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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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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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Nick Clements

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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
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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 [...]
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FICO announced a new score for people who don't have a credit history. It uses utility bills and public records. While in theory this is a good thing, I have my concerns. I outline 3 of them here. 
This morning, the Wall Street Journal reported that FICO will soon be releasing a new score targeting the more than 53 million Americans who do not have a credit score. FICO is taking this action to help banks that are looking to expand their lending activities. We are already seeing score cutoffs reduce rapidly, [...]
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Did you know that 70 of the largest cable, telecom and utility companies have created their own credit report? You have a right to know what is on that report - and you can dispute incorrect information. Find out all about yet another credit report that can be wrong, and can cost you money. And it is called the NCTUE
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Credit cards continue to charge outrageous interest rates. For the 40% of Americans who will not pay their credit card bill in full this month, they will typically be paying more than 15%. 

Some start-ups are trying to change the rules of the game. They are taking out cost (digital platforms with a cost-advantage) and are charging dramatically lower interest as a result. It could be a great way to refinance credit card debt. 

SoFi has been growing rapidly. They are charging some of the lowest interest rates, and have no origination fee. But they are very selective regarding who they approve. Here is my review of SoFi, their business model, and what it means for credit card companies.
SoFi offers personal loans with some of the lowest interest rates in the market. The tough part is getting approved.
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Nick Clements

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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 [...]
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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 [...]
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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. 
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FICO announced a new score for people who don't have a credit history. It uses utility bills and public records. While in theory this is a good thing, I have my concerns. I outline 3 of them here. 
This morning, the Wall Street Journal reported that FICO will soon be releasing a new score targeting the more than 53 million Americans who do not have a credit score. FICO is taking this action to help banks that are looking to expand their lending activities. We are already seeing score cutoffs reduce rapidly, [...]
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Nick Clements

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If you talk about the future, you plan for the future. I have talked with a lot of people about money, and the hardest question to answer is usually: where do you want to be in 10 years? 
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Well, I think 10 years is to long to think about right now when you are creating a business. We must stay focus each day as we plan and make good smart decision as we build. I would like for you to visit my blog at www.shohnblaze.com .. let me know what you think  Mr. NC.
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From bread and yogurt, via pickles, kimchi and vinaigrette, to beer and wine, people have co-opted many microbes to work their magic in the service of flavour. It is only in recent years, though, that science has looked into how the bacteria and fungi involved do their fermenting. Studying fermented foods could help biologists understand bugs better, a rather tasty prospect http://econ.st/19zXyc1
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Have him in circles
113 people
O. LifeFinancials's profile photo
LSM Insurance's profile photo
Dalmazio Pati's profile photo
Allan Garcia's profile photo
Cinema's profile photo
Hinal tanna's profile photo
Mahmood Faisal's profile photo
eunice mensah's profile photo
Evgeny Bashkurov'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