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Don’t be a Victim to Your Credit Score!



“A credit score is not an indication of how well you’re doing financially. It’s an indication of how well you’re handling debt—or how well debt is handling you.

source

 

Comments (25)

  1. Went to community college for music recording and don't regret it at all.

  2. Dave Ramsey made the following observation re FICO score: he is worth hundreds of millions of dollars, and because he hasn't borrowed money in decades he has a zero credit score. he can buy an entire apartment complex free and clear (no loan) yet can't rent an apartment there. this is how stupid the system is

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  6. 24hrssoftcyberhack@gmail. com increased my credit score from -100 to 800 in few minutes

  7. Thank you for clarifying this for me and others. The credit report isn’t designed to measure your wealth. It’s designed to measure how fast you can peddle.

  8. If you don't need credit, the score means nothing. Pay cash!!

  9. We have high net worth worth and credit score fell to 622. It is silly. They don't even account for income on credit scores. I wish I had the same mindset in my 20s as now. I would have been a millionaire MUCH earlier. I now think the correct path is to buy with cash including housing. I have 27 rental units and our house all without a mortgage.
    I have about $30k in debt all deferred interest cards so not costing anything so just not paying yet. Maybe next year I stay totally debt free. LOVE the rental annuity. Added 7 units this year. May need to stop an digest these.

  10. Unfortunately, the use of leverage in our economy has increased asset values of vehicles and homes, that sucks us into debt to afford the things we need. Much the same way that light will bend near a black hole. You have to use debt to afford the things you need if everybody else is getting mortgages. A middle ground of using debt superficially to inflate your FICO score to lower the cost of borrowing to buy these big ticket items is something to consider.

    If everybody heeded your advice than the prices would plummet and you can ignore the FICO score.

  11. You can freeze and thaw credit over the phone as long as you know your pin number. It does cost some money like $10 each time it's thawed with one of credit bureaus, I forget which one. I do this and when I want to finance something, I ask the person running my credit which credit bureau they use, and only defrost that one.

  12. You get better insurance prices due to credit score… car life house insurances

  13. 845 fico score. Debt free. Emergency fund equals to 1 year salary in a CD ladder for liquidity. Passive income to 60k per year. Trying to get my score to perfect. Just for fun, my brother and I compete.

  14. A credit score has never measured wealth.
    I know exactly what it represents.
    However, there will always be someone to say you're naive. I've never had a great job.

  15. Why would anyone want there score to go to zero? How would anyone be able to rent a home or place to live as they check credit scores ?

  16. Old accounts fall off so that could be a factor

  17. Regarding the article from Business Insider, I think there also is a correlation between people that majored in something practical that got them a good job after school to pay down that student loan debt quicker than the other people that majored in something not as useful and may have had a harder time finding a good paying job after school to help pay down their student loan debt. So the people that paid off their loans and think college was worth it might have had a more practical major or a major that had good paying jobs available when they graduated.

  18. This “aim for a credit score of zero” advice is asinine. Ignoring the fact it’s absolutely possible to maintain a high score without being in debt, the reality is that your credit score can impact many aspects of your life: insurance rates, job hiring/security and what places will rent to you & for how much. I understand Dave Ramsey is wealthy enough to purchase an entire apartment building in cash, so it’s irrelevant whether they would actually rent to him, but for the vast majority of people this advice is impractical.

  19. INCREDIBLE video Chris! Don't let it hold you back! Congrats on 74k, and keep up the great work! Your channel is growing, and rightfully so!

  20. It feels like talking to a wall, but this is not completely true.
    A decrease in your utilization ratio increases your score.
    Listening to Ramsey and Chris, or any other expert is great, but doing your own research is paramount.

  21. It's so hard to get anything like a house if you don't have a credit score… My trailer burnt in 2017, I moved into a bad neighborhood and moved again 1 year later to keep my kids safe… I don't want to rent in the same place for the next 5 years just to qualify for a house.. It's so hard to know what to do when you don't have tons saved

  22. It would have been interesting to see if the study also took in account what major the students studied to see what the correlation between students who said college was worth it or those who didn't based off of their major

  23. I agree with Mr. Hogan, the credit score is nothing more than an indicator of how well you service debt. The more debt you payoff, the more credit card offers you get in the mail. Lol. I would love to stop getting credit card offers.

  24. If you can’t get out of debt within 7 years, Nuke your credit score and be debt free tomorrow.

  25. A good way to pay for graduate school is to apply for a Graduate Assistant or Teacher's Assistant position. I did that and it covered 100% tuition.

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