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. This article highlights a number of factors that Goldman Sachs uses, in combination, to make credit decisions but doesn't include all of the details, factors, scores or other information used to make those decisions.
If you apply for GM Card and your application is approved, there's no impact to your credit score until you accept your offer. If you accept your offer, a hard inquiry is made. This may impact your credit score. If your application is declined or you reject your offer, your credit score isn't impacted by the soft inquiry associated with your application.
If your application was declined, learn what you can do to try and improve your next application.
You can call us at 1-833-773-0988 to speak with a specialist, if you have questions about applying for GM Card.
To get GM Card, you must meet these requirements:
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
If you have negative public records
If you're heavily in debt or your income is insufficient to make debt payments
If you frequently apply for credit cards or loans
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.
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:
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.
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 have a freeze on your credit report, you need to temporarily lift the freeze before you apply for GM Card. Learn how to lift your credit freeze with TransUnion.
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. If you find inaccurate information, re-enter the information as needed.
Your credit score won't be impacted if you're declined, or don't accept your offer. Your credit score might be impacted if your application is approved and you accept your offer.
You can apply for GM Card again, but you might receive the same decision.
If you want to receive a different decision on your application when you apply again, you should review your credit report to see if you have conditions that might result in a declined application and then check for these common errors in your credit report.
If you're approved but your credit limit isn't enough to buy a GM vehicle.
You can apply for GM Card when you buy a GM vehicle at dealerships. If your application is approved with insufficient credit to cover the cost of your purchase, you can also choose a different payment method.
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.
Goldman Sachs might need more time to review some applications, or request more information to verify your identity.
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. This article highlights a number of factors that Goldman Sachs uses, in combination, to make credit decisions but doesn't include all of the details, factors, scores or other information used to make those decisions.
If you apply for GM Business Card, there's no impact to your consumer credit score and your commercial credit score may or may not be impacted.
If your application was declined, learn what you can do to try and improve your next application.
You can call us at 1-833-773-0990 to speak with a business specialist, if you have questions about applying for GM Business Card
To get GM Business Card, you must meet these requirements:
Authorized use
Business
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
If you have negative public records
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
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.
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:
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.
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 have a freeze on your credit report, you need to temporarily lift the freeze before you apply for GM Business Card. Learn how to lift your credit freeze with Equifax.
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. If you find inaccurate information, re-enter the information as needed.
If you are asked to verify with an ID, follow these steps:
After you complete these steps, submit your application again. If your application is declined again for the same reason, please call us at 1-833-773-0990 to speak with a business specialist.
If you apply for GM Business Card, there's no impact to your consumer credit score and your commercial credit score may or may not be impacted
You can apply for GM Business Card again, but you might receive the same decision.
If you want to receive a different decision on your application when you apply again, you should review your credit report to see if you have conditions that might result in a declined application and then check for these common errors in your credit report.
If you're approved but your credit limit isn't enough to buy a GM vehicle
You can apply for GM Business Card when you buy a GM vehicle at dealerships. If your application is approved with insufficient credit to cover the cost of your purchase, you can also choose a different payment method.
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.
Goldman Sachs might need more time to review some applications, or request more information to verify your identity.