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Goldman Says It Plans to Allow Shared Household Apple Cards
Posted by: Speedy
Date: November 13, 2019 03:58PM
[www.bloomberg.com]

“Goldman Sachs Group Inc. said it will introduce the ability for household members to share an Apple Card credit line after claims of bias in its underwriting process.

The Apple Card previously had individuals apply for their own cards. That led to controversy following social media postings in the past week by a tech entrepreneur and Apple Inc. co-founder Steve Wozniak complaining about unequal treatment of their wives in getting approved for credit lines.

One reason Goldman has become a poster child for the issue is that the Apple Card, unlike offerings from much of the industry, doesn’t let households share accounts. That could lead to family members getting significantly different credit limits.

Card sharing is a popular option because it allows family members to pool earnings and manage their spending from one account. For the bank, it’s a win-win. Usage of the card -- and the accompanying fees -- often go up after a customer adds an authorized user to his or her account.

Goldman said it doesn’t take gender or marital status into account when determining creditworthiness, but a top Wall Street regulator has said the bank is still responsible for any unintentional bias based on the decisions that its models spit out when arriving at credit decisions. The New York Department of Financial Services has said that it is undertaking an official probe.

Earlier Wednesday, Senator Ron Wyden, a Democrat from Oregon and ranking member of the Senate Finance Committee, said he’s looking into the validity of claims of bias against women in applications for the Apple Card.



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.
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Re: Goldman Says It Plans to Allow Shared Household Apple Cards
Posted by: Gareth
Date: November 13, 2019 04:21PM
I was wondering why all these couples were signing up for cards separately instead of getting 1 and adding a user. This explains the reasoning behind that.
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Re: Goldman Says It Plans to Allow Shared Household Apple Cards
Posted by: Filliam H. Muffman
Date: November 13, 2019 04:31PM
I still advocate for Goldman and Apple to have their feet held to the fire over this.



In tha 360. MRF User Map
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Re: Goldman Says It Plans to Allow Shared Household Apple Cards
Posted by: OWC Larry
Date: November 14, 2019 10:11AM
I can't speak to all the wrong and the rights here... but...

If each person applied with a limit based on household income in the same household. I think it actually would stand to reason that they would give a lower limit to the 2nd applicant as the first applicant's limit was potentially based on the total line they would give.

It would not be much different if the same person, vs. their spouse, etc, applied for another credit card from the same bank. In the past I remember having to adjust lines between two cards I was using to maximize different point offers from the same bank.

The bank and Apple maybe could have communicated better... but as opposed to it being an additional user of the same line - another member of the household applying using the same household income isn't much different than one cardholder asking for a larger line on a single card.



OWC Larry
Other World Computing
[www.macsales.com]
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Re: Goldman Says It Plans to Allow Shared Household Apple Cards
Posted by: Gareth
Date: November 14, 2019 12:16PM
Quote
OWC Larry
If each person applied with a limit based on household income in the same household. I think it actually would stand to reason that they would give a lower limit to the 2nd applicant as the first applicant's limit was potentially based on the total line they would give.

That makes some sense, but having not seen the application, potentially creepy in how much data they would need to put that together. I.e. they need to match up married couples, vs two individual roommates who live at the same address but have separate incomes.

I recently signed up for a 2nd AMEX business card, and they took the credit limit for the new business card off of the credit limit from one of my personal cards (both cards were for the same rewards program). I'm guessing they did it since it was my 2nd business card, and/or b/c of the same rewards programs, b/c the 1st card got its own credit limit.
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Re: Goldman Says It Plans to Allow Shared Household Apple Cards
Posted by: NewtonMP2100
Date: November 15, 2019 06:28AM
......but the wife is always in charge.......regardless......



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