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Speaker 1: Wait that up in the morning Breakfast Club. Morning. Everybody

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Speaker 1: is DJ Envy Angela Ye, Charlomagne the guy. We are

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Speaker 1: to Breakfast Club. We got some special guests joining us today.

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Speaker 1: We have Stacy Tisdale and I'm gonna mess up your name.

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Speaker 1: Your first name and last let means ard. You got it.

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Speaker 1: I didn't mess it up. Welcome God, thank you to

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Speaker 1: be back. I got the le mean point. I was

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Speaker 1: more concerned about this Ard. He did it well. I'm

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Speaker 1: really excited to have you guys here today because we

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Speaker 1: have partnered up on this app. And so let me

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Speaker 1: and you've been here before. I believe when you were

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Speaker 1: here was for Jiles Bank. That's right, So let's talk

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Speaker 1: about your background. Thank you, Thank you so. Stellar Fi

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Speaker 1: is my third startup, believe it or not, it's been

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Speaker 1: kind of a crazy ride. I started out by building

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Speaker 1: a neil bank on cryptocurrency back in twenty fifteen gold token.

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Speaker 1: Then we build Joust, which is a bank for freelancers

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Speaker 1: that was acquired by a company calls in business. Let

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Speaker 1: me hold something, man, Let me hold a cup dollars man.

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Speaker 1: I'm kind to join us. Come join us. We'll give

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Speaker 1: you more than dollars. We'll give your ownership, which is

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Speaker 1: which is awesome. And and now Stellify. So Stellify is

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Speaker 1: kind of a distillation of all of my experiences. I'm

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Speaker 1: an immigrant, I came to US from a former Jossar,

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Speaker 1: my father's Tunisia, my mothers from Usbert John Uh and uh.

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Speaker 1: And in any case, I've experienced how difficult it is

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Speaker 1: to navigate the financial services in this country. I mean

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Speaker 1: it really is. It's a it's a complicated experience, it's convoluted,

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Speaker 1: it's the cards are stacked against you. And so I

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Speaker 1: made a lot of mistakes along the way, and uh

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Speaker 1: and decided that I need to learn more about finance,

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Speaker 1: study the business, became a stockbroker, Mayoral Lynch back at

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Speaker 1: the highly financial crisis, learned a lot then than a

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Speaker 1: regulated with US Treasury, and then said, I want to distill,

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Speaker 1: listen to experience, all of those experiences into products because

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Speaker 1: I want other people to use those products. And so

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Speaker 1: it started to build. And now Stellar is you know,

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Speaker 1: think it is this way third times a charm, right,

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Speaker 1: It's going to be the best, the best company we've

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Speaker 1: built so far. In twenty fifteen, you were working with crypto.

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Speaker 1: That's right, pretty early on. Wow, did you invest in

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Speaker 1: it earlier? Yeah, I didn't have a lot of money

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Speaker 1: to invest, but I invest a little bit. Okay, tell

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Speaker 1: you pretty well then did All right? Okay, question this aside.

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Speaker 1: But have you been experiencing, like any any prejudice because

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Speaker 1: you're from the USSA former US I have in the past. Yeah, yeah,

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Speaker 1: so I when I came to US, I joined the Marines.

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Speaker 1: And it's interesting back then, in the nineties, even you

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Speaker 1: had a lot of folks who you know, came out

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Speaker 1: of the Cold War and so, uh, you know, there

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Speaker 1: was a lot of a lot of jokes made and

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Speaker 1: a lot of a lot of picking in the Marine Corps.

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Speaker 1: But you know, you just kind of get through it. Yeah.

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Speaker 1: I just I came back from France. I was in

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Speaker 1: cans and it was like, you can't if you're from Russia.

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Speaker 1: They're not rocking with you over there at all. Yeah. Yeah,

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Speaker 1: they won't even allow you to buy Channel certain people,

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Speaker 1: like if you go in the Channel store. Yeah, they

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Speaker 1: were upset about that. But they were saying even certain

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Speaker 1: things like they won't allow you to purchase things if

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Speaker 1: you're from Russia. Wow, Stacy, there's a lot going on

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Speaker 1: right now, and I want to know how these things

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Speaker 1: affect the economy. Ro versus way was just overturned. There's

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Speaker 1: a lot of turmoil, So how does that affect the

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Speaker 1: economy and why is it important for us to be

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Speaker 1: empowered financially? It's I think this is going to go

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Speaker 1: down as one of the biggest economic moments in black

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Speaker 1: financial history, right up there with redlining, right up there

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Speaker 1: with predatory lending. And it's really not a mystery. The

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Speaker 1: number one reason that women don't want to have children

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Speaker 1: and want abortions as financial. They're simply afraid that they

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Speaker 1: don't don't have enough money to take care of their babies,

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Speaker 1: and their fears are valid. Sixty percent of all of

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Speaker 1: the households in the United States black women are headed

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Speaker 1: by women. So in addition to carrying that burden, they're

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Speaker 1: going to have the inevitable career disruptions that come with motherhood.

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Speaker 1: Those career gaps are going to mean that they don't

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Speaker 1: have as much time to build up money for retirement,

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Speaker 1: they don't have as much money to build up for

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Speaker 1: Social Security benefits. And you know, you live in a

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Speaker 1: country where poverty stricken elderly are already the majority black women.

