business Card application is correct.

Applying does not impact your credit score. Accepting a card after your application is approved will result in a hard inquiry, which may impact your credit score.

What you can do if your application is approved with an insufficient credit limit or it's declined

If your application is declined, a message with an explanation is sent to the primary email address you used to apply for the GM Business Card. 

How your initial credit limit is determined

To determine your initial credit limit, Goldman Sachs uses your business revenue and risk level based on your credit bureau report to assess your ability to pay.

In addition, Goldman Sachs uses many of the same factors that are used to assess whether your application is approved or declined, including your credit score and the amount of credit you utilize on your existing credit lines.

Why your application is pending or in review

Goldman Sachs might need more time to review some applications, or request more information to verify your identity.