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Goldman Sachs GM MasterCard


NoMoreHate
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So I have an Apple Card through GS. I have a Marcus Investment account and a Marcus Savings account. I applied for the new GM Card as we like GM products and thought the rewards could lead to savings. When I applied I immediately got a notice that my application was in "review." I thought Okay, no biggy. My FICO is 839 on Ex; 839 on TU and 850 on EQ. I have only two inquires and both are more than six months old. Only two new accounts in the last two years and one of them is a HELOC with a  zero balance. I PIF every credit card every month so only debt is mortgage. Then about an hour later I got an email that said I was declined because they were unable to identify me. I called the GM Card GS number and was told my app would have been approved but they could not verify my identity. I laughed and said that the US Patriot act required a more in-depth verification of my identity for the Stock Investment account and the Money Market account. If I have both of those account with Marcus GS, and I applied after signing into my Marcus GS account - how is this possible? The rep said she wasn't sure, but could see I was an existing customer in good standing and therefore she would transfer me to "that department." I spoke with some in the "escalation" department who said they were trying to confirm my identity and she wasn't sure what the issue was. She said someone would call me within three days. WTH?

 

Any idea on what the issue is?

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IIRC they use a third party for ID (at least with the apple card) and something not matching would kick out a denial. Hopefully a human being can review your app and see the problem with the third party verification.

 

But don't bank on it... synch (when it was still GE capital or whatever) had this problem with me years ago... even though I had an open account (for over 10 years at that time) I was denied because of their third party system could not match something up. Everyone I talked to said obviously I was who I was but the processes they use can't be overridden. I would hope GS is a little more sophisticated than synch and has a work around.

 

 

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HSBC pulled this nonsense...after I jumped through their hoops, then they whined because the address on my license did not match the residential address on the application.  The license had, with permission of the State of Texas, the same PO Box that was on my credit reports as the address of record and even that the IRS uses for my taxes. 

 

Some lenders just cannot get out of their own way.

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On 2/10/2022 at 6:16 PM, NoMoreHate said:

So I have an Apple Card through GS. I have a Marcus Investment account and a Marcus Savings account. I applied for the new GM Card as we like GM products and thought the rewards could lead to savings. When I applied I immediately got a notice that my application was in "review." I thought Okay, no biggy. My FICO is 839 on Ex; 839 on TU and 850 on EQ. I have only two inquires and both are more than six months old. Only two new accounts in the last two years and one of them is a HELOC with a  zero balance. I PIF every credit card every month so only debt is mortgage. Then about an hour later I got an email that said I was declined because they were unable to identify me. I called the GM Card GS number and was told my app would have been approved but they could not verify my identity. I laughed and said that the US Patriot act required a more in-depth verification of my identity for the Stock Investment account and the Money Market account. If I have both of those account with Marcus GS, and I applied after signing into my Marcus GS account - how is this possible? The rep said she wasn't sure, but could see I was an existing customer in good standing and therefore she would transfer me to "that department." I spoke with some in the "escalation" department who said they were trying to confirm my identity and she wasn't sure what the issue was. She said someone would call me within three days. WTH?

 

Any idea on what the issue is?

Update: So in living up to my impression that Goldman Sachs is worthless, they did not call me as they said they would. So I called them. They said that I should re-apply and, so I did (4th time) and guess what - Same result! To make this even more frustrating the rep said I would receive an email and someone would call me in one to three days. I said that is what you told me on the 8th and no one ever called! I asked for a Manager and when I got Kathy,  the Manager I asked for her superior. I was told the application is approved they just need to verify my identity. I am no longer interested in the card,  but I do want to know what the issue is with them not being able to verify my identity.

 

I DO NOT  recommend Goldman Sachs for anything - Period! They don't seem to know what they are doing. They come across as unethical. I have filed a complaint with the CFPB.

 

My complaint to the CFPB asserts that if there is an issue with verification of my identity - then they owe me an explanation of what data they accessed and I have to be given the opportunity to review that data and make corrections or file a dispute. I believe they are in violation of Federal Law.

 

 

Edited by NoMoreHate
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It's possible that your record at Lexus/Nexis has information that doesn't match your actual information or possibly even on your credit reports.  This could cause the problem with your app.  

 

Last year I applied for a 2nd Chase business card, I already had one Chase business card in good standing.  They needed me to email a Utility Bill and the first page of a bank statement to verify my address.  I told them I already have a card, what is the issue?  They said each account much stand on it's own and if they can't verify using whatever system they use, they need further proof.

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It's possible that your record at Lexus/Nexis has information that doesn't match your actual information or possibly even on your credit reports.  This could cause the problem with your app.  
 
