Dave Ramsey Slams America's Obsession With 800 Credit Score, Calls High FICO A Sign Of Debt, Not True Wealth

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Personal finance personality Dave Ramsey is once again aiming America's obsession with credit scores, arguing that a high FICO score doesn't signal wealth but instead proves years of debt payments to banks.

Ramsey Calls 800 Credit Score A Sign Of Debt, Not Wealth

The Ramsey Show social media handle on Monday posted a series of videos in which Ramsey dismissed the value of an 800 credit score, telling listeners, "That costs you at least a hundred grand in interest. Because it means you've paid back a lot over a long period of time. You've been making out with the bank."

He stressed that a credit score is not a measure of financial stability but a reflection of how consistently someone borrows and repays. 

"If your goal is to be in debt, you should really work on your FICO score because it works. It's really good for that," he said.

I Can Buy The Complex But Can't Rent It, Ramsey Says

Ramsey, who claims his own score is zero because he hasn't used debt in decades, highlighted the irony of being unable to rent an apartment despite owning $500 million worth of real estate outright. 

"I can walk up and they say, ‘What's your FICO score?' And I say, ‘I don't have one. I don't borrow money.' And I can't rent an apartment there. Now, I can write a check and buy the complex. This is how asinine this is, y'all."

See Also: Kevin O'Leary Urges Americans To Rethink Retirement Goals, Says Social Security Alone Won't Cut It: ‘Throw Out Your Plan For Freedom At 55 Or Even 65'

Ramsey Calls US ‘Richest Broke Country’ Amid Rising Consumer Debt

Ramsey said the fastest way to build wealth is by getting out of debt and using income as the primary wealth-building tool. He argued that consumer debt is out of control in the U.S., calling America "the richest broke country in the world."

Comparing global standards, Ramsey noted that even financially careless Americans often live better than most people worldwide, citing his trip to Egypt, where small tips could significantly impact locals' lives.

He warned that this relative comfort allows Americans to make poor financial decisions while mistakenly believing they are doing well.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.