Goldman's credit card business, anchored by the Apple Card since 2019, has arguably been the company's biggest success yet in terms of gaining retail lending scale. It's the largest contributor to the division's 14 million customers and $16 billion in loan balances, a figure that Goldman said would nearly double to $30 billion by 2024.
Charge-off rates tend to be highest during the first few years a user has a card; as Goldman's pool of customers ages and struggling users drop out, those losses should calm down, the people said. The bank leans on third-party data providers to compare metrics with similar cards of the same vintage and is comfortable with its performance, the people said.
Meanwhile, JPMorgan said 12% of its loans were to users with below-660 scores, and Bank of America said that 3.7% of loans were tied to FICO scores under 620.
Thanks Biden very cool
😁😁😁 A crisis is an opportunity.
Just the tip of the iceberg.
Surprised this didn't happen decades ago
🌍อเมริกา อังกฤษ ยุโรป 🌍รัสเซีย จีน อินเดีย 🌍แอฟริกา อเมริกาใต้ ออสเตรเลีย 💎1,500ล้านล้านบาทสินทรัพย์แห่งความดีพร้อมใช้มูลค่า ความเสียหายเกิดขึ้นทั่วโลกตระกูลชั่วเมืองไทยคือต้นเหตุไอ้kOtexไม่ตายโควิด-19ไม่หายแค่ฆ่าตระกูลชั่วหมาขี้เรื้อนแล้วโลกก็สวยขึ้น ไอ้kOtexไอ้หมาขี้เรื้อน
But the White House said inflation is at 0% and that we’re not in a recession!!!
Evidence that reflects reality begins to emerge
Weakest? We are in a recession regardless if Biden changes Wikipedia definition lol. Wake up people
Simply, don’t bail out the banks and let the market decide who survives.
Buying a home cost is dropping - thank goodness 😅
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Source: CNBC - 🏆 12. / 72 Read more »