CUSHION AI Allows You To Build Credit With KLARNA, AFFIRM Payments

KickingItWithKing
29 Mar 202306:10

TLDRIn this lifestyle channel video, the host discusses strategies for building and improving credit scores, with a focus on achieving an 800 credit score. They introduce a new platform called Cushion, which offers a subscription-based virtual card service to help monitor credit scores and manage bills. The platform is designed to track payments and is set to include monitoring for payment services like Klarna and PayPal, which traditionally do not report to credit bureaus. The host emphasizes the importance of diverse credit files and low utilization for better credit scores, inviting viewers to join them on their journey to financial success and to share their thoughts on Cushion in the comments.

Takeaways

  • ๐Ÿฆ The channel focuses on lifestyle topics, including credit, travel, purchases, and reviews.
  • ๐Ÿš— The creator also runs a car channel on YouTube called 'Living with Kings'.
  • ๐Ÿ’ณ The video discusses credit building products, particularly those found through Instagram ads.
  • ๐Ÿ“ˆ The goal is to achieve an 800 credit score and afford high-value assets like luxury cars and houses.
  • ๐Ÿ›’ Cushion is a new platform introduced in the video, offering a subscription-based virtual credit card service.
  • ๐Ÿ’ณ Cushion's subscription costs $12.99 per month and helps monitor credit scores and manage virtual card payments.
  • ๐Ÿ“Š Cushion allows tracking of payments for various bills, such as rent, utilities, and car insurance.
  • ๐Ÿ”„ The platform is similar to other fintech services like Grow Credit, Stellify, and offers a virtual card for bill payments.
  • ๐Ÿ” Cushion is developing a feature to track 'buy now, pay later' services like Klarna and PayPal.
  • ๐Ÿ“ The platform uses Plaid to connect with banks and analyze payment histories for credit building purposes.
  • ๐Ÿ“ˆ Having more accounts, lower utilization, and a diverse credit file can lead to a higher credit score.

Q & A

  • What is the main focus of the 'Kicking with Kings' lifestyle channel?

    -The channel focuses on various aspects of the host's lifestyle, including credit, traveling, purchases, and reviews, aiming to share the journey of achieving financial goals.

  • What is the purpose of the 'Cushion' platform mentioned in the video?

    -Cushion is a platform that offers a virtual card to help users manage their credit by paying bills and monitoring their credit score. It is subscription-based and aims to track payments and credit usage.

  • How much does the Cushion platform subscription cost?

    -The subscription for Cushion costs $12.99 per month.

  • What are the benefits of using the Cushion platform for credit building?

    -Cushion helps users by providing a virtual card for bill payments, which can be tracked to improve credit scores. It also plans to track 'pay later' services like Klarna and Affirm, which traditionally do not report to credit bureaus.

  • How does the host plan to use the Cushion platform to achieve his financial goals?

    -The host plans to use Cushion to monitor his credit score and payments, with the aim of achieving an 800 credit score and being able to afford high-value assets like luxury cars and houses.

  • What is the host's current credit score goal?

    -The host's goal is to achieve an 800 credit score.

  • What other platforms does the host mention as similar to Cushion?

    -The host mentions Grow Credit, Stellify, and other fintech platforms as being similar to Cushion in terms of offering virtual cards and credit monitoring.

  • How does Cushion connect to users' bank accounts?

    -Cushion uses Plaid to connect to users' bank accounts, allowing it to access their payment and transaction history.

  • What advice does the host give about improving credit scores?

    -The host suggests that having more accounts, lower utilization, and a diverse credit file can lead to a higher credit score.

  • What is the host's stance on sharing financial information with his audience?

    -The host believes in sharing financial information to help his audience understand and improve their credit, as he feels this information is valuable and should be accessible to everyone.

Outlines

00:00

๐Ÿ“บ Introduction to Lifestyle and Credit Building

The speaker welcomes viewers back to the channel, which focuses on various aspects of their lifestyle, including credit, travel, purchases, and reviews. They mention their car channel on YouTube and introduce the topic of the video: discussing credit building products, particularly a new platform called Cushion. The speaker shares their goal of achieving an 800 credit score and acquiring high-value assets like cars and houses. They explain that Cushion offers a virtual card for bill payments, which can help monitor credit scores and is part of a subscription service costing $12.99 per month. The platform is similar to other fintech services like Grow Credit and Stellify, and it's particularly appealing because it will soon be able to track 'pay later' services like Klarna and PayPal, which traditionally do not report to credit bureaus.

