How To Improve Your Credit Score Without Debt
2018 ж. 1 Ақп.
1 344 925 Рет қаралды
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This is why I'm going to keep driving my 2004 Toyota Camry with 110k miles. It's a old car, but I sleep well every night knowing that I have ZERO car payments
Amen💕
Its ok to have a car payment if it makes you money
This is funny, I'm literally looking into buying your exact car with similar miles. I want something I can buy with cash and no car loan. I'm looking at yours or a Honda with similar miles, maybe a little less miles hopefully.
@@edwinmedina4338 no it’s still stupid
@@edwinmedina4338 my car makes me money and I don’t owe anything on it. That’s smart.
My parents make around 175K/year, maybe a bit less, their both in debt. House payment still paying on, car payments, other kinds of small debts. They are in debt. My brother makes a good paycheck, he's in debt. I'm in debt. I declare to be out and stay out. within less than 5 years. This is what is called motivational.
Only *hackerauden55* will help you
I’m so happy *Hacker_auden55* help me increase my scores
You got it bro!
How is your progress coming along with your debt? How about your family?
@@boomerleo89 Lol you’re not getting an answer
The best feeling ever is to have no mortgage and no car payments. I sleep so well at night. Especially in todays unprecedented times. Awesome feeling!!! Been listening to Dave for years and his advice works!!
I know that' is a good feeling!! Congrats to you!! ❤
Did you inherit your house or apartment? Or do you earn so much you could buy it for hard cash?
@@warmike I saved and worked hard as well as sacrificed so much to get it paid off. Took very hard work and complete focus for several years.
Congrats 🙏🏽. That’s how I feel not having debt , even though I can afford certain things in life , I still keep my feet on the ground as I don’t want to lose my peace thinking about paying a lender “ banks “ .
How old are you?
Love this man.....I was called stupid because I don’t believe in debt
Love this guy tooo... I was called stupid because I believe in debt
Ikr
It's possible to build wealth with debt. Investments average higher returns than things such as a mortgage.
My credit score is 794 and I never paid a cent of interest in my life, nor have I ever been in debt, and I have 5 credit cards. I just use my cards once a month for small expenses and pay them off in full, keeping the total usage of less than 10% of my credit limit. Missing payments and high utilization will kill your score.
Literally exact same thing for me. Same score, same number of cards!
Richelle D 👍🏻
How you got your first credit card without having credit score you Genius??
Capital one platinum card
rene eduardo Bank Of America offered it to me...
So this explains when I paid off one of my student loans in full my Fico score went down. Thank God for Dave and his wisdom. I’m working towards being debt free!
Same, at first i was so confused as i expected it to go up after the loan is paid in full.
It means you also didn’t do enough research on loans. There’s loans that give zero penalties when you pay them off early.
Once my truck is paid off I’m going to put that money towards my house every month and hopefully one day I’ll be debt free lol
Yes, because your loan account has been closed after you completed the payment. but i'll go up after that
FYI, debt means you're using your credit. You can have 5 credit cards and not use them or use one wisely, pay it off before the interest hits, and your score will go up slowly, but surely. Part of the game of improving your credit score. Do not use more than 10 % of your line of credit. Bacally keep it within your means and lower.
I'm 25, recently debt free after 130k of student loans paid off. Next goal is to save to pay for a 300k home paid in full!
Can we get an update?
@@yuhboi8559 Didn’t pay in full, but purchased a home in Phoenix in late June. 20 year but the goal is to pay it in 10 years or sooner. Currently average the 10 year mark to have it paid off!
@@troyculcasi3889That’s amazing congratulations to you and your new home ❤
@@troyculcasi3889 You made right decision. If you had waited to gather cash, the same home would have been twice the cost by the time you finished gathering cash. Dave's advise is just plain wrong. Try doing this cash buying in Bay area and see if anyone can afford that.
@@shawn_magnum9208 That’s my biggest problem with Dave is the advice is so dated. Credit is absolutely necessary because nobody without financial help from parents or inheritances are buying a house in cash in this economy it’s just not happening. And the ones that can have hundreds of thousands of student loans they need to tackle.
I wish I found this man in my early teens BUT with that said. It’s never too late to start over at 35💪🏾🙌🏾🔥
Stuff the the system don’t teach us and don’t won’t us to know 🥴
@@wilsonmateus301 sad isn’t it? SMH.
@@cecep7477 very
Agreed!
I currently have one credit card and i pay it in full each month. All i really have on there are recurring payments like car insurance, phone bills, and things of that nature. They're all things that I would have to pay regardless but it's good to know that i can consolidate all those payments into just one, my credit score is just there; it's not hurting anybody.
