The Dirty Truth Behind Your Credit Score | The Fine Print

[@acidityliquidity211]

I went to a bank to open a checking account so I could have a place for all money sent to me via direct deposit. The banker interviewed me for like an hour or two about credit score and how important it is and yada yada yada. I just didn't care and I'm glad I'm not the only one that doesn't. I don't have to live life the way everyone expects me to.

[@megachristianx6592]

This should have millions of views...

[@jlg7561]

After I came out of debt and paying interest to credit cards (which made it more difficult to get out of that debt) I decided that I’m not paying a single cent in interest even if that means my credit score goes down a few points. It doesn’t sit right with me having to pay interest to get a higher credit score. It’s like you’re buying it.

[@Andypandy2010]

I once had a high score. I also had a negative net worth. I was not winning with money.

[@elway423]

Great job George; enjoying your rise to prominence in the Ramsey’verse; loved you as the KZbin show host

[@takingbackprofits1280]

You still shouldn't be considered a "higher risk" because you have no debt though, that doesn't make sense lol

[@tammi67able]

This is all the truth! I love this guy!! So glad I found this video! God bless u

[@setyourgoals2025]

This was great information! A lot of myths that we have been taught or have been conditioned to think have been answered. Thank you!!

[@mauricewiley7588]

Thank you i was feeling the same way before i got into the credit game and this information is on a whole new level.....

[@fugitive011]

I'm 32. Never had a loan or credit card. I have no debt. My score is like 570? Do I care? Nope.

[@PassportBrosBusinessClass]

You will eventually

[@alexaaalong]

Same. I’m 22 sitting at a 640 Just paid off 20,000$ in debt and after this I don’t care at all. Buying everything else in cash. Let it go down to 400, doesn’t matter to me.

[@annielin2894]

Good for you

[@midwestreview6382]

You are going to want to look into that the only way to have a score is to have something reporting

[@shynepo1196]

Your most likely broke

[@brandonbeck1946]

Credit also causes depression

[@LulaMo38]

This is such great info! I’m currently working to pay off my debt and will be done spring 2022! Question: typically how long does it take after paying off all debt for the credit score to disappear? Is it immediately or a couple of years? I’m looking to buy a home the end of 2022 or early 2023 once I have time to save for a down payment and emergency fund and want to do the manual underwriting option!

[@LulaMo38]

@@thegreatcoward thank you!! Keep up the great work!

[@Pigskin1234]

Did you make it??

[@joshmcoaching]

6-12 months.

[@samantha200]

The invisible cloak line was great!

[@kathys1285]

I never had a credit card nor do I want one and I’m debt 💸 free and I’m saving for my retirement yippee 🥳👏🏻👏🏻👏🏻👏🏻I’m on baby step four with Ramsey

[@l.d.8310]

Just keep your money outta the banks and invest in precious metals...banks will fall and poof they will have "bail ins"...that's where they will keep your money and invest how they see fit with it and give you a certificate..

[@composeryawyawmayhem6392]

Credit is everything, especially for the poor people. Rich people don't care about credit, lol

[@DaRKWizaRdGaming0]

It’s literally not.

[@alexzandra-fallonallen317]

Yes because when your rich or have a good job. You can just buy what you want in cash.

[@chrisbaker2669]

This would be so much better if we could see your face rather than just the fine print.

[@DOOMZEDAY]

Tomarrow isn't promised with rich people either. That's why they reward your guarantee to paying "correctly" and on time

[@nontsikeleloshongwe4492]

Just what I needed to hear….I am finally debt free but because I had a bad debt score and I was put on debt review, is it necessary to get the debt clearance certificate or it’s not worth it? I am not looking to take up any debt in the near future

[@davroy5890]

Great job taking abstract concepts and making them practical. Calling the rental properties was a boss move 👊🏾

[@donjohnson1416]

So you can be in debt and possibly pay interest in order to not have a lower deposit on renting an apartment LOL. Do you people not realize you NEVER get your interest back but without a score and paying more deposit you get the whole deposit back. Which one is cheaper?

[@Pigskin1234]

Still though... why are we being punished with higher deposits FOR HAVING NO DEBT? thats crazy... require larger deposits on those with a lot of monthly payments coming out of their paychecks, they have a higher statistical chance of not being able to afford rent than someone with a job and no debt.

[@midwestreview6382]

Cus they can threaten your score and people with a high score will care

[@DEBTFREEMIKE769]

Because banks want complete control. They are running the show. People have to decide if they are going to let money be their master or not.

[@08dayxday]

Dude..George! You are killing it! From one Christian millennial to another..thank you for this content.

[@sophiafanny]

How do you buy an airline ticket or reserve/rent a hotel room?

