If you missed story #6 in the series, “One Late Payment Drops Your Credit 50 Points!”…
Click —>> HERE or click the image below to read what happened when a Macy’s store credit card started calling Danielle’s name…
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STORY #7: FICO Score = I Love Debt Score!
So Dave Ramsey says that your credit score = an I Love Debt score. He says that the actual scores are irrelevant and not a true indicator of your financial well being…
Is he right?
Well…I mean, kinda yes and kinda no.
He’s right in the sense that the FICO score does measure your ability to acquire and repay debt.
Not even 6 months ago, I received an alert that my score was lower due to NOT having mortgage debt lol. (I’ve since remedied that by the way).
I have also received alerts warning me that my score was suffering because I wasn’t using the only credit card I had at the time.
To be honest, at times, it feels like there IS no way to figure out what these scores want lol.
Now, where I think Dave is wrong is in the blanket assumptions that all credit cards are worthless debt traps.
Just like anything else, there is no one size fits all solution.
If you’re cash strapped, juggling credit cards, robbing Peter to pay Paul and carrying thousands of dollars in credit card debt, then please go listen to Dave.
But on the other hand, if you’re managing your finances well, have some disposable income, understand and pay attention to statement dates vs reporting dates, and you actually study the credit cards available and choose them for specific strategic reasons…the sky is the limit. Literally.
I’m in some of the credit groups on Facebook and some of these folks are MASTERS at the credit game.
Some have collected six figures in credit to acquire real estate and other investments.
Some use sign up bonuses and transfer bonuses to collect free travel and hotel stays for FREE.
There are levels to this.
And the one thing I didn’t fully understand when I filed bankruptcy is that your score can and will recover but that stigma does linger.
For the last year or so, I could not get a SINGLE quality credit card even though I’d reached a 700+ again.
I kept getting denied for the bankruptcy which was discharged and paid off 4 years early.
Most recently, I was denied an Amazon Prime card backed by Chase. I was so damn irritated considering how much money of mine Chase is holding lol.
So, I decided to try the reconsideration line and plead my case with an actual human.
And that denial was reversed and now ya girl has crossed over the threshold into the Chase ecosystem….again.
Join us for our next 90-minute Mindset To Money Master Class will be led by Dominique Brown – a bonafide credit and personal finance expert.
Dominique knows about TONS of tricks just like the one I used above to get back in the good graces of Chase.
If credit is your jam or you want to have a stellar score, come check it out.
He’ll be showing us how to repair credit scores utilizing automated AI software. Imagine just sitting back and poof…letting AI do all the disputing work on your behalf.
Learn how simple it is to start the automated process to build a clean and optimized credit profile at the click of a button.
As always, Mindset To Money paid members attend for free.
Everyone else pays a one-time fee of $147 bucks.
Click the link below to learn more about the Master Class.
We start at 7:00pm CST on Tuesday, May 30th.
Click —>>> HERE or click the image below to register.
At Your Service,
Danielle Pierce
Ready for story #8 in the series? Click —>> HERE to read our definitive viewpoint on whether or not tradelines are a scam…
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