Don't say that out loud. You may hurt Dave's income streams that he built by God's own ways!
Same here plus i get some money back.
Yeah Dave is offering some terrible advice here. Most people can’t buy a house straight up, unlike Dave Ramsey who is rich, so you need a credit score in order to take a mortgage on the house. Otherwise your interest rate is going to be astronomical or you have to pay someone else’s mortgage with rent payments. That is NOT how you build wealth. You’re much better off getting a great interest rate on a mortgage from having a great credit score which you can get for FREE with credit cards that you pay off in full each month and never have to pay interest. I have several cards that offer me cash-back so I’m actually saving money. I pay 5% less for gas and groceries and 2% less for everything else. I only buy what I need and have a bs budget of $3K a year for unnecessary purchases on stuff I want that I stick to. Also, you can sometimes get a higher ARR on investments than the mortgage rate on your house so it makes more financial sense to pay off a mortgage overtime than to pay it off all at once in that situation.
I'm paying my next credit card off next paycheck!!!!!!
Congrats! Cut it up!!!
Awesome news! I remember that feeling I was counting down the days and hours until I had the last $330 to bring my balance down to zeroooo
4 down, several more to go. The stress is real!
Butterfly Queen me too! Many blessings to you!
Butterfly Queen stay encouraged! This too shall pass!
In addition. I just learned that paying off debt “lowers” your score. The only way to keep the score you have is to continue to be in debt and of course this is true to raise it as well. Mr Dave is absolutely right. Amen
DEBT can make you wealthy too - just two different styles (see Robert Kiosaki RDPD)
Just pay off your ccds every month as if they were debit cards. No interest, but good caedit score.
@@jakestone6793 , I think here is the deal. For 80% of the people, Dave's way is best. For 20%, Robert Kiyosaki's way is best.
@@jimkiser1429 I think it’s more like 80% impossible for most to do it saves way. I’m in the uk and average salary is 30k average house is 280k. Dave acts as if he did this all from scratch. For starters when he went bankrupt he “lost everything” but he didn’t lose his contacts, his experience etc
Kiyosaki's way may work sure, but Dave's way is based on the Bible and God. I prefer God's way even if I could have setbacks because it please God
Playing kissy face with the bank. 🤣😅
Only *hackerauden55* will help you
haha 🤣
I remember when I thought credit score was the most important thing.. ever since I started following Dave I have more money in my account, live better, and happier.. thank you
My goal this year is to earn 11K in credit card cash back, enough to fund our Roth IRA. Dave says that nobody ever got rich off credit card rewards, well I'm going to try being the first. We did 8K last year, and the business is growing.
Assuming a 5% cash back you would have to spend $18,000 per month to get $900 cash back; enough to almost fully fund two Roth IRAs. You must have a small business to be able to move that much money through a credit card. If it's a 1% cash back then you have to move $90,000 to get $900. Most people are not in a situation to move $90,000 a month through a credit card.
You have the possibility to over spend because you may have the "I will get cash back no problem" mentality.. been there done that.. and no more for me..
gil mendoza - Totally understand, and don't think that my personal credit cards, are saving me anything, when you factor increased spending. I view them as a delayed debit charge, so hopefully I'm nowhere near the 11% average, but 0% is unrealistic. Alan Dee - We use Capital One Spark for the business, at 2%.
gil mendoza same!
This is not totally accurate. I have a FICO score of 850 but I'm not in debt. I do have a credit card and pay the balance every month. I have done this for 40 years. Never have I revolved a credit card. I have never paid a penny in interest as I've never revolved a dollar on a credit card. Yes, I like using a credit card, but I'm also very disciplined. The bank doesn't own me, if anything I own them. I get points and I don't even pay a yearly fee. Nada.. Nothing. Also, Dave's idea of buying a house with cash is not really possible if you want to be in a house before 40. Ask Dave's own employees. His average pay is well below $100k so I'm sure they have home mortgages. If you choose a bank that doesn't care about your FICO score then they are going to charge you a fortune in interest. You are a high risk without a FICO score. So I don't fully agree with Dave here. Its not the FICO score that is the issue, its having discipline.
I agree. My score in the UK is 952 out of 999. I dont know how it happened but it did. I just use my credit cards for fuel and pay in full each month.
Totally agree.
I’m 34 and I paid cash for a $270k brand new home. I did it with a business I built from my own cash reserve. I started doing this Dave Ramsey stuff when I was 22.