Last year I applied for a 2nd Chase business card, I already had one Chase business card in good standing.  They needed me to email a Utility Bill and the first page of a bank statement to verify my address.  I told them I already have a card, what is the issue?  They said each account much stand on it's own and if they can't verify using whatever system they use, they need further proof.

Can LN be frozen?


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  • 2 weeks later...
On 2/14/2022 at 3:59 AM, PotO said:


Can LN be frozen?

 

Yes it can, but I'm not sure if that would throw a monkey wrench into getting approved.  It may be like freezing your credit reports.  You usually have to unfreeze them to get an approval.


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On 2/13/2022 at 10:52 AM, direct said:

It's possible that your record at Lexus/Nexis has information that doesn't match your actual information or possibly even on your credit reports.  This could cause the problem with your app.  

 

Last year I applied for a 2nd Chase business card, I already had one Chase business card in good standing.  They needed me to email a Utility Bill and the first page of a bank statement to verify my address.  I told them I already have a card, what is the issue?  They said each account much stand on it's own and if they can't verify using whatever system they use, they need further proof.

So I requested my LN report and yesterday received a letter from LN that says: "We are unable to locate a record with the information that you provided."

 

I had provided my full name, address, SS#, DOB and Drivers License.

 

I also got a call from someone in the Executive Offices at GS. He said that they ran Chex Systems, but that the decision was not based on that report as it was good. I then ran my Chex Systems report online and it shows 1 inquiry (GS) in the last five years, otherwise it is unremarkable. He further said that I needed to contact the specialized fraud unit at the credit bureau they ran. I contacted the specialized fraud unit. I was told there was information being fed by three major Banks that conflicts with my identity information. At my request they are sending me a copy of my credit report. When I view it on line it is very clean and FICO is 839.

 

I have locked my credit report files.

 

Are there any other reports I should request besides the four credit bureaus?

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I think that answers your question.  If Lexus / Nexis is unable to find your information based on the info that YOU provided.  Something is incorrect in their files. Perhaps someone fraudulently attempted to obtain credit at one point in the past and they have that info on file or perhaps they still have an old address or some other outdated info.  Could be many possibilities.  I would follow up with LN and see what it would take to update or start a file with them with the correct info.

Edited by direct
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1 hour ago, direct said:

I think that answers your question.  If Lexus / Nexis is unable to find your information based on the info that YOU provided.  Something is incorrect in their files. Perhaps someone fraudulently attempted to obtain credit at one point in the past and they have that info on file or perhaps they still have an old address or some other outdated info.  Could be many possibilities.  I would follow up with LN and see what it would take to update or start a file with them with the correct info.

I have found L/N to be very picky about responding to a request. Last year I "ordered" "my" report and didn't include my middle initial in the request and I received a letter stating they do not have a file for me. A second request with the middle initial resulted in very long report

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  • 3 weeks later...

I applied for the GM business card from Goldman Sachs last week.  They couldn't identify me either but didn't decline the app. They requested that I upload a picture of my Driver's License.  It took a few days and they approved the app.  By the way, it works the same way as the Apple Card.  They do a soft pull to run your app, but they don't do a hard pull immediately. I locked my credit reports immediately after the application and no hard pull was completed.

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Update: I complained to the CFPB and as a result got a call from Goldman Sachs GM card. They said they still can't verify me, but that I am a customer in good standing with two other accounts with them. Therefore they are approving my application on an exception basis through a manual review. I told them that I appreciate that they want to save face with CFPB, but that if they read my complaint I am more interested in why they can't verify me. I don't care about their card approval. I expect them to comply with the Fair Credit Act and tell me what they based their review on. She said they will not give out that information, but she could tell me that my phone number is listed in a "risk database" and is unacceptable to them. WTF!

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On 3/19/2022 at 11:12 AM, NoMoreHate said:

Update: I complained to the CFPB and as a result got a call from Goldman Sachs GM card. They said they still can't verify me, but that I am a customer in good standing with two other accounts with them. Therefore they are approving my application on an exception basis through a manual review. I told them that I appreciate that they want to save face with CFPB, but that if they read my complaint I am more interested in why they can't verify me. I don't care about their card approval. I expect them to comply with the Fair Credit Act and tell me what they based their review on. She said they will not give out that information, but she could tell me that my phone number is listed in a "risk database" and is unacceptable to them. WTF!

I really think someone tried to apply for credit with some of your information.  The fact that L/N doesn't have your info correct and now your phone number is in a risk database.  Either that or your info was hacked during a data breach and that's why your phone number is showing up in that database.

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