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You might be trying to get a Goldman Sachs credit card if you can benefit from their co-brand relationships with General Motors or Apple. Here is a look at the credit score requirements and other helpful tips to increase your approval odds to get a credit card issued by Marcus by Goldman Sachs.
What Credit Score Do You Need for Goldman Sachs Credit Cards?
A good or excellent credit score is recommended for the Goldman Sachs personal and small business cards that are issued through its Marcus by the Goldman Sachs consumer banking platform.
What’s impressive is that the credit card issuer suggests a minimum credit score for its products. Many banks are more secretive about the credit requirements. However, your score isn’t the only factor as they also look at your credit history, current credit usage, and recent credit inquiries.
GM Credit Card Minimum Credit Score
Your approval odds are higher when your FICO score is in the Good or Excellent credit range. While card issuers rarely pull the VantageScore, many free credit score websites use this metric.
Other credit and financial factors that can also impact your approval odds or credit limit are:
- High debt-to-income ratio (strive to keep your DTI ratio below 50%)
- Currently behind or previously behind on debt obligations (i.e., late or missed payments)
- Negative public records (bankruptcy, foreclosure, tax lien)
- Frequent number of new credit card applications or account openings
Apple Card Minimum Credit Score
The Apple Card has a similar minimum credit score requirement of 660 to more likely receive instant approval if your other financial factors suffice.
Here is what the card issuer has to say about the credit score needed for the Apple Card, “Apple Card uses FICO Score 9. FICO Score 9 ranges from 300 to 850, with scores above 660 considered favorable for credit approval.”
With that said, it’s possible to get an Apple Card with a FICO score as low as 600 according to this Apple Card FAQ page. It states, “Goldman Sachs uses TransUnion and other credit bureaus to evaluate your Apple Card application. If your credit score is low (for example, if your FICO9 score is lower than 600),5 Goldman Sachs might not be able to approve your Apple Card application.”
Factors that Goldman Sachs takes into consideration include:
- TransUnion bureau data, which gives a record of your credit performance on past and current debt obligations
- Your available payment history with utilities such as telecom, gas, and electricity
- Annual income you report on your Apple Card application
- Disposable income left after your monthly debt obligations
- Your history of paying down debts is based on your past credit activities
So, you might qualify for an Apple Card with imperfect credit, but your credit limit can be lower than applicants with higher scores. However, it’s an opportunity to improve your score and qualify for the best rewards credit cards.
Goldman Sachs Credit Card Application Rules
There are not many application guidelines as the Goldman Sachs credit card lineup is relatively new and small. It’s best to follow the general credit practices shared by Chase and American Express which are top competitors.
Some of these practices include:
- Apply with a credit score above 660
- Your current debt obligations require less than 50% of your monthly income
- Have made on-time payments for your existing credit cards and loans in the past few months
- Haven’t applied for several credit cards in the past few months
- Haven’t maxed out your credit lines or opened several new accounts in the last 3 to 6 months
With the exception of the personal GM Rewards Card, you can prequalify for the GM Business Card and Apple Card to preview your approval odds and credit limit before applying and undergoing a hard credit check.
Unfortunately, the personal GM credit card doesn’t currently offer pre-approval. You must apply with a hard credit check to see if you qualify.
In conclusion, the General Motors and Apple co-brand credit cards from Goldman Sachs generally require a minimum 660 credit score. Additionally, you’ll need a positive credit history with on-time payments and minimal debt. You may also consider the Apple Card if your score is between 600 and 659, which is the fair credit range. Building your credit can help you qualify for the best credit cards.