Debra, that small hassle can save you tons in interest. When you're buying a $300,000 house, the difference between a 3% and a 6% is huge. Any small interest which you pay on those credit card will likely offset any savings.
Debra Johnson because you can get cash/travel rewards, and build your credit score which will allow you to get large loans. If you only spend what you have, then you'll never pay any interest on credit card debt. It's a matter of whether or not you can be disciplined and responsible with your money.
I have an high FICO score and I haven't borrowed significant money since I paid off my mortgage in 2006.
This guy doesn’t know what he’s talking about
Gary, if you never borrowed money, then how were you able to buy house?
I just became debt free yesterday April 1st And loving it I haven't felt free'er Since I was delivered from sin by God's grace!! This is the best video I've ever seen from Dave Ramsey
Ron Burhans Glory be to God. Congratulations! 👏🏽🙌🏽🙏🏽🎉🎊💵
I’m so happy *Hacker_auden55* help me increase my scores
Congratulations
Just love this man straight to the point. America needs more Daves!!!
This is why I'm keeping my car. Pure knowledge right here Dave...thanks!🙏
Only *hackerauden55* will help you
I decided the same thing. I love my 2007 Hyundai Santa fe!! She's not pretty, but she runs beautifully, my ins is $300 & I love her!
The awesomecreditbuilders at gmail com is amazing one.
Credit cards aren’t debt unless you’re bad at using them. I actually LIKE when people use them poorly because their money goes right to me, in the form of cash-back.
I used a card so I don't have to carry coins. I pay full balance every month, payment is on auto-pay. Dave's right, but there are a few of us that can use a card and not carry debt.
There you go
You can do the same with debit card
@@missmisykat7483 you are right! I like a CC because it isn't my money until I pay the balance so easier to do chargeback when merchants fail us.
Cc for online purchases.. no way I'd link a debit card online.
I know several people that do the same thing, and they have very high scores. I don't understand people when they say you have to have a balance on the card for it to improve the score. They must be doing something wrong because card companies show the payments are being paid on time. You don't need to carry over a balance on the card for it to affect your score.
My mind is blown! Every single time I watch one of your videos. Thank you so much sir. I'm about to begin my "killing the debt" journey. I hope to be debt free within the next 18 weeks or so.
You can do it! We'll be cheering you on!
Did you do it?
@@isaacvega8310 He’s not answering you
THANK YOU SO MUCH FOR OPENING MY EYES TO A MUCH BETTER WAY OF THINKING! Wow
I like the advice. BUT you need a score for renting, need a score for taking out a mortgage, need a score for getting good auto-insurance rate (it’s true), and need a good score for getting some jobs...it’s a rigged game, so what are we to do?
Interesting 🤔
You don’t need a score for renting, he obviously says you don’t need a score for a mortgage, auto insurance doesn’t need a score, and I’ve never had a job that required a score. So yes it’s very possible.
Being a truck driver / staying in my truck allowed me to invest into real estate. Just saying 🤷🏾♂️
I asked my dad about this and he said you don't need to worry about those things when you got tons of cash. I'd be more focused on increasing my income because cash can solve most problems.
@@mrchyzy16 you DO need one to rent now
This guys advice only applies to the people in extremes, the people with hundreds of thousands of dollars in debt or people with millions of dollars. Not the normal person who needs a good credit score to be able to get a mortgage or place to rent.
Dave Ramsey always keeping it 100 ! Thanks Mr Ramsey.
💸 this month we became debt free! It’s scare to continue changing our mindset, behavior and approach to wealth but we will do it! I am sure. Thank you for the motivation.
Congratulations
Ah yes it’s scare
The best Dave Ramsey video by far, in my opinion. Mind blowing👍
Without a doubt…
That was exactly what I needed to hear after getting debt free today..how did I not ever see it that way!...thank you Dave 😊
Awesome congrats even tho this was commented a month later
Same here!
Also even renting a house or apartment you need atleast 700 credit score if not higher, I don't like debt but I need a place to live too
There are many houses or rooms for rent that don't need credit score but your income, which is what I'm doing now. Mortgage is actually a big problem with no credit score. But I'm just 21 and I don't need to worry about it yet.
I’ve rented houses and apartments never had a 700 score
@Majesty Hill but typically, what you said is right
Where do you live where apartments are expecting a 700 score? 🤔 California or New York?? I've never heard of someone having to have that high of a score to get into an apartment.
@@Heidishereandthere it would be great if you buzz me up on IG @kramer_hacks to give you a great and useful deals about that.
