When Credit Was REALLY Messed Up

The Stacking Benjamins Show

Joe Saul-Sehy and Josh ‘OG’ Bannerman, CFP

Business, Financial Planning, Cfp, Education, Personal Finance, Retirement, Investing, Money

4.4 • 2K Ratings

🗓️ 6 July 2022

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

You think your credit score is a jumbled mess now? Luckily, the three major credit bureaus just stopped counting most medical debt into your score. But it used to be that credit was based on so much more (and less), because the credit "bureaus" were run by people who could be paid off or who could raise or lower your credit just because they liked you. Or they didn't. Dr. Josh Lauer joins us today to continue our dive into American financial history, helping us understand the early days of credit in our country. We'll chat about how it worked, the interesting nuances of your "score," and more. Plus, on this rewind episode from 2017, Mandi Woodruff from the Brown Ambition podcast joined us as our special guest co-host! She'll help us with a couple of headlines, answer a question on the Haven Life Line, and much more. This episode originally aired in 2017 so be sure to ignore any mention of current events. Check out the original show notes here. Enjoy! Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	This episode is brought to you by Shopify.
0:03.0	That's what I hear when I make another sale on Shopify.
0:07.0	The all-in-one commerce platform that allows you to start, run and grow your business.
0:12.0	Shopify is revolutionising millions of businesses worldwide.
0:17.0	So sign up for a £1 per month trial period at Shopify.co.uk
0:23.0	Ask podcast 23 all lowercase and take your business to the next level today.
0:35.0	Pre-recorded from Joe's mom's basement, I'll come to another rewind episode of this stacking management show.
0:41.0	Hey everyone, I'm Griffin the intern or like the credit companies call me, uh, Fintern.
0:47.0	I have to say, I'm pretty proud of my credit score. It's a perfect hundred.
0:51.0	I always try for straight A's and I finally got it with my credit score. Bam! So easy.
0:56.0	All you have to do is open a store card every time someone asks you to and load up on a whole bunch of cool stuff.
1:02.0	The best part, to score a hundred, don't even pay for it all at once.
1:06.0	You can just pay a little bit each month. It's basically free money.
1:10.0	For a while, anyways. Maybe that's why Doug handed me a USB Fob and told me to play this episode today.
1:17.0	He says I'm doing this whole credit thing all wrong, but I'm fairly certain he's the one who doesn't get it.
1:22.0	So today we're continuing our 4th July week theme of crawling back into the history books,
1:26.0	as we take a look at the history of credit in the USA and how the current credit system came to be.
1:31.0	He says it's a lot more threatening than I think, so let's check it out.
1:35.0	This podcast originally aired in 2017, so make sure to ignore any giveaways or mentions of current events.
1:41.0	Enjoy the show, Fintern out.
1:45.0	Good evening. I'm Ron Burgundy, and this is what's happening in your world tonight.
1:54.0	Live from Joe's mom's basement, it's the stacking Benjamin show.
	...

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