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Speaker 1: Then you have education gaps. They're going to have to

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Speaker 1: take times out of their education, which is going to

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Speaker 1: have an impact on their entire life trajectory. One thing

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Speaker 1: that we're also not talking about a lot is this

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Speaker 1: whole overturning of this decision is going to make the

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Speaker 1: wealth gap between black women and white women even bigger. Really,

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Speaker 1: you saw companies, I think Disney made an American expressor

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Speaker 1: among the companies that have said that we're going to

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Speaker 1: give a benefit to our employees if you need to

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Speaker 1: cross a state border to get an abortion, and imagine

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Speaker 1: you have to tell your job that because that's the

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Speaker 1: thing that is so personal it is and now I

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Speaker 1: have to go and like go to human you know. Yeah,

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Speaker 1: then who are those workers? They're largely white collar white

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Speaker 1: women who are going to get those jobs. A third

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Speaker 1: of low income workers but who make less than that

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Speaker 1: don't even get paid time off. So the bottom line

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Speaker 1: is black women are simply not going to have the

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Speaker 1: time and the money to cross state borders. And you know,

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Speaker 1: six months after someone has a baby that you know,

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Speaker 1: an unwanted pregnancy, they lose full time employment. There's all

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Speaker 1: sorts of things. We talk again something else. When a

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Speaker 1: woman puts that she has a child on a resume,

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Speaker 1: they are twice as likely not to get called back.

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Speaker 1: So we see all these issues for women, but a

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Speaker 1: lot of people aren't talking about how this is impacting

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Speaker 1: men and men. Well, the outis yes, men, the fathers,

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Speaker 1: men who support women who have abortions, who their's partner

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Speaker 1: have abortions, they're four times more likely to go to

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Speaker 1: college and to earn more. And the top reason that

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Speaker 1: men support women in having abortions is because they want

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Speaker 1: to be able to take care of the families that

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Speaker 1: they all already have. And when you put all this together,

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Speaker 1: and the reason why this is going to be one

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Speaker 1: of the biggest turning points in the economic history of

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Speaker 1: Blacks is suffer the children. Children who grow up in

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Speaker 1: these outcomes are not They're not going to have as

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Speaker 1: much access to education, their life trajectories are going to

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Speaker 1: be changed. There's food insecurity. This is all research, this

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Speaker 1: is fact. I'm not journalist. I'm not going to sit

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Speaker 1: here and tell you my opinion about it, but this

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Speaker 1: is just fact. So again we have this whole cycle.

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Speaker 1: It's just heartbreaking of generations of generations when you look

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Speaker 1: at all the gains of Blacks have made post COVID

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Speaker 1: in the housing market being first time new investors, you see,

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Speaker 1: this is just another hit that's going to slam the

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Speaker 1: economy and really affect future generations. But there's one thing

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Speaker 1: that we did see in all of us over the

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Speaker 1: past few years. The system is just rigged against us.

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Speaker 1: The traditional financial system is. So we stepped out, We

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Speaker 1: embrace the digital economy, We start to use technology to invest.

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Speaker 1: We started doing all these things. Black millennials fastest new

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Speaker 1: group of home buyers after twenty twenty. Now it's even

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Speaker 1: more important that we do that again. Empower ourselves again

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Speaker 1: and this and especially when it comes to building credit,

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Speaker 1: because it's going to be harder than ever to qualify.

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Speaker 1: And that's why the whole Stellar not that's one of

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Speaker 1: the things this whole Stellar FIY initiative is about. I

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Speaker 1: was going to ask you, you know, um, with credit.

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Speaker 1: You know, credit is a game of numbers and right decisions, right,

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Speaker 1: not necessarily how well you pay your bills, but as

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Speaker 1: far as how much credit. So with this app, how

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Speaker 1: do you break explaining that to the consumer? For sure?

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Speaker 1: For sure? Yeah, and the credit score is pretty complex, right,

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Speaker 1: It's kind of a black box initially created by Fico.

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Speaker 1: Now there's advantage. You know, the bureaus kind of have

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Speaker 1: their hands in it, and what they look at is

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Speaker 1: a bunch of different things. Some of that stuff is

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Speaker 1: like how many credit cards do you have compared to

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Speaker 1: how many loans you have? Right, So it's called credit

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Speaker 1: mix because people feel like if they pay off all

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Speaker 1: their loans, their credit will be through the roof. That's

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Speaker 1: not the case at all, now, know what they I mean,

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Speaker 1: Look at the high level, they want you to have

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Speaker 1: a bunch of stuff on your profile, and they want

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Speaker 1: you to prove that you're paying on time. Right, So

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Speaker 1: like that's a simple rule of thumb. It's more complicated

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Speaker 1: than that. And the way we build a product, we said, look,

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Speaker 1: we don't want to give you another line of credit

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Speaker 1: or debt for example, on your profile. We don't want

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Speaker 1: to burden you. We want to inject ourselves into what

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Speaker 1: you already do. Everyone pays rent, everyone pays utilities. Stuff

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Speaker 1: that you have to Netflix, Hulu, whatever, right, and you

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Speaker 1: already do it. You already do it, but you get

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Speaker 1: a no credit for it. And initially, when we're thinking

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Speaker 1: about the app. We thought, let's just report that stuff

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Speaker 1: to the bureaus. And what we learn as the bearers

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Speaker 1: don't want that. They don't accept that information because that's

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Speaker 1: not credit. They're saying that, we want a real credit

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Speaker 1: transaction in our system. We want to see that your

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Speaker 1: customer is actually a credit worthy person, meaning that they

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Speaker 1: borrowed money and they paying on money back. And if

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Speaker 1: you're saying, here's they just paying for Netflix or for

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Speaker 1: their gym membership, they don't want to see that in

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Speaker 1: a system. It clutters the system. So we said, we

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Speaker 1: have a way around it, and what we build is this,

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Speaker 1: We'll build a bill pay platform that pays your bills

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Speaker 1: on your behalf. So in other words, we're using our

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Speaker 1: money to pay your bills and then we pull the

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Speaker 1: money from your bankccount in the back end, so we're

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Speaker 1: creating credit transaction. Were quite literally advancing you the cash

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Speaker 1: and then we pull the money back. And because we

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Speaker 1: created a real credit transaction, now we can pay for

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Speaker 1: your Netflix, we can pay for your gym, we can

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Speaker 1: pay for your rent, whatever it is, right, we're really

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Speaker 1: agnostic what's on the other end of that transaction, and

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Speaker 1: we can report it legitimately to any bureau, So we'll

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Speaker 1: wait a minute. So you're gonna pay my stuff before

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Speaker 1: I do it, and then you're gonna hope that I

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Speaker 1: have enough money in account to get your money back.

