People scoring a 500 are smarter than those scoring 800.
I don't get this. I have no debt although I use credit cards and pay them off monthly. The last time I applied for credit was last December (2021) when I was tired of getting credit card offers in the mail and I sent in one application because it offered me $150 if I charged a couple hundred dollars in the first few months. I received that card in January of 2022. I've only paid interest on credit cards twice. The last time was in Jan 2018 when I was on vacation and missed the payment due date. The other time was in the 1980's when a significant purchase wasn't delivered yet so I only partially paid the credit card bill. My only other interest bearing debts were our mortgages (the last one was paid off early 30 years ago) and our first new car which we took a 9 month loan to build some credit in 1979.
So why is my score not 0?
All you need for an 800+ score is a few years of no missed payments or other negatives. You don't have to borrow much or ever carry a balance.
The downside is there is no prize for it, except better terms on loans you probably don't want.
Bad Wigins wrote:
All you need for an 800+ score is a few years of no missed payments or other negatives. You don't have to borrow much or ever carry a balance.
The downside is there is no prize for it, except better terms on loans you probably don't want.
The prize is significantly lower rates on your most expensive purchases (mortgage & car loan) which saves a staggering amount of money in the long run. A mortgage loan off of an 800 credit score will save tens of thousands of dollars in interest over the life of the loan in comparison to the rate you get with a 500 credit score.
2018 chart- but conveys the point:
This caller must have a high FICO score
I know that but the easiest way to an 800+ score in the first place is not bothering with big loans. Complete opposite of what the guy claims.
jamin wrote:
This caller must have a high FICO score
You don’t need good credit to get a car loan because they are so easy to repossess. In some states you can literally get the car like a couple days after a missed payment. On top of that you can get predatory rates that can easily put you way behind but the dealer makes a ton even if you default and it gets repoed
Smardiot wrote:
People scoring a 500 are smarter than those scoring 800.
500 is well above jamin and ramsey's scores.
It has been shown that people with some of the lowest FICO scores are buying crypto
The more Dave Ramsey videos you post, the more I question your intelligence.
Sh||tcoin Gambler wrote:
It has been shown that people with some of the lowest FICO scores are buying crypto
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