Tim Cook's application for an Apple Card was turned down by Apple's automatic system
Imagine that you're the very wealthy CEO of the most valuable publicly traded company in the U.S. worth trillions. In other words, there isn't anything that a consumer might want that you couldn't afford. And on top of that, because the company that you're running makes the iPhone, you get the top-of-the-line model of one of the most coveted consumer products for free every year.
Unless you stumbled onto this story by accident, you know that we are referring to Apple CEO Tim Cook. Yes, money is no object for the man who succeeded a legend and has become a legend himself (although for different reasons). Yet, when Mr. Cook applied for an Apple Card, a credit card that was created via a partnership between Apple and Goldman Sachs, the executive was originally turned down.
According to The Information (via TheApplePost), Cook was turned down for the Apple Card during the final steps of its development by the system's underwriting program which looks at a person's income, assets, debt, and real estate holdings. The system is used to determine whether an applicant qualifies for the card depending on his ability to pay back any credit extended to him or her. Obviously, that wouldn't seem to be a problem for Mr. Cook.
The Apple Card offers users Daily Cash back
The reason why Tim Cook couldn't get an Apple Card is that as a high-profile CEO, his account would be a target for fraudsters. Eventually, Apple had to override the system manually to get its CEO his very own Apple Card.
Speaking of the Apple Card, early this month we told you that Apple's partner, Goldman Sachs, has been looking to reduce its exposure to consumer loans. At the time, the buzz around the water cooler called for Goldman to hand off the Apple Card loan portfolio and perhaps other consumer loans to American Express. That rumor continues to pick up momentum although nothing official has been announced to date.
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