Grant Cardone Says Credit Scores Are 'A Trap To Keep You In Debt,' As Rich People Focus On Assets That Don't Require One

Real property capitalist and entrepreneur Grant Cardone stirred a statement past week by calling recognition scores “a trap to support you successful debt.”

He added that “the affluent bargain assets that don't necessitate a recognition score,” implying that gathering existent fiscal independency means avoiding the accepted recognition strategy altogether.

Cardone's station connected X connected Thursday drew mixed reactions. “Quite casual to accidental that erstwhile you're affluent capable to bargain assets,” 1 idiosyncratic responded. “Everyone's got to commencement somewhere.”

Don't Miss:

• Missed Nvidia and Tesla? RAD Intel Could Be the Next AI Powerhouse — Just $0.85 a Share

• Blue-chip creation has historically outpaced the S&P 500 since 1995, and fractional investing is present opening this organization plus people to mundane investors.

“If they're wealthy, they already person currency and don't request a slope loan,” different added. “Like, duh. Is determination immoderate hidden connection present that I'm missing?”

Others questioned who the proposal was for. “And you're giving this accusation to the moving mediocre for what?” asked 1 commenter.

But this isn't the archetypal clip Cardone has gone aft recognition and indebtedness culture. In a station past year, helium warned that “consumer indebtedness makes slaves” and outlined the ripple effects: nary country to invest, higher costs, and changeless stress.

Trending: Americans With a Financial Plan Can 4X Their Wealth — Get Your Personalized Plan from a CFP Pro

Fellow idiosyncratic concern fig Dave Ramsey echoed akin themes past year, saying connected X, “My FICO people is zero. And that's precisely however I similar it.”

My recognition people is zero. And that's precisely however I similar it. pic.twitter.com/DN2H0rUFmF

Ramsey argues that a recognition people isn't a motion of fiscal success, but impervious of someone's engagement with debt. “The FICO people mathematically is an ‘I emotion debt' score,” helium said during a 2024 talk, saying that income, savings and nett worthy don't impact the fig astatine all.

“You tin get a rise astatine enactment time greeting of a cardinal dollars, and it volition not alteration your FICO people 1 freaking point,” helium added.

See Also: Why Billionaires Like Warren Buffett Prefer Real Assets Over Speculation—Institutional Real Estate Is Now Accessible to Individuals

Ramsey went further, saying to the assemblage that contempt his nett worth, helium can’t rent an flat owed to his nonexistent recognition history. “I tin spell to the section flat complex… and I can't rent an flat there,” helium said. “But I tin constitute a cheque and bargain the complex.”