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Nick Clements
Works at MagnifyMoney.com
Attended Stanford University
Lives in New York, NY 10024
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Nick Clements

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Subprime credit card growth accelerating. Scary numbers. 
Today, TransUnion released credit card industry origination data for the last three months of 2014, and the results are startling. In a country that is already heavily saturated with plastic, 14.41 million new cards were opened in Q4 2014, an increase of 7.1% from Q4 2013. Sub-prime customers (defined by TransUnion as customers [...]
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Nick Clements

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5 Costly Credit Score Myths - and how to avoid them. 
Credit scores dominate a large part of our personal financial lives. A good score can open the door to low interest rates on mortgages, auto loans, student loans and more. A bad score can make our lives incredibly expensive. It is no surprise that many Americans are obsessed with attaining [...]
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Nick Clements

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Student loan debt: Refinance, Consolidate or Call For Help? It is confusing - but there are some good options out there. If you have a great job / income, refinancing could save you a lot of money. If you have federal loans and a low income, the income-based repayment programs could also be valuable. And, if you don't have either, just call and ask for help. It can't hurt (and may even help).
Student loan debt has reached a staggering $1.2 trillion. When student loans are issued, very few questions are asked. College students have not started their career, and they do not have a credit history. Federal and private lenders cannot look at income, employment or FICO scores because they don't yet exist. So lenders issue [...]
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Nick Clements

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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 [...]
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Nick Clements

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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 [...]
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Nick Clements

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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. 
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Nick Clements

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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 [...]
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Have him in circles
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Nick Clements

Shared publicly  - 
 
5 Costly Credit Score Myths (and how to avoid them)
Credit scores dominate a large part of our personal financial lives. A good score can open the door to low interest rates on mortgages, auto loans, student loans and more. A bad score can make our lives incredibly expensive. It is no surprise that many Americans are obsessed with attaining [...]
1
Add a comment...

Nick Clements

Shared publicly  - 
 
Student loan debt: should you refinance, consolidate or call for help?
Student loan debt has reached a staggering $1.2 trillion. When student loans are issued, very few questions are asked. College students have not started their career, and they do not have a credit history. Federal and private lenders cannot look at income, employment or FICO scores because they don't yet exist. So lenders issue [...]
1
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Nick Clements

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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.
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Nick Clements

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Spring in New York! 
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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 [...]
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Have him in circles
116 people
Rena Zimbardo's profile photo
Kelly Harry's profile photo
mohit kakar's profile photo
LifeCreditDebt's profile photo
Sandra Clements's profile photo
Isabelle Durand's profile photo
hono lolo's profile photo
nadine lemadec's profile photo
Jessica Hutto'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