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Speaker 1: We're not gonna hope. We're gonna we're gonna look into

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Speaker 1: your ban account. The way the app works just like

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Speaker 1: any other Apple I don't know if you use robin

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Speaker 1: Hood or really like even neo banking apps. You link

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Speaker 1: your account to it, right your bank account. It takes

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Speaker 1: two seconds. You link it gives us a visibility into

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Speaker 1: what's going on your bank account, even historical data, so

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Speaker 1: we don't have to hope we make informed decisions. Now

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Speaker 1: for somebody like me who who I'm very old school

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Speaker 1: with it, right, like meaning I liked hold my money.

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Speaker 1: I'd rather pay my bills myself and take it out

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Speaker 1: my account. He's really old school. He dies his beard,

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Speaker 1: don't You can't tell how old school, but he's very

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Speaker 1: old cool. Continue, that's old school. That was really interrupted

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Speaker 1: by robo cop overhead. When it comes to it, that's

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Speaker 1: old school. That's old school references. But I was saying,

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Speaker 1: you know, for somebody like that, so how do you

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Speaker 1: protect it? To make sure that the right people can

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Speaker 1: see the account and not hackers or anybody else that

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Speaker 1: can get through the account. To make sure, Yeah, for sure.

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Speaker 1: I mean we have a we have an onboarding experience, right,

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Speaker 1: just like like a banking experience. When you sign up,

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Speaker 1: we validate your identity, will work with third party partners

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Speaker 1: that have access to government databases, and so it's pretty

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Speaker 1: it's pretty straightforward. Were you security like modern level banking security,

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Speaker 1: and when you sign up, you give us your name,

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Speaker 1: your address, your password, or you create a password you're

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Speaker 1: so security number. We then run the check on your

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Speaker 1: name to make sure you are who you are because

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Speaker 1: fundamentally it's very difficult to fraud our system. But it's uh,

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Speaker 1: you know, but but you could potentially if you were

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Speaker 1: to lie to us, you can access someone else's credit information.

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Speaker 1: We don't want to do that, right when don't we

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Speaker 1: be the company that allows you know, Angela accessing your

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Speaker 1: credit report, and so we want to make sure that

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Speaker 1: Angela is who she says she is. I already have

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Speaker 1: access to his credit run, don't doubt it. I was

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Speaker 1: going to ask you this too. You know a lot

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Speaker 1: of times people have accounts that they don't know about

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Speaker 1: well that app hal would that felt? For instance, I

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Speaker 1: had a piec of Richard, right, yeah, and I haven't

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Speaker 1: used it in ten years. It's because I just have it,

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Speaker 1: but to they closed the account, or when they closed

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Speaker 1: the account, my credit shot down because now it's a

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Speaker 1: closed account. But if I would have known, I would

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Speaker 1: have just bought something for one hundred dollars that keeps

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Speaker 1: that account open. Credit score one oh one. So would

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Speaker 1: you guys have that as well? We do. We do.

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Speaker 1: So Basically, when you access the app, you can see

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Speaker 1: all of your credit information, like your entire report. You

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Speaker 1: can you can then see that, hey, I have this

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Speaker 1: old account. For example, I discover that I have an

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Speaker 1: old account that I haven't used in ten years and

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Speaker 1: there and then you know, they've been sending me letters

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Speaker 1: to a wrong address saying they're going to shut it down,

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Speaker 1: and now I can use that account so they don't

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Speaker 1: shut it down, so I still have that access to

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Speaker 1: that credit and it's you know, positively impacts my score.

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Speaker 1: So absolutely. We have a ton of tools on a platform.

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Speaker 1: There's a month monthly membership fee that gives you access

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Speaker 1: to simulators, calculators, everything you need to be well educated

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Speaker 1: about your credit and make decisions that are you know,

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Speaker 1: well informed decisions. So if you want to go borrow

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Speaker 1: money for a house, for example, we want to buy

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Speaker 1: a car, want to get a credit card, Our platform

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Speaker 1: is designed to give you everything you need to make

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Speaker 1: a decision right there without really thinking about it. Just

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Speaker 1: quick analysis, quick snapshot, and then you can make a

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Speaker 1: quick decision where your Where did these payments get reported? Too?

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Speaker 1: Because I know there are three main places that they report,

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Speaker 1: three main agencies. Yeah, so we report today. We report

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Speaker 1: to Experience, TransUnion, and Equifax. These are the three main bureaus,

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Speaker 1: right that everyone knows about what people are don't talk about.

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Speaker 1: There's another fourth bureau and we're going to be reporting

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Speaker 1: to that fourth burre as well. It's called Navius. And

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Speaker 1: a lot of the credit card companies actually check your

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Speaker 1: report from inter this instead of Experience or others. Right,

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Speaker 1: And so when when other companies, for example, report your information,

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Speaker 1: they usually report to one or two bureaus because you

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Speaker 1: have to pay money to report. We report to all

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Speaker 1: three now and we're going to be reporting to four.

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Speaker 1: So think of it this way. It's a complete three

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Speaker 1: sixty impact on your credit. So like when you use

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Speaker 1: our product. If you want to go borrow money tomorrow

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Speaker 1: from any lender out there, it will have a massive

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Speaker 1: impact on you. Right, the lender will be able to

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Speaker 1: see that you have all those payments, report it. Your

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Speaker 1: credit score is going to improve a crossboard through every

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Speaker 1: single model. Now you said there's a monthly fee, So

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Speaker 1: what does that membership fee? So we have three, right,

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Speaker 1: we have three plans. Because we have so many features,

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Speaker 1: we have to figure out how do we separate those features,

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Speaker 1: How do we separate those features and offer them in

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Speaker 1: a fair way to folks? And so we have the

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Speaker 1: lowest century plans four ninety nine a month, four out

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Speaker 1: a nine a month gives you access to five hundred

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Speaker 1: dollars and spending, so you can add five hundred dollars

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Speaker 1: in bills. That's pretty cool, I did think of there's

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Speaker 1: no interest, there are no other fees, and you have

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Speaker 1: access to a bunch of tools to manage your credit.

