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The Clark Howard Podcast

11.6.19 Credit score help for licensed professionals; Krispy Kreme follow-up; Cancelling subscriptions

The Clark Howard Podcast

Clark Howard

Entrepreneurship, Business, Investing

4.65.2K Ratings

🗓️ 6 November 2019

⏱️ 37 minutes

🧾️ Download transcript

Summary

Roughly 20% of American adults have no credit file at all. There’s not enough data to establish credit risk. Around 25% of American adults have low credit scores. That’s 45% total. Lenders use different strategies to figure out who among them are worth taking a chance on. Data is more sophisticated today than traditional credit reporting. The Pedal Card uses proprietary criteria to issue credit cards to those with no/low credit. Last decade credit reporting and scores proved to be an inaccurate predictor of who would default or foreclose after the great recession. Many people with high scores defaulted on multiple debts at that difficult time. Experian is using a new score called “Lift” experimentally with a dozen lenders. The WSJ reports that Lift takes rent payments into account, and also – state issued professional licenses. More organizations are looking for different, non-traditional ways to decide who is credit worthy. The college student entrepreneur who worked importing Krispy Kreme donuts from Iowa to Minnesota was the topic of yesterday’s Clark Rage because Krispy Kreme shut him down, siting liability concerns. It appears media coverage made a difference here, and young Jason has been allowed to resume as an independent operator, gifted 500 boxes by the company to help him in his new sanctioned role. Jason can continue to work his way through college, bringing donut happiness to Minnesota. Recent reports point out how much we’re spending on subscription services. These charges hit automatically month after month, often with auto renewal. Until you get around to stopping them, the money keeps coming out of accounts. Subscriptions come in many forms. There’s even one for toothbrushes. Every 90 days with the change of season could be a marker to change your toothbrush. Clark despises subscriptions. Most of us forget what we’ve signed up for. When’s the last time you went to your gym your paying to be a member of? Video, razors, clothing all come via subscriptions now. Sit down with your statements and figure out what you’re being billed monthly for. If you’re not using the service, can it. When you call or try to cancel online, be sure to watch your next statement to make sure you’re truly canceled.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Relish your stay in Las Vegas with British Airways holidays and MGM results.

0:05.0

13 iconic hotels, one destination.

0:08.0

Experience the unique pyramid rooms at Luxel, the spectacular fountains at Bellagia,

0:13.0

or the lazy river at MGM Grand.

0:15.0

13 unique hotels, which one will you choose?

0:18.0

Find your favourite with British Airways holidays.

0:21.0

Secure your Las Vegas holiday with a low deposit from just £75 per person at ba.com slash MGM.

0:26.0

Terms and conditions apply.

0:28.0

At all protected.

0:30.0

Music

0:36.0

Great to have you here on the Clark Howard Show where it's all about you and that wall of the yours.

0:41.0

I want you to learn ideas to me so you can save more and spend less.

0:46.0

And don't let anyone ever rip you off.

0:50.0

Clark.com's our main website, ClarkDeals.com, is where you go to save money each and every day.

0:57.0

We are continually updating the Black Friday ads as they post.

1:02.0

And I want you to know there are a number of sales already underway.

1:07.0

We're going to have to call this Black Friday month.

1:10.0

This year instead of Black Friday week or Black Friday the Friday after Thanksgiving,

1:16.0

Deals have rolled out much earlier and for a much longer period of time than we've ever seen before

1:23.0

for Thanksgiving shopping for Christmas.

1:28.0

Coming up in just a few minutes, I have an update for you on a carcarrage of yesterday.

1:36.0

And I have good news for you about something I was really upset about just one day before.

...

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