Great advice and information 👍🏻👍🏻👍🏻 thank you Mr. Dave.
I'm debt free and I approve this message! all hail Dave Ramsey!
I just paid al credit cards and two cars. I’m finally debt freeeeee!!!!
Hacking is 100% guaranteed with hacker scott via whatsapp +1(661)270-6247 Gmail-joescott2526@gmailcom. He does all kinds of bank & PayPal hack he has helped raised my credit score to 880 and deposits $6000 to my bank account every week. you can also contact him via instagram @1scott_smith. !!! We all deserve to be happy.
PhatCrayonz Congrats! 😎
Congratulations 😎🥂
I’m 22 and never had a credit card or score. Have $15,000 saved just from working at Pizza Hut. Just bought a decent car IN CASH this year. And planning to do the same with a house in a few years! My parents have been following you since I was a kid. So glad I chose to follow too!
Good luck buying a house in cash without the IRS conducting an investigation first
@@TheGaboGuerena LOL
@@TheGaboGuerena You don't understand the term cash in this instance
Thank you. You're speaking the truth. Let the marketing companies play with your income people
try samhackstechnology❤net they are best cc company 100 legit
Imagine if we all just stopped going into debt. All the collectors would lose their minds and I would love to see that chaos
APR rates would plummet or the CEOs would have to get new jobs
College tuition would drop in price. Healthcare also.
imagine if everyone would just get a job and took care of themselves. ALL of the politicians would lose their minds and I would LOVE to see that.
The economy would be in the biggest crisis for years. That is what would happen.
Credit cards are fine. I use mine to pay bills online, shop, and pay for groceries. I always make sure to pay all outstanding balance before each cycle. I have no annual fee on my card, nor did my credit card charge me for outstanding balance or late fee. My credit score was 815 when i was 26. That enabled me to buy my house at low interest rate. I am not throwing money to pay an apartment complex. Credit card is a great tool if you know how to use it. If you rack up your debt, then that's a personal issue.
MIMC90 so what is your net worth?
+80k in my 401k, +15k in my roth ira, 18k liquid assets, and value of house.
Is your house paid off? How much equity do you have in it?
Are u going to ask for my social security next for research purposes? :)
MIMC90 no, he's simply asking how much interest you are going to throw money freely away. Because unless you paid it off in cash, enjoy giving away your income
I have to disagree with you Dave. I have excellent credit and pay my cards on time faithfully. I NEVER leave a balance and have no debt. So unless I’m an anomaly I don’t fit in your box and your reasoning for having great credit. I realize there aren’t too many people in my situation though.
If I’m not mistaken his reasoning for this is because mentally it’s much easier for someone to spend money if they can’t physically see and hold it.
Exactly my situation. His whole rant is unrealistic. He is right though on one point, I had 800+ score as a poor yet debt free grad student
You can do the same with debit without paying interest
@@ullrshunter6551 not sure why you responded since I said in my comment that I don’t pay interest because I don’t leave a balance.
Use your debit card and you will see the difference
Love you Dave 🤟🏻💪💪❤️
This is one of the days my life changes God bless you
Did it really.
Only *hackerauden55* will help you
I see my credit card as simply an extension on my debit card, always getting notifications and warnings on usage and of every purchase. I pay it off every month and have never paid interest. I get what you are saying but if you put the right procedures in place you can make that pain of using money happen for the credit cards like how I did.
Yea like getting cash back and not going over 30%. It’s really nice this way
@@chrisjames7824 not going over 30 percent?
@@axselgonzalez3857 Utilization ratio
@@F32Aidan you know what’s crazy? This is the first month I’ve had to go over 30% and you comment this😂
I have $ 0.00 debt, and my fico score is 850. I use credit cards and pay off when bills come, never pay a penny interest for my credit cards. I like your show, I agree with you on lots of things I don't know how they count that fico scores but you don't have to buy car,make payments to build up your fico score.
explain
@@jordanrodney3122 he did, he said he pays the credit card immediately so there's no interest
Collin Porter That’s great advice, but easier said than done!
@@huggyuk Easier said than done. True. But at the end of the day, that's what all financial literacy is about. Behavior. How disciplined are you. You can't have 850 FICO score if you aren't good at paying off bills in time. It's a score of how good you are at tracking things and managing multiple accounts etc. How predictable and reliable you are. I don't pay a penny in dept. Have 840 FICO score. Reap the benefits of all the 3%, 5% cash backs. I still agree with Ramsey's approach since anybody who's in such a serious financial wreck is there because they lack the discipline. For those people, avoiding credit cards, avoiding debt is smart.
