CID1990 wrote: ↑Wed May 13, 2020 8:37 pm
Ibanez wrote:
Ramsey peddles what should be basic knowledge. He lost me when he said you don't need a credit score. Just save and live within your means. That's great advice unless you want to buy a house at some point in your life. Eventually, you need a credit score.
I think he really means that credit scores are unimportant if you save and live within your means. You are still building credit even when you pay your electric bill.
Plus, if you save and live frugally then the downpayment you’ll be able to throw at that house will offset a lack of credit
Sent from my iPhone using Tapatalk
You're only building credit with utilities if A) you aren't behind b/c then no collections are put against you and'B) that utility reports the payment. Utilities reporting payments isn't common against all 3 and when I was listening to DR about 11 years ago, it wasn't possible. And wer're talking FICO, not that VantageScore crap that nobody uses.
I think his take on credit, while it makes sense for a car, isn't practical for many people. His blog is called, " Living without A Credit Score"
https://www.daveramsey.com/blog/living- ... edit-score
Don’t have a credit score? Good. Despite what everyone says, you don’t need one to buy a house! And if you’ve never gone into debt, that shouldn’t be too difficult, right?
Then there is this bullshit
Of course, if you really want to, you could always just pay straight cash for a house! Cash is king, baby!
I just think that while he makes good points about getting out of debt and living within your means, there are other areas of "advice" that he leads people astray.
