Comments on: What is Dave Ramsey Saying About Today’s Economy?

By: Cool Springs Tennessee

Cool Springs Tennessee — Wed, 09 Jun 2010 19:03:33 +0000

I wonder if Dave Ramsey being let go from Fox News will affect his popularity. His replacement Eric Bolling, seems to be pretty smart. .-= Cool Springs Tennessee´s last blog ..Fox News Axes Dave Ramsey =-.

By: Joe Plemon

Joe Plemon — Wed, 07 Oct 2009 13:10:29 +0000

JoeTaxpayer,
Like you, I seriously doubt if a credit score literally drops to zero when someone goes for long periods of time without using credit. I guess I could find out by checking my own…we haven’t borrowed money or used credit cards in years. But it must not be too bad because when I renewed my auto insurance about a year ago , I got a great rate because I had a “very good credit score”. Hmmm.

I never have trouble with hotel reservations because I have them run my Visa debit card as a credit card. In fact, I don’t even know my PIN.

By: JoeTaxpayer

JoeTaxpayer — Wed, 07 Oct 2009 12:51:52 +0000

I’ve wondered about the “indeterminable” FICO score. Are there banks across the country so anyone can get a manual underwriting? Are their rates competitive? If not, this can be a costly situation. Of late, I’ve been reading that employers may also pull a report on a potential employee. Curious how they handle a blank one.
By the way, I don’t believe the score drops to ‘zero.’ That would be pretty bad. After a certain amount of time passes with no transactions posted, I suspect a pretty decent score is just replaced by the “indeterminable.” It wouldn’t pass through the bad range of 500/400 etc.
I consider Dave’s position here to be a bit extreme. Even something as simple as buying gas now requires walking in and standing on line with the soda and beer buyers. I go to reserve a hotel room, and with no credit card, I’d imagine I’d either have to send the money in advance or have it tied up via debit card within my account. (I’ve missed his remarks on Debit cards, those ok?)

By: Vinny Financio

Vinny Financio — Tue, 06 Oct 2009 23:15:49 +0000

It’s hard to disagree with your post. I’m far from a beleiver that we’re at the end of our string with this economy. Though we all know personal finance is very personal so depending on someone’s situation it could fell like the end of the world in your personal economy!