Same here my credits 740 20 years old $0 in debt
So accurate!!! Preach it, Dave! Preach!!! 🙏👏👏👏
I love the breakdown that you've provided here Dave, not many of us have had the privilege of learning this early on. I’ve been struggling with badcredit for a while now and I think I've tried to get back on track but nothing seems to work.
I've had this problem too in the past until I discovered an ad about a repair company which I tried and they worked out incredibly for me. No negative items, clean report, high score and I’m very close to purchasing a home with my husband.
@@kristennn850 Oh really? Please what company is that
@@kristennn850 Where can I find this company you talk of and are they verifiable? Please I'd appreciate if you share. Thankss
youtube isn’t letting me write the name of the company well so I will probably just write it spaciously and hope you make good sense of it
@@kristennn850 Oh okay I understand probably because of its algorithm against spam but please go ahead
With a credit card/debt it will help you to build your credit score. I also agree with having a credit card , you would spend more than what you can afford and thus paying interest. However these days credit score are even required to rent an apartment as well. So even without any debt/credit card, It’ll be difficult to rent an apartment without having a good credit score. It’s a shame that our system is set up to have debt aka credit score to determine you are worthy or not handling money. There’s just no way out of it.
Unless you are a multimillionaire 😂
this is what i mean. david ramsay is swimming in cash like scrooge mcduck. he can poo poo credit scores. i mean to tell people to close their credit accounts is fckn financial suicide. the average person ONLY has their creditworthiness to help them build wealth. he conflates creditworthiness with debt and it's not true. you can be in the 800s without being thousands in debt or ever having been in tons of debt. case in point - use your cards to buy daily necessities and pay it off IN FULL before the close date instead of using a debit card. honestly, the only takeaway is to have excellent credit and keep zero balances. be smart!
This seriously just destroyed my thinking on credit. I'm in the Air Force and we have actually been given classes on why you should and need to build your credit score. Everyone I know is worried about there credit score and constantly trying to improve it. Thank you so much Dave. As I write this I am going through the "begging steps" on your website!
Why can't I find "begging steps"? Did you mean "baby steps"?
*their
I'm in BS 2. A few months ago, we paid off a student loan something like 20 years earlier than the term agreement. I thought this was pretty cool and thought Fico would too; I expected to see a credit score increase. Was I in for a surprise when I saw that my score actually DROPPED by 13 points. At that moment, I fully got what Dave has been saying: it's an "I love debt score," no more, no less. They like when you pay your loans down, but paying them off and having the accounts close? Not so much.
crispappletart I paid off my car 3 years early and my credit score dropped 20 points.
It was an old loan, and when it closed it probably lowered the average age of my credit. I just think the parameters used by Fico are too short-sighted. They should consider early payoff. Surely if I can pay off close to $40k in debt in one year, I'm credit-worthy. It's a dumb thing, but it just felt like a kick in the pants to me.
DAVE: your theory here makes sense if you're young and heathy....but how does someone over 40 with limited income and bad health find and live in an apt garage and then save $ when they're barely getting by on paycheck to paycheck?? Your premises r good,, but seems biased and directed solely towards the young and healthy only!
Montrell Fain one reason for a credit drop is because they stop reporting on that account and but it as paid. Your score is comes mostly from how much credit they give u to how much u owe. To have a good one u want to keep it around 20%. Do if ur total credit u have is 10,000 across 3 cards but in total u owe $2000 from all 3 combine then u should be good.
Wow congratulations to you!!! That's awesome and thanks for sharing the info on the FICO score. The more I read the more I'm aware of what DR is saying. Despite all the youtubers that are flying free off of cc's
I have been watching many of your videos. This is the one I needed to watch today! Thank you!
I love how he is so straight and to the point!
WOW thank you Dave for sharing your perspective on credit scores. I was wondering about what you thought about them and my question was answered today. Now Iam more determined to get out of debt even more. Thanks again and May the Lord continue to bless you.
This is powerfully accurate! I've never heard such a vital part of our life articulated so well.
Thank you, sir. This video altered my life significantly. Coming back to give thanks. Much love.
❤I would say I don't know how I find you on KZhead, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to....
You don't need debt to have a high credit score. I have no debt and my score is over 800. Pay off your balance every month and keep your revolving utilization under 10%. The idea that you need to be in debt to have a high credit score is asinine.
Exactly
Id love to buy a house in cash, but thats not exactly easy to do. If i try to save up 300k in cash, i will end up spending tons of money on rent while saving. And by the time i get to 300k, the house i wanted originally will probably be worth way more than 300k.
you don't necessarily need to buy that expensive, but it's up to you.
