Profile

Cover photo
Nick Clements
Works at MagnifyMoney.com
Attended Stanford University
Lives in New York, NY 10024
115 followers|53,438 views
AboutPostsPhotosVideos

Stream

Nick Clements

Discussion  - 
 
Lending Club earning announcement out yesterday: loan growth > 100%. Good news for borrowers, but what are the risks for shareholders and investors? 
Lending Club, one of the original marketplace lenders, had strong growth during the first three months of 2015. Loans were up 107%. But risks remain.
1
Add a comment...

Nick Clements

Shared publicly  - 
 
Spring in New York! 
1
Add a comment...
 
How to shop for the best interest rate without hurting your credit score. 
When you apply for most types of credit, a "hard credit inquiry" will appear on your credit report, which can have a negative impact on your credit score. As a result, people are often afraid to shop for lower rates or find better deals. I have met far too many [...]
5
Frank Bates's profile photoNick Clements's profile photoLucknow's profile photo
3 comments
Lucknow
 
agree
Add a comment...

Nick Clements

Discussion  - 
 
New lenders are increasingly ignoring FICO. And that should be a good thing. 
For years, FICO credit scores have played a disproportionate role in our lives. FICO, which is used by 90% of lenders in America, determines whether or not we can be approved for a mortgage, auto loan or credit card. It is also used to determine how much we can borrow, and what [...]
1
Add a comment...
 
Cash or miles?
Americans are addicted to earning rewards on their credit cards. According to a recent survey by Fidelity, 55% of cardholders own a rewards card. The most popular reward is cash back, chosen by 63% of the people surveyed. However, frequent flier miles and points are also very popular. How can you decide which [...]
3
Add a comment...

Nick Clements

Discussion  - 
 
Amex has quietly increased the Penalty APR on its Everyday and BlueCash products from 27% to 29%. After the loss of their Costco relationship, they will be looking for revenue. And it looks like higher interest rates and bigger penalties may be one of the places where they will be looking. 
1
Add a comment...
Have him in circles
115 people
Dania Elin's profile photo
Paul Ritz's profile photo
hono lolo's profile photo
King Zoo's profile photo
Jet de Levie's profile photo
Jason Vitug (The Phroogal Jason)'s profile photo
Chelsea Krost's profile photo
Frank Schoen's profile photo
Rahul Bhardwaj's profile photo

Nick Clements

Discussion  - 
 
Nearly half of America will not pay off their credit card balance in full this month. Should they use balance transfers or personal loans to get out of debt? Or should they just listen to Dave Ramsey?
Nearly half of Americans will not pay off their credit card balance in full this month. We are addicted to plastic, and credit card companies continue to make outsized returns because interest rates are so high. In a recent survey, 75% of people with credit card debt admitted to paying an interest rate [...]
1
Add a comment...

Nick Clements

Shared publicly  - 
 
How to shop for the best rate without hurting your credit score. 
When you apply for most types of credit, a "hard credit inquiry" will appear on your credit report, which can have a negative impact on your credit score. As a result, people are often afraid to shop for lower rates or find better deals. I have met far too many [...]
1
Add a comment...

Nick Clements

Discussion  - 
 
Need cash while building credit? Avoid the traps of payday lenders. Look for alternatives while building your score. Here are some thoughts on how to stay out of debt traps and find better solutions. 
2
1
Plant and Associates Pty Ltd's profile photo
Add a comment...

Nick Clements

Shared publicly  - 
 
New lenders are increasingly ignoring FICO. I explain why in my weekly Forbes post. 
For years, FICO credit scores have played a disproportionate role in our lives. FICO, which is used by 90% of lenders in America, determines whether or not we can be approved for a mortgage, auto loan or credit card. It is also used to determine how much we can borrow, and what [...]
1
Add a comment...

Nick Clements

Shared publicly  - 
 
I used to work there long ago. Now you can read my review of the product. OneMain (just acquired by Springleaf) offers personal loans, and I write a review at MagnifyMoney
1
Add a comment...

Nick Clements

Discussion  - 
 
Growth in personal loan startups represent a big threat to consumers, and the potential for big savings for borrowers. 
Long before credit cards were invented, personal loans offered consumers relatively easy access to short term credit. A personal loan is an incredibly simple product. You borrow a fixed amount of money for a fixed period of time. It is easy to compare prices between different loans, because you are [...]
1
1
Alan Tumano's profile photo
Add a comment...
People
Have him in circles
115 people
Dania Elin's profile photo
Paul Ritz's profile photo
hono lolo's profile photo
King Zoo's profile photo
Jet de Levie's profile photo
Jason Vitug (The Phroogal Jason)'s profile photo
Chelsea Krost's profile photo
Frank Schoen's profile photo
Rahul Bhardwaj's profile photo
Work
Occupation
With nearly 15 years in banking - I am now focused on helping people save money.
Skills
Personal Finance, Credit Cards, Risk Management
Employment
  • MagnifyMoney.com
    Co-founder, 2013 - present
  • Barclaycard
    Managing Director, 2010 - 2013
    Ran Barclaycard UK - the #1 credit card issuer in England.
  • Citigroup
    Director of Risk Management, 2009 - 2010
    Risk Director of Western Europe; Risk Oversight of US Cards Business
  • Brysam Global Partners
    Vice President, 2007 - 2009
    Financial services private equity fund that invested in emerging market banks and credit card companies.
  • Citigroup
    Country Risk Director, 2005 - 2007
    Director of Credit Risk Management for the Russian consumer business.
Places
Map of the places this user has livedMap of the places this user has livedMap of the places this user has lived
Currently
New York, NY 10024
Previously
London SW7 2PE, United Kingdom - Moscow, Russia - Manchester, England - Zurich, Switzerland - Florence, Italy - Laguna Niguel, CA
Links
Other profiles
Contributor to
Story
Tagline
I want to help you cut your costs without cutting your lifestyle. My dreams in life: cheaper banking, easier budgeting, more dogs adopted, anything Italian and good conversations with friends.
Introduction
I am the co-founder of MagnifyMoney.com - a website on a mission to make it easy to cut costs without cutting back on your lifestyle.  Interest rates on credit cards are too high.  Fees on bank accounts are too high. We will help you find better deals.  

A 15 year veteran of the banking industry, I am an outspoken expert - fighting for more transparency, greater competition and simpler products.  

I have been married for 8 years and have 2 dogs (rescued from Russia).  My ancestors came from Sicily, and I love anything Italian (the wine, the language, the opera, the food and especially the people).  

You will find me writing about banking, savings, dogs and anything Italian.  
Bragging rights
I have 2 rescue dogs (Goofski and Beatrice) who have lived in Moscow, London and now New York!
Education
  • Stanford University
    1996 - 2000
Basic Information
Gender
Male