[@PassportBrosBusinessClass]

In the “old days“ most people had very stable jobs. America had factory work. America head industry. Now, you’ve allowed them to take all of that and ship it to Asia and you wonder where have your jobs gone. You wonder why it is that you can’t get a regular job and be able to afford to live in a decent apartment or a house. You wonder why the cost-of-living has increased beyond what you can afford to pay. In the “old days“ if you had a regular government job or civil service job they had no problem giving you a mortgage because chances were you were going to keep a job until retirement. Now the banks are asked to give 15, 20 and 30 year mortgages to people and they can’t even be certain whether or not you’ll be working for the next five years.

[@donjohnson1416]

Oh the drama

[@douglassmith9445]

I was left with more questions than answers during the home buying segment

[@jimmybee7966]

Have you noticed that Walgreens is now offering a credit card? Wow! :-(

[@bluerosa1550]

I paid off my house and my credit score went down by 2 points. I don't understand it.

[@bluerosa1550]

@Maria Garcia Yes, I know that a perfect credit score means you are in debt all the time. I thought jokingly they would send up balloons, say good job. But nothing except lowered my score. Really it's good to be finally out of debt.

[@deadpanhay]

part of what goes into your score is total time of your credits/debts so a score will usually drop when it is paid off, esp if it was a long standing one like houses or student loans, bc it does not average into your credit age anymore

[@2000fordhd]

Why does this not have more views 😏

[@LeaOverAtVatic]

How do I achieve a No Credit Score if I filed for Chapter 7 two years ago? Am I a goner for good now?

[@deadpanhay]

You have to wait 7 years for the bankrupt tp fall off your credit report. A 0 score is achieved when there are no more records of anything you have on your report. That is why they have you close the credit cards. It also takes prob a year for those to fall off. It is why anyone with debt cannot have a 0 credit score too so you have to get it all paid and pull yourself out of debts and credits for it.

[@jacquelinemanzano9328]

Lea Lackey; No, quite the contrary, you are in a good position when you debt free. You have 2 choices; Run your own life or allow a private corporation to run it for you.

[@timothyriggins]

You do need to keep some debt in order to increase credit score. I paid off all credit card debt and my score dropped. I then tried keeping a $400 balance on one credit card that has a $15k limit, and my score went back up to 800+. I can't be the only one this has happened to. Makes me think the credit bureaus are working hand in hand with creditors.

[@cjchamp3]

You do not need to carry debt to have a high score. My credit score has always been near 800 and I have never carried credit card debt, but I do use credit cards and pay them off each month. The score fluctuates randomly as far as I can tell.

[@chrisbaker2669]

Keeping a balance makes you pay interest.

[@blondebody5187]

Hey! I work in greenfield 🤣🤣

[@annielin2894]

What if I don’t have so much cash and I want to borrow money to buy a house?

[@FastAligator1234]

Then it wouldn’t be wise to guy at that time.

[@thomnguyen1328]

You are not allowed to recorded over the phone, you must tell them you are on Recorded line.

[@fugitive011]

Depends on the state.

[@maryadsero3290]

Except in north dakota...

[@mlandrew6288]

Do you need a credit score? Absolutely not! However, there are many things that are less hassle if you have a good credit score.

[@sancurioso711]

Like what?!

[@mlandrew6288]

@@sancurioso711 Getting a mortgage or renting. You will find landlords that wil rent to you but may require a larger deposit without a good credit score. You can do manual underwriting for a mortgage but it's more hassle and some lenders may not even do manual underwriting. These are obstacles you can overcome but it's more hassle.

[@ebodymopar]

7:59 truth

[@coachcashmoney]

Is my credit score the same as my wife’s? The credit card is under her name. Wrong question I know. Great job hosting all the podcasts! Your comedy lightens up the subject every time.

[@randomutubr222]

Try renting a decent apartment or house in a hot area without a good credit score. It’s not going to happen. Property management companies in a place in San Diego, LA, SF, NY, etc have dozens of applicants for every single property and if they’re comparing two people, one with a great score and one without one, then they are going to go with the guy who has the good score… I’m not saying it’s impossible but your options are going to be limited. Who were you actually calling? Mega apartment complexes?

[@nttwashere]

I’ve rented 2 good apartment complexes in San Diego without a credit score. I just had to provide proof of income and assets (like my emergency fund). They were both my first choice and had no issues getting accepted as a tenant.

[@donjohnson1416]

DRAMA QUEEN lol. 🤣🤣

[@amireallythatgrumpy6508]

There is no such thing as a decent apartment. Apartments, by their very nature are infested with cockroaches, spiders, vermin, bedbugs . They are not fit for human habitation

[@cjchamp3]

Getting a conventional mortgage will be very difficult without a credit score. Maybe Churchill mortgage will give you one, but you will be able to get a lower interest rate with a good credit score by shopping for the best rate with wholesale lenders. This could save you thousands if not tens of thousands of dollars over the life of the loan. No debt required, just pay off the credit cards each month and as a bonus collect some cash back.

