This Is What Your FICO Score REALLY Means

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[SharonAnnMenefee]

I have a fico of 837 and have never borrowed a lot of money. Just paid off what debt I had on time.

[devinparker]

I paid off all My debt and something weird happened ... I HAVE MONEY!!

[smileychess]

My 810 score helped me get a 2.5% interest rate on my home. It didn’t cost me “hundreds of thousands” of dollars to get a high score.

That being said, yes consumer debt is dangerous and worth avoiding for most of the reasons Dave talks about all the time.

[idonotcarenow]

Wow, I must be a unicorn. I’m proud of my 850 score and I love Dave Ramsey. You can do both, just like Church and Science, it’s not all or nothing, you can have both and not owe anyone anything.

[queenu]

You don’t need a FICO score if you are a millionaire

[Loveinlife]

What they don’t tell you is insurance companies regularly check FICO scores. Having a low or no score will negatively affect your insurance rates

[genxretiree]

Dave’s never wavered on this so no one should be shocked when he says it. I once heard FICO stood for Fake Indicator of Cash Opulence and I knew the person that said it was a big Dave fan.

[marthabraswell]

You all are missing the point. FICO is just a measure of how you handle borrowed money. The whole idea is that you live life without debt (cash only). From personal experience I can say it is INCREDIBLY REWARDING AND FREEING!

[abvincent]

This is simply not true. I have a 838 FICO and all that I do to get it is use my Costco credit card for everything I buy and pay it off every month - then I get a cash back check every March - costs me nothing.

[mccoyji]

I have no house or car payment but still have 820.
It does have a warning that house debt is missing and my 820 could be higher if I did. 🤣

[gavinv]

Nah, what it really means is that it gives me the best terms possible on mortgages, resulting in lower fees and interest. It's a true money-saver. Proud of my 820 FICO score.

[percivalgooglyeyes]

An unforeseen problem with a "undetermined" FICO score is that it is difficult to get utilities and will have to put up a sizable deposit with the Electric, Gas, Water, and most other utilities. Also, insurance companies use FICA scores for their risk assessments so ironically you'll be paying higher insurance rates.

[theflightsimulationexperie]

I love my 804 Fico score. It’s great because I get so many airlines miles with free hotels and rewards. The banks have never made one penny off my “debt” because I never pay them interest because I pay off the card every month like click work.

[Mid-LifeChrisis]

Completely disagree Dave I have a score over 800 and carry little to no debt! I’m cash rich and don’t use the banks for much other than storage!

[Alex-nkul]

100%!!! I hate debt! I am out of debt and I will never go back!

[jasonrodgers]

Just TRY to get a mortgage without a FICO score. Yeah, Dave has talked about lenders who do "manual underwriting". They are VERY few & far between, and therefore, they can charge higher rates & fees.

[sungenhou]

The thing is, people with high fico scores usually don’t need to borrow money

[yanislav]

I think once you have bought all the major things like your home, vehicles, etc... The fico score becomes pretty much irrelevant.
If you are young and don't have many things, it's helpful to have a good score.

[techtim]

😅I’m 9 months away from debt free 😂 they will never give me 24% interest again! “Cash, you can take my cash not my soul 😂”

[MrsSinette]

My FICO score went from 846 to 820, and it says there have been no changes. I don't understand why. I JUST paid off my student loans a few months before it jumped up to >840