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Question By
mavwreck75

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Dave Ramsey says I don't need a credit score. Is that true? If not, why?
We're am debt free including the house. We have a 6 month emergency fund in cash. Our retirement accounts are fully funded as well as our health savings account. I put all the money we have leftover in to mutual funds and gave a some away to others.
In this electronic age I'm concerned our lives will never be the same if we don't a credit score.

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I don't see why you wouldn't want to have a decent credit score just in case. You never know what the future may bring, just because you do not need a credit score today doesn't mean that you may not need one a year from now. We are in an everchanging reality, so it would be foolish to believe just because all is well today it will all be well tomorrow. Get yourself a couple of credit cards and run some money through them, you can pay it off by the due date to avoid any interest on any decent card. A good credit score is needed for more now than has ever been and I could only guess that credit scores will become a bigger part of different transactions in the future than today. Credit scores today are needed for telephones, tv, auto insurance, etc. Who ever would have thought that would happen.

Reply by
mavwreck75

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Thanks for the response. I appreciate your input and have made a decision not to use debt as a financial tool. There is no risk with no debt and it feels like the better choice. Thanks again. 

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Dave Ramsey's Advice

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I know insurance companies, proscpective employers and mortgages are all effected by your credit score. Were you debt free because you followed his advice or were you already debt free and are just concerned about what he says about credit scores? Dave Ramsey's advice is not for everyone but either way you have no debts and are swimming in cash. What will a high credit score give you that you don't already have? 

Reply by
mavwreck75

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Thanks for the response. I became debt free following the steps in his book The Total Money Makeover. Dave states the FICO is really an, "I love debt score". I paid my mortgage off in 2012, my last debt, then my credit score started to get lower and lower and lower to the point I became concerned. I have not had any issues because of my low FICO score so I saw no need to worry about it. 

Ultimately, I have decided that fear should not be the motive for using debt becuase my debt caused me fear in the first place. I am confident being debt free will serve me better than debt ever did. 

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Awesome!

I am following his plan as well! I am only on Baby step #2 and it is very inspiting to read your message. 

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