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Speaker 1: For nine ninety nine, you can run up to twenty

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Speaker 1: five thousand dollars in bills. I mean if if you

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Speaker 1: were compared to a credit card, I mean, how many

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Speaker 1: credit cards dollars ninety nine six four dollars nine nine

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Speaker 1: that's rights. Yeah, yeah, I I you know what that's

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Speaker 1: that's a good call out, man. I need to be

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Speaker 1: conscious of these things. That's true. Four dollars and ninety

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Speaker 1: nine cents, and then nine dollars ninety nine cents, and

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Speaker 1: so for nine dollars ninety nine cents you have access

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Speaker 1: to twenty five thousand dollars in spending. That is revolutionary.

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Speaker 1: There's there's not a credit product out there. You pay

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Speaker 1: a mortgage, you can, I mean you can pay everything, right?

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Speaker 1: How many people have more than twenty five grand a

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Speaker 1: month and bills? These guys and guess what, we have

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Speaker 1: a we have a plan for you too though for

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Speaker 1: nine for nineteen ninety nine, so nineteen dollars ninety nine

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Speaker 1: cents unlimited, on limited. So if you have a hundred

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Speaker 1: thousand dollars in bills monthly, you can add it like

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Speaker 1: a black card of it is like bills months. Yeah,

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Speaker 1: that's so important because thirty five percent of your credit

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Speaker 1: score is on time bill payment. Because I know some

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Speaker 1: people are like, well, why don't I just pay it myself?

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Speaker 1: Thirty five percent the biggest component of your credit score

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Speaker 1: is on time bill payment and all of those bills.

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Speaker 1: What the mean was talking about don't count. Now that

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Speaker 1: Stellar fi is paying them on your behalf, it almost

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Speaker 1: looks like you're paying off a credit card transaction, so

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Speaker 1: you get credit for those. And there's the other apps

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Speaker 1: out there. None of them give you that credit building acts.

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Speaker 1: None of that give you on that unlimited access. And

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Speaker 1: another thing that really distinguishes Stellar five from the others

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Speaker 1: is as Angela and I were, you know, part of

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Speaker 1: this journey and talking to people about through the years

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Speaker 1: with wealth Wednesdays about what they need. Nobody can do

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Speaker 1: this stuff alone. It's really hard to improve your finances alone.

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Speaker 1: So the first thing we did is we contacted the

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Speaker 1: National Foundation for Credit Counseling, that's the big thing tank nonprofit,

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Speaker 1: and they are going to offer free one on one

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Speaker 1: credit coaching to Stellar fy users and that really distinguishes us.

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Speaker 1: So you can just go to NFCC dot org, forward

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Speaker 1: slash Stellar and you get a free, real person, one

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Speaker 1: on one on one credit coaching. This is about financial

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Speaker 1: empowerment platform you touched on earlier, the Roe v. Wade,

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Speaker 1: you know, and how women it's more important than ever

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Speaker 1: for women and men to rebuild their credit. But it's

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Speaker 1: you know, all these marginalized groups between Latinos, Hispanics, communities

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Speaker 1: of color. We really lose hundreds of billions of dollars

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Speaker 1: a year because we get charged higher interest rates and

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Speaker 1: it's harder for us to do things like mortgages. A

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Speaker 1: lot of our friends in the pride community, this is

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Speaker 1: really significant. I was sharing this with Lamine. When transgenders

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Speaker 1: have the operation, they lose their credit history. It's like

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Speaker 1: starting from scratch. A lot of people don't know that

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Speaker 1: it's a new identity. You lose your past credit history.

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Speaker 1: So stellars for everybody not know that. Ye say that

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Speaker 1: fast next time you said transiendents have the surgery. They

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Speaker 1: lose their credit history, credit history. Yeah, it's financially devastating.

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Speaker 1: They don't keep their name when you when you make

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Speaker 1: that name change and you make that gender gender identity,

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Speaker 1: they lose their credit history. It's become it's become a

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Speaker 1: b it's a big issue. You have the three major

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Speaker 1: credit bureaus saying that they're trying to work on it

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Speaker 1: and find other ways to get their identities. It's becoming

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Speaker 1: a big legislative issue. And it happened. If anyone changes

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Speaker 1: their name. It's not just a name. It's it's your gender.

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Speaker 1: Oh wow, it's it's mostly the general. If you have

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Speaker 1: bad credit, it could actually work in your favor. Well,

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Speaker 1: no credit is no credit history. So you tell me

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Speaker 1: when I if I transition. I know we talk about this,

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Speaker 1: but me transition, yes, I know, yeah, I transition, you guys,

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Speaker 1: credit history, yes? And what so the three major credit

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Speaker 1: bureaus have tried to make that better. So now you'll

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Speaker 1: have to go through um, you know, mountain of paperwork,

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Speaker 1: cumbersome process that most people won't go through. But it's

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Speaker 1: going to get some legislative attention. And that's just another group.

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Speaker 1: You know, we have to empower ourselves and build credit.

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Speaker 1: That's what stellar fies all about. It's for everybody, but

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Speaker 1: these you know, marginalized groups as really I didn't know.

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Speaker 1: You get a new benefit, you don't get a new

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Speaker 1: sec you don't exist anymore according to the credit burea.

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Speaker 1: You wow because you change your gender, but you have

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Speaker 1: the same social because because credit is social, right, isn't it?

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Speaker 1: She quit is much more than just so security number, right,

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Speaker 1: SoC security number is just one little tiny attribute. And

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Speaker 1: the way credit is looking at you holistically, they're seeing

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Speaker 1: all kinds of different things. And when you like jumble

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Speaker 1: it up by changing stuff, including your genders, it just resets.

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Speaker 1: It's easier for them to be like, well, this is

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Speaker 1: a whole new identity here. I never knew that. That's wow.