300k in California will get you a house in Compton. 300k In Florida and certain parts of Texas will get you a nicer house. $300k isn’t exactly high.
Those ending words were legendary.
Thank you. I appreciate this advice
Dave Ramsey is unrealistic... umm yea... that’s why I’m UNREALISTIC WEALTHY gesshhh those words 👏
Only *hackerauden55* will help you
I pity Dave Ramsey . Money is his God. So sad
@@phern2389 God is his God. Helping people who are slaves to debt is his job and passion... He is insanely generous with his money... Not many people who worship money give away tons.
@@ethanwebb6122 you cannot buy your way into heaven by trying to pay off previous sins .
@@phern2389 I agree... Nothing I said implies that at all. God is his God. Helping being out of debt is his passion and job. Maybe it doesn't translate to your language well, I dunno.
I am 36 years old and I never had a credit card in my life and I am proud of that fact
I agree. My dad used to tell me all the time to stay away from credit cards. I am 34 years old and I have never had a credit card. I thank God for Dave Ramsey. He really has shown me that I don't need a card.
@@genesisbrooksviverette2809 100% CREDIT CARDS THAT PAY ME...Stay away from EXPENSIVE CASH
I’m 41 and had 5. Got into debt. Now I’m debt free. Because of Dave
😂 I can't get enough of watching Dave he speaking facts. I do feel stupid, been stressing about my credit score 🙃
I’m same way…always stressing about the scores…then again, you need a good score to get a mortgage so there’s that…but yeah, once you get past that then tue score shouldn’t matter
@@endofquoterepeattheline7516 but see that's the thing, if you don't keep it up while doing this I imagine it negatively affects your payments etc! You can't just get a mortgage/loan(s) and then say screw my score! If I'm wrong I'd like to know.
I love how Dave breaks this down!!! I wish I learned this years ago I wouldn’t of ever started to get credit cards and thus have debt! Keep this information coming! 🎉
Most of this made sense. But good luck finding a place for $250 and a home for $200k these days.
They are out there. You will make radical changes when you want change
Hello, i have been through this stress before not untill i came accross a guy on IG @ghforce_hacks you can message him he got a lot of help and tips to give
I love you Dave Ramsey I have been following you since the 9th grade. Thank you Dave for teaching us what you have learned over the years.
Lucky you…started young and stayed
Thanks for the video and explanation💪🏻
Thank you Dave! I finally understand.
I have 0 debt (paid off my car loan and student loan last year). I have no other debt. My score is 780.
It will drop soon
It’s true your score will go down if you no loans in your name . To keep your score you have to have a loan rest of your life .. that’s the banking world
K J just apply for a credit card, use it a few times a month but pay it off before the reporting date.
@@Northdallasguy00 PAY IN FULL on or before the due date...NOT before the statement date
@@Northdallasguy00 You must let it report something...if it reports $0 for month after month because you pay in full before it reports...YOU GET NO BENEFIT FOR ALL YOUR PURCHASES
I love his rants lol
Thank you Dave,my depression and anxiety had fade away.
Thank you for needed wisdom!
I have 820 score and no debt. I use credit cards for all my purchases, pay them off in total at the end of the month and collect almost $2000 a year from them for using the cards. The cherry on top is that there is less risk using a credit card than a debit card if (really when) it gets hacked. So I'm really good at taking 0% short term loans from these guys AND they pay me money for the honor and I've been doing it for 15 years. That being said, I realize it's on the backs of the people who think credit cards are free money that doesn't need budgeted. If we all got smart, credit cards wouldn't exist.
I’m in the exact same boat bro, he makes out to seem like having excellent credit makes you a sucker but it’s the opposite if you make the cards work for you (cash back and flyer miles)
love this comment! same here but I've only had credit for 2-3 years and my score is 760
Do you spend more money by using credit? Because the data suggests people save more when they use Cash, Debit and then credit. Perhaps you are someone that has gamed the system to your advantage, you use a credit card and keep tight purse strings. But the bank wouldn't be making money if the majority of people did that, they know people will spend more using credit because of how detached they are from spending and they know that some people will get into debt
@@Daniel-ht4wr I'm aware of those data points, and I track my spending very closely. There was no difference in my spending after moving to credit cards from debit cards. I will concede that if I used cash-only I may spend less, but as much of my spending (these days in particular) is online, that isn't actually an option at the moment. I'm saving over 40% of my income monthly, I'm not necessarily looking to pinch pennies any tighter than I already am.
