Why Credit Scores Are Completely Bogus!

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[Dustyphoto]

America is 34 trillion dollars in debt and the adults of this nation run around letting their lives be dictated by a credit score.

[JTDyer]

The reality that very few people can pay cash for a reasonably nice home is a major red flag for the American dream.

[OhYeaMista]

This is a great example of where Dave can take things too far. In a video intended to show how you don’t need credit, he lists multiple examples of how having no credit has negatively impacted him. Keeping a good credit score might not be necessary, but it can sure make life easier. Just don’t go into debt.

[JFDSmit-rmtw]

For a moment I hoped this was going to be a Ramsey Rant. I love listening to the Ramsey rants. When do we get a new Ramsey rant?

[lauravaleria]

I would like to hear more about the bankruptcy story of Ramsey at 28

[smoovethetrucker]

That is crazy. Rental car place would not trust Dave Ramsey to rent a car from them 😂

[tob]

I worked at a highly known insurance company (rhymes with Date Darm), love Dave, and want to follow his rules. Sadly your credit score rate has a big impact on insurance most people are shocked how high their rate is when they have no accidents or tickets. It is because its all about credit score and how often you switch companies.

[rothbj]

Let your score drop to zero or disappear, but you’re gonna pay more for insurance, will have difficulty renting an apartment, and your options for a home loan will be severely limited. It’s called ‘The way it is’

[thefpvlife]

I use a CC for online purchases n pay in full. No way I'd link a debit card online.

[jefferyyounce]

I make over a 100k, very to little debt and my wife is on disability and has CC debt and my score is lower than hers. A complete and utter scam.

[BennyParcher]

Why would these people preach no credit score for us when most of us cant afford anything without a good credit score. Bogus

[BigPhil]

I’ve got 1 credit card. Use is and never go beyond 30% of the allowance, pay it off in full at the end of the month, did that for years and credit score is good. Easy.

[gregoryyentz]

I love Dave as a voice for financial behavioral change. If you can't get your behavior in check, you will never win with the details of your finances. Once you master the behavior, branch out and listen to other reputable financial personalities and filter out the BS that you may hear with the foundational knowledge and skepticism that Dave teaches.

[GiveMeLibertyOrGiveMeDeath]

So credit score yourself into making it harder for yourself to get anything, in a system where literally everything and everything is built on having a score or you get penalized with higher rates and down payments, and even utilities look at scores nowadays

[Stevenharknett]

Its the credit report not the score that is important. Ramsay must have had credit to fund his property empire when younger but got his ass handed to him and filed bankruptcy.

[Blaiyan]

Seems very odd that they refused to accept cash. Why was I under the impression that a business couldn't refuse legal currency. Hmm

[andreathompson-bghl]

You can do prepaid for cell phone and pay before the month instead of after and they won't check your credit.

[ThePeterDislikeShow]

In some states you don't need to have liability insurance if you can prove you have financial resources.

[ShermanT.Potter]

I have a mortgage, and annual operating/crop input loans for farming, re-paid in full every year. All machinery is paid for. A few years ago, I was around 800. Recently asked my banker if he knew what it was now. IIRC, he didn't even check. I must be such a good customer he doesn't care. He made sure to tell me if I needed a loan for something else, to let him know, lol. I hate borrowing every year for it, but farming takes vast amounts of capital to be put into your products for a few months or longer until you can sell them. As an example, the crop inputs (seed, chemical, and fertilizer) are prepaid for around the new year to get a discount before spring rolls around, and if you sell at harvest, you get the money back in Oct./Nov. If I keep the grain to feed to hogs, almost all of it would get into the hogs sold by Sep., but a small amount would feed the new batch of pigs via feeding lactating sows in Sep./Oct., which would be sold the following March/April. So at the longest, 28 months from prepaid crop input to last hogs sold that utilized the corn. And no matter how cheaply I live, farming makes such a small amount you can't save enough to get out of the cycle.

[juanpaulr]

The title says credit scores are bogus. If you own rental property, you know that the first thing you want to know is about the future renters' ability to afford and pay rent on time. What's the one important tool that is used to confirm that? You guessed it, credit reports. If Dave has a corporation, his corporation is rated by the credit rating industries. All corporations are rated. Most of the country rely on credit. The world revolves around debt. It just the way it is. It's in your best interest to keep up with your credit score no matter what others say. Not everyone is born with a silver spoon in their mouth and most start off with some sort of debt and work toward success.