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Speaker 1: What do you think about? I mean, if your credit

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Speaker 1: is messed up, that's smart. No, it's not because bad

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Speaker 1: no credit is worse than bad credit. So you have

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Speaker 1: no credit. Ever, Yeah, it's like you're starting over. Interesting,

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Speaker 1: No one's gonna lend you money, right because I don't know. Yeah,

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Speaker 1: you got to rebuild everything and you have no history. Now.

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Speaker 1: Let mean so this is basically like, okay, so if

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Speaker 1: you have to describe what Stellar Fire is, is it

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Speaker 1: like a loan that you're paying, Like, how does that work?

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Speaker 1: Because you're giving the money that's paying it, and then

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Speaker 1: you're taking the money from the bank account, so it

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Speaker 1: looks like you're making payments on that's right. Okay, it's

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Speaker 1: not alone, right, So I want to be very clear

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Speaker 1: about that because it's important too. There are credit builders

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Speaker 1: out there that give you a loan and you sometimes

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Speaker 1: like it's secured loan, you put some money down because

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Speaker 1: it don't trust you, and so and then it created

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Speaker 1: this fake loan on the back end. We don't do that, right,

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Speaker 1: So what we do is we, you know, when we

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Speaker 1: make those advances, when we pay your bills, we then

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Speaker 1: report that as a line of credit. Basically, it's like

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Speaker 1: it looks like a credit card on your credit report,

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Speaker 1: which is good because you mentioned that that it's good

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Speaker 1: to have access to a bigger line of credit because

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Speaker 1: it reflects well on your profile, meaning that when I

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Speaker 1: as a mortgage lender, when I look at your profile

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Speaker 1: and I see that you have a bunch of credit

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Speaker 1: available to you that you don't use, you look responsible

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Speaker 1: to me. You look like a good barrower to me.

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Speaker 1: And that's what we do. Right. So if you add

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Speaker 1: all of your bills but it's average American has four

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Speaker 1: thousand monthly bills, right, but don't get reported to anything.

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Speaker 1: But you add it to Stellar, you now have this

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Speaker 1: four thousand dollars you know, available credit to you monthly

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Speaker 1: that we pay off every month, right because you pay

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Speaker 1: those bills and so it's always available and it reflects

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Speaker 1: really well on your profile. You will you guys, have

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Speaker 1: a report to the credit bureaus negative to you, Like

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Speaker 1: if somebody doesn't do what they're supposed to do. Yeah,

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Speaker 1: that's a good question. Uh, And the short answer is

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Speaker 1: it can happen, but the way we design a system

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Speaker 1: is to prevent that. Specifically, you asked like, hey do

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Speaker 1: you how do you trust me to pay you back? Right?

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Speaker 1: What we do is we validate your balance and if

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Speaker 1: you have sufficient balance, we admit a payment and then

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Speaker 1: we pull the money from your account, so we kind

427
00:21:16,000 --> 00:21:19,280
Speaker 1: of eliminate the possibility of you not paying. It can

428
00:21:19,359 --> 00:21:21,480
Speaker 1: happen because if you have no balance and if you

429
00:21:21,480 --> 00:21:23,560
Speaker 1: don't have a valid balance and then you can't pay it,

430
00:21:23,800 --> 00:21:26,320
Speaker 1: then that would happen. So if you have no money, right,

431
00:21:26,320 --> 00:21:28,960
Speaker 1: and we've had customers that signed up, they have zero

432
00:21:29,080 --> 00:21:30,600
Speaker 1: money in the bank account, they're like, hey, I have

433
00:21:30,640 --> 00:21:32,080
Speaker 1: a you know, have a rent comment up, can you

434
00:21:32,080 --> 00:21:34,800
Speaker 1: pay it for me? We unfortunately can't. We can't pay

435
00:21:34,840 --> 00:21:43,800
Speaker 1: your rent if you don't have money in your bank account. Yeah.

436
00:21:43,800 --> 00:21:45,919
Speaker 1: So you know this is this is not a value

437
00:21:45,960 --> 00:21:49,000
Speaker 1: add yet, but what we're working on is basically to

438
00:21:49,040 --> 00:21:51,320
Speaker 1: do that right to help folks who you know, live

439
00:21:51,359 --> 00:21:54,119
Speaker 1: paycheck to paycheck most Americans do, even high earners. And

440
00:21:54,200 --> 00:21:55,640
Speaker 1: we say that we know that you can get paid

441
00:21:55,640 --> 00:21:57,760
Speaker 1: on the fifteenth. Your rents is do on the first,

442
00:21:58,280 --> 00:21:59,800
Speaker 1: we'll pay it and then we'll collect it on a

443
00:21:59,800 --> 00:22:02,199
Speaker 1: fifth gotch. So that's coming up that's not available to

444
00:22:02,280 --> 00:22:07,040
Speaker 1: users yet. Challenge that you guys are doing, We're going

445
00:22:07,080 --> 00:22:10,000
Speaker 1: to be launching over the next couple of days a

446
00:22:10,040 --> 00:22:14,280
Speaker 1: five day credit challenge to help people take control and

447
00:22:14,359 --> 00:22:17,600
Speaker 1: understand their credit better. The first day, we're going to

448
00:22:17,680 --> 00:22:19,560
Speaker 1: have you examine and do a little search on what

449
00:22:19,680 --> 00:22:22,359
Speaker 1: we were talking about credit biases and how different groups

450
00:22:22,400 --> 00:22:26,760
Speaker 1: are discriminated against. The second day, we're going to talk

451
00:22:26,800 --> 00:22:32,080
Speaker 1: about goals and Stellarum is really a goal oriented approach

452
00:22:32,119 --> 00:22:34,919
Speaker 1: to credit building, and I'll explain what that means um.

