A card so elite even the corporate’s proprietor could not get authorised.
Apple CEO Tim Cook dinner was reportedly denied an Apple Card, per The Info, after making use of for the titanium metallic card throughout its take a look at launch in the summertime of 2019.
Apple and Goldman Sachs, the financial institution that underwrites the cardboard, denied and flagged Cook dinner since he is such a high-profile particular person and hackers and fraudsters typically impersonate him.
Tim Cook dinner arrives on the Solar Valley Lodge for the Allen & Firm Solar Valley Convention on July 11, 2023 in Solar Valley, Idaho (Getty Pictures)
Cook dinner’s rejection had nothing to do along with his credit score rating or breadth of wealth, reasonably, he was denied for being too profitable.
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The report claims that Goldman’s underwriting system ended up making a one-off exception for Cook dinner to finally get authorised and entry a card.
The cardboard formally launched within the U.S. on August 20, 2019, and options perks similar to no late or over-limit charges.
“Simplicity, transparency and privateness are on the core of our shopper product improvement philosophy,” stated Goldman Sachs CEO and Chairman David Solomon in a firm launch on the time of the launch. “We’re thrilled to accomplice with Apple on Apple Card, which helps prospects take management of their monetary lives.”
Per the U.S. Federal Reserve, credit score functions reached a 21.8% rejection charge final month, which was considerably larger than the 17.3% rejection charge seen within the prior report in February 2023.
Whereas most individuals are rejected from credit score functions resulting from excessive debt charges and unstable monetary standings, Cook dinner does not have to fret on that entrance.
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Cook dinner reached billionaire standing in 2020 when his internet price shot as much as an estimated $1.5 billion.
