Probably they didn't anticipate the interest increases. https://www.cnbc.com/2022/09/12/goldmans-gs-apple-card-business-has-a-surprising-subprime-problem.html

Probably they didn't anticipate the interest increases. https://www.cnbc.com/2022/09/12/goldmans-gs-apple-card-business-has-a-surprising-subprime-problem.html https://www.cnbc.com/2022/09/12/goldmans-gs-apple-card-busin... > More than a quarter of Goldman’s card loans have gone to customers with FICO scores below 660, according to company filings. That could expose the bank to higher losses if the economy experiences a downturn, as is expected by many forecasters. > But another factor is that Goldman’s biggest credit product, the Apple Card, is aimed at a broad swath of the country, including those with lower credit scores. Early in its rollout, some users were stunned to learn they had been approved for the card despite checkered credit histories. Tldr: having an iPhone doesn't mean you can afford one? :)