453
00:22:35,000 --> 00:22:36,840
Speaker 1: Have you ever looked at your on your credit card

454
00:22:36,920 --> 00:22:39,200
Speaker 1: statement and it says, oh, I have a seven twenty

455
00:22:39,200 --> 00:22:42,240
Speaker 1: credit score, and then you go to a mortgage lender

456
00:22:42,320 --> 00:22:44,680
Speaker 1: and the guy walks out and he's like, I'm sorry, ma'am,

457
00:22:44,760 --> 00:22:46,640
Speaker 1: you have a six hundred credit score and you're like, oh,

458
00:22:46,720 --> 00:22:49,360
Speaker 1: I just looked it said I had seven hundred. That's

459
00:22:49,359 --> 00:22:54,480
Speaker 1: because people don't realize that the lenders usually use FICO scores,

460
00:22:54,760 --> 00:22:58,880
Speaker 1: but there are sixteen different versions of the Fico scores.

461
00:22:59,200 --> 00:23:01,200
Speaker 1: So on auto lender is not going to be looking

462
00:23:01,200 --> 00:23:03,720
Speaker 1: at the same version that a mortgage lender is going

463
00:23:03,800 --> 00:23:07,160
Speaker 1: to be looking at. So we seller's also a financial

464
00:23:07,240 --> 00:23:10,360
Speaker 1: education tool, so people need to know that going in.

465
00:23:10,760 --> 00:23:12,639
Speaker 1: So on day two of the challenge, we're going to

466
00:23:12,720 --> 00:23:15,840
Speaker 1: help you identify what your goals are. Day three is

467
00:23:15,880 --> 00:23:20,159
Speaker 1: a little credit score one oh one. Day four we

468
00:23:20,400 --> 00:23:23,960
Speaker 1: have you linked to actually linked to Stellar and link

469
00:23:24,000 --> 00:23:25,680
Speaker 1: your bills to Stellar, which by the way, just takes

470
00:23:25,680 --> 00:23:28,240
Speaker 1: a couple of minutes. And on day five we want

471
00:23:28,240 --> 00:23:31,080
Speaker 1: everybody out there to set up for that free credit coaching.

472
00:23:32,000 --> 00:23:33,280
Speaker 1: I just try to get the app. How can I

473
00:23:33,280 --> 00:23:36,960
Speaker 1: get the app? Yeah? Sure, go to a Stellifi dot com,

474
00:23:37,040 --> 00:23:41,760
Speaker 1: Stellar SI dot com that's like Stellar Finance. Yeah, that's

475
00:23:42,359 --> 00:23:44,479
Speaker 1: for Stellar Finance, and then go to try it for

476
00:23:44,480 --> 00:23:48,119
Speaker 1: free and then sign up. Okay, I'm signing my mom up.

477
00:23:49,400 --> 00:23:51,399
Speaker 1: I wanted to ask you, sure, Yeah, I am if

478
00:23:51,440 --> 00:23:53,000
Speaker 1: I wanted to sign my mom up, but use my

479
00:23:53,000 --> 00:23:57,320
Speaker 1: bank account. So technically you shouldn't do that. That sounds like,

480
00:23:58,160 --> 00:24:00,960
Speaker 1: but but but you it's possible if you want to

481
00:24:01,000 --> 00:24:02,600
Speaker 1: link your bank account to you. What if you want

482
00:24:02,600 --> 00:24:04,720
Speaker 1: to pay like your family members bills, We'll put the

483
00:24:04,760 --> 00:24:07,120
Speaker 1: money on her account. You could you could do that.

484
00:24:07,200 --> 00:24:08,480
Speaker 1: I mean the best the best thing to do is

485
00:24:08,520 --> 00:24:10,080
Speaker 1: to put the money in her account and let it

486
00:24:10,200 --> 00:24:11,879
Speaker 1: let her have her account. So what we do is

487
00:24:11,920 --> 00:24:14,199
Speaker 1: we validate, we check in the checking her name on

488
00:24:14,240 --> 00:24:17,560
Speaker 1: your account. But we do make exceptions because sometimes family members, right,

489
00:24:17,600 --> 00:24:21,320
Speaker 1: so sometimes it's a you know, a spouse and using

490
00:24:21,359 --> 00:24:24,480
Speaker 1: your spouse's account. Sometimes it's your child and so forth.

491
00:24:25,200 --> 00:24:27,480
Speaker 1: So we do make exceptions, but it adds a little

492
00:24:27,480 --> 00:24:28,959
Speaker 1: bit of friction because we don't we don't know if

493
00:24:28,960 --> 00:24:31,080
Speaker 1: you stole someone's account, right, if your name doesn't match,

494
00:24:31,200 --> 00:24:32,959
Speaker 1: So we want to make sure that at all alignes.

495
00:24:33,320 --> 00:24:35,080
Speaker 1: I was going to ask you, you know, why is it?

496
00:24:35,240 --> 00:24:38,240
Speaker 1: And sometimes like if you try to get let's say

497
00:24:38,240 --> 00:24:39,720
Speaker 1: a smaller credit carcause I know this happens to a

498
00:24:39,760 --> 00:24:41,320
Speaker 1: lot of people. They try to get a smaller credit card,

499
00:24:41,320 --> 00:24:44,000
Speaker 1: whether it's PC, Richards and Son or best Buy or

500
00:24:44,119 --> 00:24:47,280
Speaker 1: Bass and it's very dang to get that. But then

501
00:24:47,560 --> 00:24:49,480
Speaker 1: let's say you try to get a car or a

502
00:24:49,520 --> 00:24:53,120
Speaker 1: mortgage and you get that, why is that? And why

503
00:24:53,320 --> 00:24:57,080
Speaker 1: interest rates so damn high on those credit cards? Like

504
00:24:57,119 --> 00:24:59,960
Speaker 1: if you don't read the fine print, like twenty eight percent.

505
00:25:00,000 --> 00:25:03,560
Speaker 1: It is ridiculous. I can I can answer that. Go yeah,

506
00:25:03,600 --> 00:25:06,800
Speaker 1: for sure. So most of those credit cards, they're unsecured, right,

507
00:25:06,840 --> 00:25:09,119
Speaker 1: And so when the lender makes a decision and they're like, man,

508
00:25:09,160 --> 00:25:10,720
Speaker 1: I don't know you. You don't have a good credit.

