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In The Media

Deep Underground Credit (and Capital) Knowledge 9’s Nuggets About CARD Act

by Larry Chiang on November 5, 2012

November 7, 2012

By Larry Chiang

Advocating an issue works here in Silicon Valley. Washington DC listens.

I am writing this in my capacity as CEO of Duck9. In my role as CEO and founder of the largest company that sells credit cards to college students, I issue advocated the CARD Act. The 2008 bill that became enforceable law in 2009 forced college students under 21 to have a high FICO score to qualify for credit card in their own social security number.

The unintended consequences were ones that I intended: I wanted to make rich douchie kids richer. It’s because they’re so thankful. Poor kids thank you just by doing what poor people do: ask for more.

Disclosure: Duck9 makes money lead generating high school students and college students in a futures market for credit card accounts with artificially high FICO scores.

A poll by Duck9 shows a 23% drop in the number of college students who own credit cards since 2009. A survey by Gallup and Sallie Mae reported a higher drop at 27 percent. The disparity in the two rates is caused by the discrepancy in quality of four-year institution. Schools on the bad side of the bell curve with lower Barron’s rankings that do not show up on the US News and World Report’s “Best of”, have students that suffer from the CARD Act. “Students from crap-ass colleges get worse credit access leading to lower FICO scores and diminished access to jobs where employers pull credit reports. Employers pull applicant’s credit reports in 99% of jobs that pay over $50k.

If you’re a college administrator that thinks making $50k in the first year out of college is impossible, then thank you for letting me know your college is on the LEFT side of the bell curve of higher education.

Disclosure: Duck9 will not sell a credit card to your institution with a Barron’s rank six or seven.

Credit bureaus confirm Duck9’s data collected from the 1,100 colleges set up. Experian, Equifax and Trans Union show credit card balances for 18- 24 year olds is growing at a slower pace: 0.2 percent in 2011, 0.4 percent in 2010, 2.4 percent in 2009, 12.3 percent 2008 and 13.3 percent in 2007.

On Cyber Monday, November 26, I’ll be doing media on CNN about what tier one colleges are doing. College administrators from all Barrons ranked colleges are invited

NOTE: Excuse my tone and sarcasms, but everything I’ve said is true. That’s a horrible apology. Here is a nice nugget for reading this far: I am open sourcing all the proprietary Duck9 techniques.

If you’re from a school on the left side of the bell curve, open-source is like Linux or Red-Hat… It’s free.

Google: “How to Do What Duck9 Does Without Having to Whore Duck9”

Err ‘Hire’

“How to Do What Duck9 Does Without Having to Hire Duck9”

I’m retiring and going to be a VC. That means venture capitalist. Its a person who extracts value from entrepreneurs by snatching up equity at low prices and selling for a higher price. I’m doing that with an Army of R2D2’s. LPs love:

ENGR145’s Anchor Concept: Lemonade and Gua Gua Guacamole

It moves you to the right on the entrepreneur bell curve

CEO of Duck9 Founding Stanford University EIR (Entrepreneur in Residence) Emeritus

Duck9 = “Deep Underground Credit Knowledge” 9 125 University Avenue/ 100 Palo Alto CA 94301 650-566-9600 650-566-9696 (direct) 650-283-8008 (cell)

**************** Editor of the BusinessWeek Channel “What They Don’t Teach at Business School” CNN Video Channel:

Read my last 10 tweets at

Author, NY Times Bestseller

“What They Will NEVER Teach You at Stanford Business School” comes out 11-11-14

52 Cards. Two Jokers. What They DO Teach You at Stanford Engineering

Emergency swings and cutting deals as an 9 year old

########## Duck9 is part of UCMS Inc. 630-705-5555

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