05:00

๐Ÿš€ Credit Building Tips and Platform Features

The speaker concludes by offering tips on credit building, emphasizing the importance of having multiple accounts, low utilization, and a diverse credit file. They thank the viewers for their time and encourage them to apply the shared knowledge to improve their credit. The speaker also invites viewers to check out Cushion and share their thoughts in the comments. They express gratitude for the support and look forward to continuing the journey with viewers in the next video.

Mindmap

Keywords

๐Ÿ’กCredit Score

A credit score is a numerical representation of an individual's creditworthiness, typically ranging from 300 to 850. It is used by lenders to assess the risk of lending money or extending credit. In the video, the speaker aims to achieve an 800 credit score, which is considered excellent and can lead to better loan terms and lower interest rates. The video discusses strategies and tools, like the Cushion platform, to help improve this score.

๐Ÿ’กCushion

Cushion is a new fintech platform mentioned in the video that offers a subscription-based service. It provides users with a virtual card to pay bills, which can help in building and monitoring credit scores. The platform is designed to track spending and payments, which can be beneficial for individuals looking to improve their financial health. The speaker has started using Cushion and plans to discuss its impact on their credit in future videos.

๐Ÿ’กVirtual Card

A virtual card is a digital representation of a physical credit or debit card. It can be used for online transactions without the need for a physical card. In the context of the video, Cushion provides a virtual card that can be used to pay bills, which helps in tracking spending and potentially building credit. The speaker mentions using this card for various payments like rent and utilities.

๐Ÿ’กCredit Building

Credit building refers to the process of improving one's credit score by responsibly managing credit accounts, making timely payments, and maintaining a low credit utilization rate. The video's main theme revolves around credit building, with the speaker sharing their journey towards an 800 credit score and discussing tools like Cushion that can aid in this process.

๐Ÿ’กCredit Utilization

Credit utilization is the ratio of an individual's outstanding credit card balances to their total credit limits. A lower credit utilization rate is generally better for the credit score. The video emphasizes the importance of maintaining a low credit utilization rate as part of a strategy to improve credit scores.

๐Ÿ’กDiverse Credit File

A diverse credit file means having a mix of different types of credit accounts, such as credit cards, loans, and mortgages. This diversity can positively impact a credit score. The video suggests that having a variety of credit accounts can lead to a higher credit score, which is one of the speaker's goals.

๐Ÿ’กKlarna

Klarna is a payment service that allows users to pay for purchases later, often in installments. The video mentions that Klarna does not report to credit bureaus, which means it doesn't directly contribute to building traditional credit history. The speaker is interested in tracking their Klarna usage through Cushion to better manage their finances.

๐Ÿ’กAffirm

Affirm is another financial service that offers installment loans for purchases. Like Klarna, Affirm does not report to credit bureaus. The video highlights the speaker's desire to track Affirm payments through Cushion, indicating a need for more transparency and control over their financial activities.

๐Ÿ’กPlaid

Plaid is a financial technology platform that connects applications to users' bank accounts, providing a way to access transaction history and other financial data. In the video, Cushion uses Plaid to connect to users' banks and track their spending, which can help in credit building by ensuring that payments are reported accurately.

๐Ÿ’กSubscription-based Service

A subscription-based service is a business model where customers pay a recurring fee, usually monthly, to access a product or service. Cushion operates on this model, charging $12.99 per month for its services. This model allows users to have continuous access to the platform's features, including credit monitoring and virtual card services.

Highlights

The channel focuses on lifestyle topics, including credit, traveling, and reviews.

The speaker aims for an 800 credit score and financial goals such as owning expensive cars and houses.

The platform 'Cushion' is introduced as a new credit-building tool.

Cushion offers a virtual card for bill payments and credit score monitoring.

Cushion is a subscription-based service costing $12.99 per month.

The platform helps track payments and potentially improve credit scores.

Cushion is similar to other fintech platforms like Grow Credit and Stellify.

The speaker has already started using Cushion and plans to share a follow-up review.

Cushion is rolling out features to track 'buy now, pay later' services like Klarna and PayPal.

The speaker has been using Klarna and Affirm for three years, which do not report to credit bureaus.

Cushion uses Plaid to connect to bank accounts and track payment history.

Having more accounts and diverse credit files can lead to a higher credit score.

The speaker encourages viewers to use Cushion and share their thoughts in the comments.

The channel's goal is to provide information to help viewers build or improve their credit.

The speaker appreciates child support and viewer engagement.

The speaker invites viewers to join the next video for continued lifestyle and credit-building discussions.

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