509
00:25:10,840 --> 00:25:13,520
Speaker 1: So here's one hundred dollars in spending limit, and you're

510
00:25:13,520 --> 00:25:15,679
Speaker 1: gonna pay thirty three percent interest because we don't know

511
00:25:15,720 --> 00:25:17,639
Speaker 1: you and we don't want to lose one hundred bucks.

512
00:25:17,920 --> 00:25:20,600
Speaker 1: When you borrow money for a car, there's a collateral

513
00:25:21,080 --> 00:25:23,280
Speaker 1: and if you don't pay that, you know car, they're

514
00:25:23,280 --> 00:25:25,560
Speaker 1: gonna come collected, right, And so this is why it's

515
00:25:25,640 --> 00:25:29,520
Speaker 1: easier to sometimes borrow money for something that but you know,

516
00:25:29,560 --> 00:25:32,800
Speaker 1: that's tangible, that can be there and repossessed. That's why

517
00:25:32,840 --> 00:25:34,880
Speaker 1: a lot of people go that route sometimes. And it's

518
00:25:34,880 --> 00:25:36,760
Speaker 1: a lot more difficult to borrow money just on a

519
00:25:36,760 --> 00:25:39,120
Speaker 1: credit card. And if you do, you know, if you're

520
00:25:39,160 --> 00:25:41,760
Speaker 1: like an entry level borrower, either you're young, or you

521
00:25:41,840 --> 00:25:44,720
Speaker 1: have a bad credit or whatever, it is, good luck

522
00:25:44,760 --> 00:25:48,840
Speaker 1: getting a decent card. You're gonna be paying crazy interest. Difficult. Yeah.

523
00:25:48,880 --> 00:25:50,240
Speaker 1: I don't know if that's part of an app too,

524
00:25:50,240 --> 00:25:52,840
Speaker 1: but you should have some type of thing for fine

525
00:25:52,880 --> 00:25:55,200
Speaker 1: print that teaches people what it is and what it means.

526
00:25:55,400 --> 00:25:57,600
Speaker 1: I bought a piano for my daughter when she was

527
00:25:57,680 --> 00:26:00,399
Speaker 1: when I was like twenty two twenty three. It was

528
00:26:00,440 --> 00:26:02,280
Speaker 1: a Steinway and Son, and I really couldn't afford it

529
00:26:02,359 --> 00:26:04,520
Speaker 1: at that age, but I bought it, and I paid

530
00:26:04,520 --> 00:26:07,480
Speaker 1: them monthly because I could pay them monthly. And ten

531
00:26:07,600 --> 00:26:09,840
Speaker 1: years later of me paying it, I just happened to

532
00:26:09,880 --> 00:26:12,119
Speaker 1: look because they just kept coming out their account and

533
00:26:12,160 --> 00:26:13,840
Speaker 1: I looked. I was like, how much did I actually

534
00:26:13,880 --> 00:26:16,560
Speaker 1: pay on this piano? And I only paid like five

535
00:26:16,640 --> 00:26:19,359
Speaker 1: thousand dollars after ten years on this piano because the

536
00:26:19,440 --> 00:26:21,359
Speaker 1: interest rates were so high, and the way that they

537
00:26:21,400 --> 00:26:23,399
Speaker 1: did it was they took their interest rates the first

538
00:26:23,520 --> 00:26:28,159
Speaker 1: ten years right like, But it was a piano and

539
00:26:28,200 --> 00:26:30,400
Speaker 1: I been paying it for ten years, but I didn't

540
00:26:30,440 --> 00:26:32,639
Speaker 1: know and I didn't read the small print because nobody

541
00:26:32,640 --> 00:26:34,080
Speaker 1: talk me about credit. So I actually had to pay

542
00:26:34,119 --> 00:26:35,800
Speaker 1: it off to make sure because I paid them so

543
00:26:35,880 --> 00:26:38,200
Speaker 1: much money for goddamn piano that my daughter doesn't play

544
00:26:38,280 --> 00:26:40,840
Speaker 1: no more. But that's another point. But that's what you

545
00:26:40,840 --> 00:26:42,440
Speaker 1: should do. You should really, I don't know if that's

546
00:26:42,480 --> 00:26:44,400
Speaker 1: part of the app where it shows people about those

547
00:26:44,440 --> 00:26:48,320
Speaker 1: interest rates and how that works. Big educational component also

548
00:26:48,359 --> 00:26:51,879
Speaker 1: makes it different than you know, any other credit building

549
00:26:51,880 --> 00:26:54,320
Speaker 1: apps out there. Yeah, now, what if you have a

550
00:26:54,359 --> 00:26:56,160
Speaker 1: credit card, right and obviously you don't have to pay

551
00:26:56,200 --> 00:26:59,760
Speaker 1: it off every month? So do you let Stellar know

552
00:27:00,200 --> 00:27:02,359
Speaker 1: this is the amount that I want to pay before

553
00:27:02,560 --> 00:27:04,439
Speaker 1: it gets your mine? Or is it automatic? So when

554
00:27:04,480 --> 00:27:06,600
Speaker 1: you link a card, for example, to Stellar to pay

555
00:27:06,640 --> 00:27:09,800
Speaker 1: it off, it's automatic. It's so you designate what do

556
00:27:09,800 --> 00:27:11,879
Speaker 1: you want to pay and we pay it on your behalf.

557
00:27:11,880 --> 00:27:14,560
Speaker 1: It's just like bill pay right or all we are

558
00:27:14,640 --> 00:27:16,840
Speaker 1: is bill pay the build your credit. But every month

559
00:27:16,880 --> 00:27:18,679
Speaker 1: you can change that, like maybe you want to overpay

560
00:27:18,840 --> 00:27:22,040
Speaker 1: what the minimum payment is obviously absolutely yeah, but you

561
00:27:22,040 --> 00:27:23,919
Speaker 1: can make double payments whatever you want. Would you just

562
00:27:23,960 --> 00:27:27,520
Speaker 1: say that that sums it up your bill pay that

563
00:27:27,640 --> 00:27:30,280
Speaker 1: build your credit. That's right. That's a great selling point.