Agreed, I do the same
So basically he is saying use cash in buying everything. Dont conform to the normal way of living by having debts.
Except for housing. He's fine with just house debt but with 15 year loan
@@adrianelias2365 but in order to get approved for a home loan you need a FICO score! Lol
@@paulcoronell What the heck is a FICO score!
Some people need a good credit score to get a decent mortgage! Not everyone can afford to put 100% down
Manual underwriting
My favourite Dave saying is "playing kissy face with the bank" 😅
I feel a lot of what Dave says is very wise. But finding rent for $250 in a nice neighborhood/nice city or any neighborhood, is not even remotely realistic for most people. I don’t disagree with paying cash as much as possible, but let’s be real and admit that those are extraordinary circumstances.
Michale Donahue yeah out in the boondocks.
Of course it is, especially in South Arkansas, lol. The only drawback is there isn't a big job market. There are houses that the mortages are under $250. There's a nice home on the next street over from my house that nice looking. I think someone could pay cash for it, lol. Most people are old where I live. Most children have gone off to college and have lives of their own by now. No crime that I know of either and you don't have to live in the boonies.
Plus some employment companies look at credit reports (scores) and review your reports.
they look at reports. most do not look at score at all.
"Unrealistic" deals are made every day, though. Finding deals like this often requires the Gazelle-like tenacity of living like no one else. Not that you will always succeed, but at least try.
Not true you can pay your credit card off before 30 days with no interest and build up your score
You missed it.
Indeed kyle indeed
exactly !! i got my great credit score and didnt pay a cent in interest !!
Keep in mind that a majority of Dave's clients don't have the self-discipline to payoff their credit cards each month.
Black Knight if you don’t have that self discipline then it’s time for you to grow up and become an adult telling people not to have credit cards because they don’t have self discipline is backwards and you should figure out a way to make them disciplined
Dave you are a God sent thank you so much for revealing the truth about Fico
One of your BEST video clips. Enlightening.
I have an 820 FICO score, no debt and 250K in the bank and love credit cards due to rewards!
If you use credit cards PROPERLY,their a powerful tool just like any other tool. The problem enters when people Misuse the Tool.
I have an 847 fico score and have made over 20,000 from the 20+ credit cards I have... Once again Dave is wrong!
@Ray Pease - what is the name of your best selling book again?
Ron, ditto that. Personally I find it hard to conceive any multimillionaire without intelligent use of credit cards and FICO score.
@aeromedical67, that was a really nice example of the logical fallacy of appealing to authority. Dave Ramsey can't possibly be wrong because he's written a best-selling book.
Okay Dave I'll just go be one of the 10 to 20 people in the country who can live for free in some old ladies backyard. Great practical advice
keep making excuses brother 🤠
Thanks Dave for changing my view on money and building wealth. My husband and I worked and save for a year, sold our home and paid cash for a house and rehab. Your teaching our life changing now we are committed to living a debt free life.
I’m subing. I’m 23 and trying to become successful. Ima listen to you yo. 🤙🏾🤙🏾💯
I have no credit score now and loving it. Also I have lots of money and travel.
Only thing is if you don't have a credit score and ever need credit to buy a house or in case of emergency or to get a better insurance rate...youre out a luck. I don't believe in racking up a ton of debt but having available credit is a good thing... especially in the current marketplace.
Alonz B I already have a house too!
Alonz B do you even listen? He talks about having an emergency fund so you don't need a loan should an emergency arise
Erin Sandwell apparently he doesn't
Lol he can wait for a crash and buy property cheap. Dont keep credit cards.
21 and never had a credit card 🙏🏼
I agree with Dave Ramsey..When I said I want to pay cash for my car and house my colleagues thought I was weird.. Besides my Islamic religion is against paying interest. Thank you Dave.
One of the very best rants!!!!
Save to buy a house cash? So I keep saving money for 15 yrs while the house keeps increasing in price and value while i keep paying a landlord for 15 yrs while try to saving. That's not good advice to the average American. That's a fantasy world for most. Dave had a mortgage before he became wealthy. I'm willing to put money on that!
He acts like life is a one size fits all
Very true! Nothing wrong with savings for a huge down payment and having a reasonable mortgage along with investments
I agree that Dave's path is good to follow for most. I just don't see eye to eye on everything. CC's aren't the enemy and there is good and bad debt. Employers and apartments do look at fico scored these days to determine if you're responsible or not. I believe in having a good fico score.