[@donjohnson1416]

Then yer an idiot. If you are a high risk you pay more interest credit score or not. if you are doing manual underwriting and buying something you can prove you can afford you will get the good rates too. Get over your drama

[@angrycollector7012]

Don’t they use your moneys from your social security your the crediter

[@rickkay9548]

the best way is to have an 850 with zero debt and no interest paid. life is much easier

[@WollisWorld]

My man this is crazy misinformation …obviously u need to have a plan before just borrowing money ..people can do bad in business with our without credit lol this is crazy

[@droptozro]

Haven't had any real debt besides a house in over a decade. And my score is over 800. It does affect rates on insurance and jobs at times from my understanding. Credit scores are not meant to build wealth. They're just a score on debt. To try to compare them to wealth as Dave often does on his show is to misrepresent it.

[@nttwashere]

But the mortgage is a pretty big debt to have and you’re paying interest on it, so, you’re kinda paying for that high score. As for the higher insurance rates, can you cite a source where it states the link between FICO scores and rates? And can you please provide the names of the employers, companies, organizations, or industries where you know they evaluate potential hires based on their credit scores? Thanks!

[@PassportBrosBusinessClass]

I agree that credit “is a game”. But the bottom line is: either you play the game or you don’t. People who play the game and play it right will have access to assets that they normally would never have had access to. People who play the game and play it wrong will end up deep in debt and probably won’t ever get out of debt. People who abstain from the game will have fewer assets and probably live a lower quality of life. Keep in mind that good credit is necessary in order to purchase better housing, pay outrageously large medical bills and to afford some of the finer things in life.

[@alexaaalong]

Yikes I don’t really agree with this at all. I personally know someone with 3 boats, 5 cars, and a paid off house with land and they haven’t done it through credit. They make about 150 a year. I would say this is the case for people who don’t do things correctly. But if you’re putting something on credit that’s because you can’t afford it. So yeah, obviously you won’t have access to it because you can’t afford to purchase it. That’s a financial problem not a credit problem.

[@Xzsxztreiii]

@@alexaaalongputting something on credit does not mean you cant afford it😂 id never let my bank balance get anywhere near my credit balance.

[@PassportBrosBusinessClass]

I have a solid 850. Get at me bruh

[@JakeInvest]

No debt? Nice

[@JakeInvest]

Put my Netflix bill on a credit card, pay off credit card every month haha. Tricked the system

[@tcgtpl]

@9:26 - "The only way to get a good credit score, and I'm not making this up, is to go into debt, stay in debt, and continually pay off those debts perfectly without adding to or paying off too much." Well, you are absolutely wrong and you did make that up. Having a good credit score means you are a safer investment in terms of paying off your credit/debt/loan, which leads to getting better interest rates whenever you need to pull out that loan/debt/etc. (such as when you want to buy a house, rental property, a better car, etc.) It is very easy to build a good/great credit score without going into and staying in debt. First thing you need is to budget your finances, which the Ramsey team and the credit score gurus completely agree on.

[@cjchamp3]

I agree. I use credit cards but I have never carried credit card debt and have a score near 800.

[@greggsadler4387]

I understand there is a possibility of getting a good credit score the way you described, but the whole credit score GAME is rigged to make this a long process. My mother in law had a score of almost 840. She paid off her house when my father in law died. Her score dropped to 811. She has never had a late payment. She has a paid off house. She has a pension (income) and social security. She had retirement account of $50k. How does the score drop? It has very little to do with the good use of money and has mostly to do with taking on debt. With that said, a good credit score is usually a sign of good money management skills, so we are probably in agreement there. However, a generation ago, character reputation was the “credit score,” and people didn’t go into debt for everything. The banks and financial institutions didn’t make make as much money as they do today with regard to encouraging debt.

[@donjohnson1416]

You are defining a good credit score and he was talking about earning that score DOPE. lol.

[@adrianrivera6517]

Good info no argument here… Just really cringe didn’t feel like a podcast lol more like someone trying to be funny and interesting

[@tritonek1402]

The amount of misinformation is astounding. Working in the finance industry I can assure you this episode is full of fake news. I posted the specifics but it seems that they did not want to be exposed and it was deleted.

[@user-zy3vc2gl6b]

I was inspired 👆 *credit master fix* 👆resolved my credit expertly well.

[@linuxsurfer2002]

Just edit your comment and post specifics...

[@mastershackgroup5331]

First

[@user-zy3vc2gl6b]

I was inspired 👆 *credit master fix* 👆resolved my credit expertly well.