564
00:27:30,520 --> 00:27:32,639
Speaker 1: And given the website again where people can download it

565
00:27:32,680 --> 00:27:37,040
Speaker 1: and definitely try this out. Yeah, it's Stellar Fi dot com,

566
00:27:37,359 --> 00:27:40,600
Speaker 1: Stella Funnies dot com. And we'll be doing the challenge

567
00:27:40,640 --> 00:27:42,680
Speaker 1: on Angela's Facebook page in a couple of days and

568
00:27:42,760 --> 00:27:44,680
Speaker 1: she'll let you know. And that's gonna start what we

569
00:27:44,720 --> 00:27:47,040
Speaker 1: want everybody to participate in, that this is really a

570
00:27:47,080 --> 00:27:51,280
Speaker 1: movement to empower ourselves with credit because nobody's helping us.

571
00:27:51,600 --> 00:27:53,600
Speaker 1: I'm really excited about it, and I just want to

572
00:27:53,600 --> 00:27:55,479
Speaker 1: say for people who are like, I'm just not going

573
00:27:55,520 --> 00:27:57,720
Speaker 1: to pay my bills because i feel like I'm swamped

574
00:27:57,720 --> 00:28:00,160
Speaker 1: and it's overwhelming, And what difference does it make any

575
00:28:00,000 --> 00:28:02,840
Speaker 1: who does that? Who says that, I'm I'm not going

576
00:28:02,880 --> 00:28:05,040
Speaker 1: to say who it is, but somebody did recently tell

577
00:28:05,080 --> 00:28:08,720
Speaker 1: me that. Yeah. They're like, well, well they have credit

578
00:28:08,760 --> 00:28:11,720
Speaker 1: cards that are just that our way overdoing that. They're

579
00:28:11,720 --> 00:28:13,879
Speaker 1: paying the minimum on and it keeps on getting more

580
00:28:13,920 --> 00:28:16,439
Speaker 1: and more interests, and they're not concerned we're paying it off.

581
00:28:16,440 --> 00:28:19,040
Speaker 1: They're like, it's just too much, Like I owe over

582
00:28:19,080 --> 00:28:21,640
Speaker 1: one hundred thousand dollars and I just get overwhelmed. Yeah,

583
00:28:21,640 --> 00:28:23,840
Speaker 1: and it's overwhelming, and so I'll just pay this fifty

584
00:28:23,840 --> 00:28:25,960
Speaker 1: dollars a month and I'm not concerned about paying it off.

585
00:28:26,119 --> 00:28:27,840
Speaker 1: But at some point somebody is going to have to

586
00:28:27,840 --> 00:28:30,760
Speaker 1: pay it. So if you know, something happens that gets

587
00:28:30,760 --> 00:28:32,720
Speaker 1: passed on, it's not like it just goes away. Ever.

588
00:28:32,760 --> 00:28:34,480
Speaker 1: And I do feel like the best thing to do.

589
00:28:35,000 --> 00:28:38,400
Speaker 1: It's such a great relief to improve your credit, to

590
00:28:38,440 --> 00:28:41,240
Speaker 1: see those changes being made to pay down those bills.

591
00:28:41,680 --> 00:28:44,400
Speaker 1: And so that's why I was really excited to be

592
00:28:44,480 --> 00:28:47,280
Speaker 1: working with Lemine, who has a proven track record, and Stacy,

593
00:28:47,360 --> 00:28:50,320
Speaker 1: who was already my partner with Wealth Wednesdays, and bringing

594
00:28:50,360 --> 00:28:53,360
Speaker 1: something like this to help people, because I do feel

595
00:28:53,400 --> 00:28:57,200
Speaker 1: like a lot of stress comes from finances if you're

596
00:28:57,240 --> 00:28:59,120
Speaker 1: not doing it right, but a lot of relief and

597
00:28:59,200 --> 00:29:01,640
Speaker 1: excitement can come when things start to get it getting

598
00:29:01,680 --> 00:29:04,800
Speaker 1: more positive, and those people who are experiencing that severe trauma,

599
00:29:04,920 --> 00:29:06,480
Speaker 1: like I have what you just said, have one hundred

600
00:29:06,520 --> 00:29:08,320
Speaker 1: thousand dollars in debt, I don't know what to do.

601
00:29:08,760 --> 00:29:10,600
Speaker 1: This is one of the reasons we partnered with the

602
00:29:10,720 --> 00:29:13,480
Speaker 1: National Foundation of Credit Counseling. You will get a coach,

603
00:29:13,800 --> 00:29:16,600
Speaker 1: you'll get a plan, and it's a live person and

604
00:29:16,720 --> 00:29:21,080
Speaker 1: that NFC dot org forward slash Stellar and that's really

605
00:29:21,120 --> 00:29:24,200
Speaker 1: something we're excited about. Well, thank you guys for joining us,

606
00:29:24,240 --> 00:29:27,080
Speaker 1: and definitely hit up the website and download the app

607
00:29:27,200 --> 00:29:30,880
Speaker 1: right now and good luck with everything. Appreciate you, Thank you,

608
00:29:31,480 --> 00:29:33,880
Speaker 1: big shout out to Lemine. Watching them build this has

609
00:29:33,880 --> 00:29:36,160
Speaker 1: been incredible some of the engineers were in the Ukraine,

610
00:29:37,080 --> 00:29:41,520
Speaker 1: pulled it off once and it's been fun. It's been

611
00:29:41,560 --> 00:29:44,240
Speaker 1: a journey. Thank you Lemina and Angela. All Right, well

612
00:29:44,240 --> 00:30:06,720
Speaker 1: it's Lamins Rod Stacy Tisdale. It's the Breakfast Love Goal Morning.

613
00:30:02,800 --> 00:30:03,120
Speaker 1: St