Helping millennials build credit

MARIA: IMPROVING YOUR CREDIT SCORE BY CARRYING A CREDIT CARD, MORE THAN 43 MILLION AMERICANS DO IT ONE IN FIVE CREDIT CARD USERS PAY THE MINIMUM

MILLENNIALS ARE FACING A HARDER TIME IMPROVING THEIR FICO SCORE MY NEXT GUEST HOPES TO PUT AN END TO THAT WITH A NO FEE CREDIT CARD THAT TARGETS MILLENNIALS JOINING US RIGHT NOW IS JASON GROSS TELL US HOW IT WORKS >> WE LIKE TO SAY WE HELP PEOPLE BUILD CREDIT, NOT DEBT

PEDAL IS A NEW TYPE OF CREDIT CARD THAT IS DESIGNED TO HELP PEOPLE FINANCIALLY SUCCEED AS YOU KNOW, BUILDING CREDIT IS INCREDIBLY IMPORTANT, PARTICULARLY IF YOU WANT TO PURCHASE A CAR, BUY A HOME ONE DAY, START A SMALL BUSINESS TODAY, TENS OF MILLIONS OF AMERICANS, PARTICULARLY MILLENNIALS AND JEAN MILLENNIALS AND GEAN MILLENNIALS AND GENN MILLENNIALS AND GEN-Z HAVE NOT HAD THE OPPORTUNITY TO BUILD CREDIT YOUR OPTIONS TODAY ARE NOT VERY GOOD INTRODUCTORY CREDIT CARDS COME WITH HIGH INTEREST RATES, LOW CREDIT LIMITS AND A LOT OF FEES OF

SO WE STARTED PEDAL TO FIX THIS PROBLEM REALLY THREE THINGS THAT YOU SHOULD KNOW ABOUT HOW PEDAL WORKS FIRST, WE'RE PIONEERING A TECHNOLOGY THAT WE CALL CASH FLOW UNDERWRITING IT'S THE SIMPLE IDEA THAT WE USE YOUR FULL FINANCIAL PICTURE, RATHER THAN JUST YOUR CREDIT SCORE, TO DETERMINE WHETHER OR NOT YOU QUALIFY THIS IS INFORMATION LIKE THE MONEY THAT YOU MAKE, SAVE AND SPEND EACH AND EVERY MONTH

WHEN YOU THINKER ABOUT YOUR FINANCES, THINKING ABOUT WHETHER YOU CAN AFFORD SOMETHING YOU WANT TO BUY, A VACATION, THAT'S THE SAME INFORMATION WE USE TO DETERMINE IF YOU CAN AFFORD A CREDIT CARD MARIA: YOU'RE AN INVESTOR IN THIS COMPANY >> WE WERE EARLY INVESTORS IN THE FEED ROUND IN PEDAL AND JASON WHEN I FIRST MET JASON, HE WAS TALKING ABOUT CREDIT FOR MILLENNIALS, HAVING SIX CHILDREN, NO MILLENNIALS HE YET, BUT PRETTY CLOSE, REALLY HIT HOME WITH ME AS KIDS COME OUT OF COLLEGE, NOW NOWADAYS, THEY NEED TO ESTABLISH CREDIT

IT'S DIFFICULT FOR THEM SEEING HOW PEDAL WILL SOLVE THIS PROBLEM, ATTACKING OR GOING AFTER THE MILLENNIALS AND GIVING THEM NOT JUST CREDIT CARDS WITH A $200 LIMIT BUT GIVING THEM CREDIT CARDS THEY CAN USE TO BUILD UP A CREDIT HISTORY SO THEY CAN THEN IMPROVE THE ECONOMY AND BE STRONG FINANCIALLY IN THE ECONOMY, THAT'S WHAT I LIKED THAT'S WHAT JASON IS DOING IN A DIFFERENT WAY THAN ANYONE ELSE OUT THERE >> IT'S NOT ABOUT GIVING PEOPLE MORE CREDIT THAN THEY NEED IT'S ABOUT GIVING THEM A LIMIT THAT'S APPROPRIATE FOR THEIR FINANCIAL POSITION

MARIA: ARE THEY PAYING IT BACK? >> THEY ARE PAYING IT BACK, YEAH WE'VE HAD NO DELINQUENCIES SO FAR, ALTHOUGH THE PROGRAM IS RELATIVELY NEW SO WE LAUNCHED IN BETA AND WE HAD OVER 100,000 PEOPLE SIGN UP FOR AN OPPORTUNITY TO APPLY FOR THE CARD MARIA: FANTASTIC