Sorry Dave but..
So I’m sitting here listening to the radio on a Wednesday night I don’t usually listen to Dave Ramsey
…but I decided I need to start listening to some more talk radio.
But I’m afraid he gave some horrible advice to someone…
Some lady wrote In to his show
and said …
my husband and I don’t have any credit cards except for one and we use it every month and we buy this and that and then we pay it off every month
And then she asked.
. should we keep it or should we cut it up?
Well Dave Ramsey told her …well of course ..cut it up you shouldn’t have any credit cards
well I’m so sorry but I completely disagree the only way you’re going to build a great credit score is by being a responsible person with your credit
the only difference is FICO who is the original FICO states to use your credit cards to build your credit by only spending one to 3% per month of your balance
Which is far different then using your credit card and maybe maxing it out every month which is very bad
So I’m definitely no FICO expert however I have learned some things and I’m sorry I just think his advice is terrible
I know Dave Ramsey is really big into not having any debt but you also need to live a balanced life and learn how to actually build your credit score.
And by telling people to just cut up all their credit cards is not what they need to do
they just need to be using 1 to 3% per month and think of the amazing score that they would have.
Now you can listen to Dave Ramsey on this or you can go to some FICO forums and read what FICO is actually stating to Consumers
I have no idea if Dave Ramsey is even first with building credit scores so
hey if I’m wrong feel free to correct me I’m very open but unless he’s got a reason for this I’m going to err on the side of him being very incorrect.