Regulators Looking Into Claims of Gender Discrimination in Apple Card Credit Decisions, Goldman Sachs Responds

[thirteen1031]

Holy cow it was just a joke. Apple is the SJW company of this century, they are gayer than gay, they swirl rainbows. You would be hard pressed to find a straight white guy in any of their ads, at least not being outnumbered 10:1 by others. I wish I wasn't so offing funny because it has it's drawbacks at times.

I know. I apologize for going off on that tangent. It was just one of those mornings when my mind went sideways...and I shouldn't have hit the "post reply" button before re-reading what I'd typed. Will be more circumspect next time.

 

[linuxcooldude]

The only reason I could see why they are doing this is women typically make more buying in the family?

 

[ryanwarsaw]

I know. I apologize for going off on that tangent. It was just one of those mornings when my mind went sideways...and I shouldn't have hit the "post reply" button before re-reading what I'd typed. Will be more circumspect next time.

It's okay I am not nearly as outraged as I come off. lol I think my Dr. Phil avatar also makes me seem more obnoxious than I actually am. This is intentional of course.

 

[Yojimbo007]

My wife got 30% higher limit than i did..
she has a linear income.. i dont.

This whole thing is drama making over nothing.....

 

[cardfan]

The only reason I could see why they are doing this is women typically make more buying in the family?

Omg. I think you nailed it. Of course. That’s why they’re doing this. No wait. I’m lost. Was this about Atv+? Think I’m in the wrong thread.

 

[C DM]

Apples tag line promoting when the card came out was how they weren't a bank. This makes that all seem a bit ridiculous.

Well, they aren't a bank, but Goldman Sachs is.

 

[tridley68]

Omg I'm sure that's exactly the reason some were turned away I'm sure it couldn't have anything to do with them having sub par credit scores.

 

[randian]

I noticed they don't actually say that the husband/wife applications were identical. The mere fact of being married to Wozniak is irrelevant if she put down a lot less income on her application than he did or if she has derogs like late payments, unpaid judgments, or reported collections.

 

[Wanted797]

I get that Woz is Apple co-founder, was a technical wiz with the ][ and all that, but he's long morphed into the crazy old uncle who you can't take seriously half the time.



Please, offer your thoughts.

I'll offer mine, having been in the lending industry.

The most illuminating thing about the reaction to this story is how little people know about how credit, and the lending industry works.

That's not helped by the writer here quoting Woz, and conflating assets with credit worthiness as it pertains to credit cards, and perpetuating that falsehood.

Lenders use a variety of criteria to determine a borrower's credit worthiness.

Income is one criteria, as are assets, as well as others like employment history.

For a revolving, unsecured line of credit like a credit card, one's credit score plays a large role, as does your stated income. Assets do not.

What most people do not comprehend is that your credit score does not take into account your gender, your assets, or your income. It is strictly a measure of one's responsible use of credit, based on your record of timely payments, how much of your credit you utilize, and other factors like defaults and bankruptcies.

I'll say it again -- your credit score has nothing to do with your income, or your assets. Do not conflate them.

Your credit score is primarily an individual score. It pertains to other individuals only when you jointly receive a line of credit with some one else, such as if you both are signatory to a mortgage, co-sign an account. That line is reported to both individual's reports.

Your credit reports are a history of all your reported credit lines and loans. How much you can borrow. How much you owe. When your last payment was. Whether you've been late. That is its scope.

Not how much you make. Not how many kids you have. Not whether you do or don't claim a gender.

Unsecured, revolving lines of credit like credit cards are usually underwritten mainly by one's credit scores, and stated income. Stated income meaning that the lender who issues the card does not independently verify that you actually make the amount your put down on the application. They are required by law to ask for that information, but your are not obligated to provide it. But if you volunteer to, it must be truthful, by law.

When talking about a secured line of credit, like a mortgage, or auto loan, the lender takes a much deeper dive.

In those cases, your assets, debts, bank accounts, investment accounts, and other factors like employment history are part of the underwriting criteria, in addition to your verified income and credit score.

But that's not what this is about.

So, unlike what I've read elsewhere, the comments here thus far have been very…good.

The Feds take discrimination in the lending industry seriously. Those who work in the industry must receive training about it, and other topics like anti money laundering laws on an annual basis.

If DHH believes his spouse has been unfairly discriminated against, his best avenue is to purse it with the authorities, not through Twitter.

Edit: spelling and grammar galore.

Should be top comment.
I’m from Aus and just getting a credit card here you have to prove you income with payslips.

 

[MvdM]

Talking about discrimination.. did you all notice in Apple's commercials most of the people are women and or black?

 

[MarkNY]

Credit scoring models are sexist! The return of the slum in the West is not far off -- the population has been infantilized.

 

[alexandr]

gender discrimination?! the damn card says MARISA!!!