Dave did not get rich off not using credit cards, he got rich off marketing his product to people. There is almost no way an average person can save enough to pay cash for a house.
shaochia vang that’s not at all true. I follow several people on Instagram with varying incomes that are doing just that. His. Plan. Works. If. You. Follow. It.
I have a 750 score and have never paid a cent in interest
Patience is the key to a good credit score, I had never check my credit before until my lady advised me to do so, I had discovered I have no credits at all, then directed to join a tradeline vendor - Goshen_credits at instagram, which they added me to some traveling, that helped in bursting my credit points ,am at 593 now, still hoping for a greater heights
I currently have 820 score and never paid a cent in interest. But I do understand I’m more likely to spend more money swiping credit cards than paying cash (even though I pay off my card in full every billing cycle). I’m pretty sure I fell victim to that.
Great advice Dave! I just moved out of my cardboard box and bought my first car to live in - I paid cash!
Thank you so much..✍🏾
My God!! Love how you quoted the Bible! I’m a new subbie and I’m excited to start this journey!! Your videos are giving me life
How thing been going since you started
Thirsty ahhh dudes 😂😂
Debt free and 100k in the market my Money work for me 🙌🏽 thanks Ramsey
Mario castillo am glad to see you 😆 and thankful. Am planing to to go for a kind of market where my money works for me. Any idea?
Alot of Americans suffers credit errors because They haven't met the right one to help them out, so they go ahead falling into the wrong side. I was once a victim of that scandal but after I made the right choice by contacting HACKER.DONE22 on IG to fix my credit which he did exactly what I was expecting. He got all the items in my report including collection, hard inquiries, loan, medical bills and bankruptcy deleted. This boosted my score from 510 to 930 and everything is now working perfectly on my credit, I got approved for the capital one credit card I applied for. He is also good in fixing of chex system. If you need help contact them on WhatsApp +1(518) 552-7835.
The question I would pose is how, without a FICO, TransUnion, or an Equifax score, would you purchase a home or even rent?
You can get a manual underwriting. Dave promotes Churchill mortgage but I’m Sure there’s others.
@@gessrinky9129 Plus you gonna pay more for a manual underwriting. U really smart.
@@mandarpatki8869 I’m just repeating what the video said, tubby.
@@gessrinky9129 without using ur own brain? Sad state of being
@@mandarpatki8869 yep. Good luck in your studies friend. Take care.
Golden Handcuffs of Society. Own a very small home & my car outright. Sold my 2nd car b/c I could hear Dave in the background lol! No debt. Simple life. Yet I did have to learn the HARD WAY indeed & now finally at 54 I’ve woken up💪👏💝
I have never payed a dollar in credit card fees and I have credit cards and a perfect score.... being responsible goes a long way..... it's an option for someone like me trying to make my way up.... you do make some very sensible points however
!!
Dave, what about car insurance premium ? they also look at credit ratings to determine if u r a safe driver. WOnt my insurance premium go high if I have no credit score ?
you're stepping over the dollars to pick up the dimes.
Shivo hum no dude your car insurance doesn’t have nothing to do with your fico score. Getting citations will increase your car insurance. I know this because I’ve been there
@@VlogswithRandyandOdalys0317 YOUR STATEMENT IS FALSE...some (NOT ALL) use credit to rate their insurance costs
Seems like any insurance company that uses your credit score to determine rates is one you shouldnt touch with a ten foot pole. Your debt has nothing to do with your ability to drive a car safely.
@@gtogirl330 All the major insurance companies now factor in your credit score to determine your rate. There are only 3 states that don't allow it, CA, HI and MA. Seriously, look it up.
I love love love this thanks Dave cool
Dave is a savage. Love it.
I love this dude. So much knowledge 🙌🏾
Agreed! The best freedom in the world is being debt free with plenty of money. Be the opposite of everyone else.
Only *hackerauden55* will help you
My goal is to pay the house in cash. Man it is crazy how much interest of that house payment you will end up paying to the bank even if you put 20% down on a 15 year mortgage nobody realizes that
I know right?! If you look at the ammoritization chart! I’m looking to pay cash as well!!
I have no idea where you live, but buying a house with cash is extremely unrealistic. That's why even Dave says the only debt he supports is a mortgage
Wow!! Thanks you.. Makes lots of sense
My credit score is now 830! I could not have done it without the help and expertise of Mr Ramsey. As my credit is now perfect, I would keep on recommending your good works to everyone. However, please know that it is only because my goal was reached, and for the excellent credit repair services I received. contact directly (845) 459-3873 they’re 100% legit
Wow can’t believe this is 5 years old and we stil have the same thoughts thank you David