Dave Ramsey and zero credit score?

[lrjohnson]

Originally Posted by Broken Arrow

Yes, what I do in the kitchen may be gigglingly (is that a word? ) trivial to others, but to me, it's like rocket science!

I think this really reflects our all or nothing society. People can't do a 3 or 4 course meal with meat/spud/veggie, perhaps soup, salad,dessert, so they go out to eat. Shoot, I don't care whether making a quesadilla is cooking, putting together, assembling, what have you-it costs me pennies and I like it.

[ih8debt]

Well here goes… and my first post to this board. I discovered this thread using a search engine and “credit score zero” as the search criteria. I enjoyed reading through the comments (7 pages!) and could not resist posting “something”.

The OP started the thread with and quoted here:

Originally Posted by allyourworth

<<<snip>>>

Is aiming for a zero credit score really in thier best interest?

Quick story. I receive my free credit report quarterly. I am monitoring when my last loan paid off in 2003 will fall off my credit report in June. After it does, I will effectively have nothing on my report. The fabled “zero score”. In anticipation of this happening and between my free reports I was going to sign up for a 14 day credit trial from identityguard dot com, get my reports simply out of curiosity and then cancel before the 14 day trial was up. I almost signed up until I read their privacy policy.

I was about to give a company (again-not a CRA) my SSN, DOB, Debit Card, Name, Address… and they according to their posted privacy policy WILL share it with affiliated companies. So I’ll wait till the free one comes around.

On to the question.

Is aiming for a zero credit score really in their best interest?

This is a great question! It is one I've pondered for quite some time. It is one that cuts across so many issues on a personal financial/privacy level and on a much grander scale that traverses financial areas on a national level and global level. Credit even affects national policy. Recently the congress has become consumer advocates for those who use credit (a whole nuther issue).

Let me deal with this on the personal level. The OP’s topic is “credit score”. If you have a ‘credit score' or a ‘credit file’ a major chunk of your personal privacy has been compromised. Take for example all that junk mail you get... credit offers, insurance offers. Most originate from credit reporting agencies that sell your information. Sure you can “opt out” but these are steps that I would rather not take. Call me lazy. After all why should I? Why do I have to PAY to 'lock' my credit report? Why do I have to pay even to see my report? Sorry... If you got a score, you let the cat out of the bag. And you will pay... somewhere, somehow you will pay something. Have fun you FICO fanatics.

So... if you have a FICO score of 500 or 800 you have/had credit. AND you agreed with the lender to share some of your most intimate details with another company that maintains a database of all your information AND SELLS IT. So privacy has been compromised. Big deal right? To me it is! So those with “scores” and “histories” can sign up for all those LifeLock like deals and pay the CRA to ‘notify you’ if your good name has been used to obtain credit. Have fun.

Ok, on to those ‘savings’ if your score is above a certain level. I’ve read a post or two that having a high score and maintaining it is paramount for things like breaks on auto insurance, interest rates, and even may determine employment prospect, renting... the list is quite large. Me? I will not do business with a company that makes a determination on my worthiness as a person (credit or character) utilizing a 'score' on how well I manage debt. Period. End of story.


So to answer the OP’s original question… I really don’t care. Zero is fine.

Am I against FICO scores, credit card companies, credit reporting agencies? No I am not. I'm a capitalist. As long as the companies do their business in an ethical manor, I'm all for it. Think about it... who has the largest buildings? and who paid for these?

[maat55]

Dave promotes an simple debtfree, risk free lifestyle. He believes that the cons associated with having a lower score do not out way the pros.

I'm where I am today through his ministry, but I have chosen to take the risks associated with a CC I PIF. I promised myself I would cut it up if I ever were not able to pay it full just once.

I think his advice is sound despite the score issue.

[shogun]

Originally Posted by ih8debt

Well here goes… and my first post to this board. I discovered this thread using a search engine and “credit score zero” as the search criteria. I enjoyed reading through the comments (7 pages!) and could not resist posting “something”.

The OP started the thread with and quoted here:




Quick story. I receive my free credit report quarterly. I am monitoring when my last loan paid off in 2003 will fall off my credit report in June. After it does, I will effectively have nothing on my report. The fabled “zero score”. In anticipation of this happening and between my free reports I was going to sign up for a 14 day credit trial from identityguard dot com, get my reports simply out of curiosity and then cancel before the 14 day trial was up. I almost signed up until I read their privacy policy.

I was about to give a company (again-not a CRA) my SSN, DOB, Debit Card, Name, Address… and they according to their posted privacy policy WILL share it with affiliated companies. So I’ll wait till the free one comes around.

On to the question.

Is aiming for a zero credit score really in their best interest?

This is a great question! It is one I've pondered for quite some time. It is one that cuts across so many issues on a personal financial/privacy level and on a much grander scale that traverses financial areas on a national level and global level. Credit even affects national policy. Recently the congress has become consumer advocates for those who use credit (a whole nuther issue).

Let me deal with this on the personal level. The OP’s topic is “credit score”. If you have a ‘credit score' or a ‘credit file’ a major chunk of your personal privacy has been compromised. Take for example all that junk mail you get... credit offers, insurance offers. Most originate from credit reporting agencies that sell your information. Sure you can “opt out” but these are steps that I would rather not take. Call me lazy. After all why should I? Why do I have to PAY to 'lock' my credit report? Why do I have to pay even to see my report? Sorry... If you got a score, you let the cat out of the bag. And you will pay... somewhere, somehow you will pay something. Have fun you FICO fanatics.

So... if you have a FICO score of 500 or 800 you have/had credit. AND you agreed with the lender to share some of your most intimate details with another company that maintains a database of all your information AND SELLS IT. So privacy has been compromised. Big deal right? To me it is! So those with “scores” and “histories” can sign up for all those LifeLock like deals and pay the CRA to ‘notify you’ if your good name has been used to obtain credit. Have fun.

Ok, on to those ‘savings’ if your score is above a certain level. I’ve read a post or two that having a high score and maintaining it is paramount for things like breaks on auto insurance, interest rates, and even may determine employment prospect, renting... the list is quite large. Me? I will not do business with a company that makes a determination on my worthiness as a person (credit or character) utilizing a 'score' on how well I manage debt. Period. End of story.


So to answer the OP’s original question… I really don’t care. Zero is fine.

Am I against FICO scores, credit card companies, credit reporting agencies? No I am not. I'm a capitalist. As long as the companies do their business in an ethical manor, I'm all for it. Think about it... who has the largest buildings? and who paid for these?

Yes I like my ZERO credit rating, it means I owe no one a dime!!! Actually I have no problem obtaining low cost auto insurance at all. I currently own my own business and buy what I want without FICO!! in otherwords to hell with FICO it needs fools who prefer to stay in debt and as long as anyone continues to feed the fico engine the banks own you! As the banks try to keep you in debt and always having controlling intrest of your hard earned money don't you think it is time to control the banks and stop the greed they feed on? peoples money!

[baconexplosion]

My wife and I were up to our eyeballs in debt. We came across Dave Ramsey on the radio. I am convinced his ministry saved us from financial destruction.

Do I agree with everything he says? No. But do I use reasoning, and think about what he has to say? YES. Many of the things he teaches have to do with self control.

He doesn't tell you to go out and trash your credit score right off the bat. We he does advocate, is getting out of debt and making your family financially sound. When you do that, you don't need a fico score, because you don't need to borrow money. It's worked wonders for my family!

BTW, hello everybody! N00b here.