Profile

Cover photo
Nick Clements
Works at MagnifyMoney.com
Attended Stanford University
Lives in New York, NY 10024
104 followers|41,429 views
AboutPostsPhotosVideos

Stream

 
Just because you have a good credit score, doesn't mean you will get approved. Find out why you could still get rejected - even if you have an 800 score. From Forbes. 
These days, our credit scores are everywhere. Many banks now print credit scores on your monthly credit card statement. Companies like CreditKarma give credit scores for free. Americans increasingly understand how their score is calculated and how to improve it. However, just because you have a good credit score doesn't mean you will be approved [...]
4
2
Rachel Summit's profile photoMichael Merritt's profile photo
Add a comment...
 
Everyone is focused on credit scores. But, even if you have a great score, you can still get rejected. Here are 6 of the most common reasons why rejection still happens. 
These days, our credit scores are everywhere. Many banks now print credit scores on your monthly credit card statement. Companies like CreditKarma give credit scores for free. Americans increasingly understand how their score is calculated and how to improve it. However, just because you have a good credit score doesn't mean you will be approved [...]
1
1
Nick Clements's profile photoMark Lile's profile photoDarrin Muhammad's profile photo
3 comments
 
When you're debt free you have freed up money that can be placed in a liquid account on a regular basis to develop a large emergency fund. I don't need a good credit score in the event of an emergency...I need liquid cash in the bank...which I have. The money that you may save on auto insurance pales in comparison to the freedom you have by being debt free and having thousands of dollars in an emergency fund at your disposal. 
Add a comment...

Nick Clements

Shared publicly  - 
 
Sigh... We were promised a warm Saturday. I guess we have to wait another day. At least there is no snow!
1
Add a comment...
 
LendingClub has helped create an industry: marketplace lenders. But is it a good deal for borrowers? I poured through the prospectus and their lending data to show who can get approved, how much they will pay and whether or not a personal loan makes sense for them. Read my review at @MagnifyMoney
2
Add a comment...
 
Being ripped off by your credit card? Forbes reviews the websites that are best able to help you. 
Ignorance and inertia leave many US consumers paying for too much, and earning far too little, in their banking relationships. Here's help.
1
Add a comment...

Nick Clements

Shared publicly  - 
 
Amex Raises Rates on Millions of Their Best Customers. Yes, they are on the repricing gravy train. If you get hit, you don't need to stay put. Read my article on why they are doing it, and what you can do about it. 
The average interest rate increase will be 2.5 percentage points, and the minimum interest rate will be 12.99 percent. There are, of course, alternatives.
1
1
Mauricio Galan's profile photo
Add a comment...
Have him in circles
104 people
Rahul Bhardwaj's profile photo
Rachel Salberg's profile photo
O. LifeFinancials's profile photo
Kate Flanagan's profile photo
Adrian Delling's profile photo
Christopher Korsh's profile photo
Sandra Clements's profile photo
Christina Cairns's profile photo
Rena Zimbardo's profile photo

Nick Clements

Shared publicly  - 
 
Just because you have a good credit score, doesn't mean you can't get rejected by a bank. When I worked in a bank, I did it all the time. In my Forbes article, I discuss the 6 most common reasons people with high scores get declined. 
These days, our credit scores are everywhere. Many banks now print credit scores on your monthly credit card statement. Companies like CreditKarma give credit scores for free. Americans increasingly understand how their score is calculated and how to improve it. However, just because you have a good credit score doesn't mean you will be approved [...]
1
Add a comment...
 
The typical savings account at a bank pays 0.01%. Online, you can get 1.10%. And brokered deposits no longer pack the same punch. This Forbes article shows where to find the best savings account interest rates in the country. 
We are living in a world with abnormally low interest rates. For borrowers, that should make mortgages and auto loans historically cheap. But for savers, finding yield has become a real challenge. The interest rate being paid on a basic savings account at our largest banks is 0.01%. A $50,000 [...]
1
Add a comment...
 
LendingClub has been all over the news. They advertise an average 30% reduction in interest rates (compared to credit cards). But who can actually get approved? I poured through the prospectus and investor data to try and answer that question in this blog post. 
Find out what it takes to get approved by LendingClub. We discuss the Pros, the Cons, the tricks and the traps. Written by insiders.
1
Add a comment...

Nick Clements

Discussion  - 
 
Lots written about LendingClub. But what type of borrower do they really select? The score cutoff is misleading: they are still highly selective. I reviewed the prospectus and the lending data to answer the question in this blog post. 
Find out what it takes to get approved by LendingClub. We discuss the Pros, the Cons, the tricks and the traps. Written by insiders.
1
Add a comment...

Nick Clements

Shared publicly  - 
 
+Ally Bank actually rewards people for loyalty. What a novel concept! We also profile a customer who went from paying Bank of America $37 a year to bank, to earning $368 a year from Ally. It really does pay to switch, and go internet-only. 
1
Add a comment...

Nick Clements

Shared publicly  - 
 
Great to see MagnifyMoney featured in this Forbes article. We have reviewed the most credit cards, and have the most in-depth reviews. That was the goal!
Ignorance and inertia leave many US consumers paying for too much, and earning far too little, in their banking relationships. Here's help.
1
Add a comment...
People
Have him in circles
104 people
Rahul Bhardwaj's profile photo
Rachel Salberg's profile photo
O. LifeFinancials's profile photo
Kate Flanagan's profile photo
Adrian Delling's profile photo
Christopher Korsh's profile photo
Sandra Clements's profile photo
Christina Cairns's profile photo
Rena Zimbardo'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
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