Skip to content

5 Reasons Your High Credit Score Doesn’t Impress Me

“Hey Derek, guess what? My credit score just got bumped up to 803! BOOM!!”

Okay…is that supposed to impress me? I mean, have you really sat down and thought about what your credit score means (both for you AND the bank)?? Long story short, your high credit score has nothing to do with wealth and therefore doesn’t impress me at all…but let’s make sure you understand why.

5 Reasons Your Credit Score Doesn’t Impress Me

The idea of the credit score was born with the banks. With the increase in demand for loans, they needed a way to quickly understand who would likely repay the loan and who would not. There were many varieties of credit score calculations throughout the years, but the one that stuck (and is now widely accepted as the credit score) is FICO’s credit score model, born in 1989.

Related: What’s Killing Your Credit Score? And How Can You Fix It?

Today, there are just too many people that derive their self worth from their credit score.

  • Is your credit score less than 650? You probably get timid and shy when people start to talk about money. You’d rather not give your input because your credit score is low…therefore you must know nothing about money.
  • If, on the other hand, your credit score is 800, you often puff out your chest and loudly express your money beliefs. After all, your credit score is through the roof! You know what you’re talking about!

…this…is ridiculous.

If you’re talking to me, please don’t tell me your credit score. I don’t care. And really, it tells me nothing about you OR your financial acumen.

In a nutshell, here’s why I’m unimpressed with your high credit score.

high credit score has nothing to do with wealth1) I Don’t Even Try, and I have a High Credit Score

In my lifetime, the only debts I’ve had (to corporations) were credit card debts and my home loan debt. That’s it. No student loans, no car loans, no lines of credit…and my credit score is 815…

When you tell me that you’ve worked all your life to get your credit score up, and it’s at 803, it’s kind of like bragging to Arnold Schwarzenegger that you can do a push-up (and FYI, he was already doing sets of 50 in the womb).

In my opinion, a high credit score really isn’t that difficult (and as you’ll soon learn, a high credit score has nothing to do with wealth). So stop bragging about yours.

2) You’re Probably Losing a Ton of Money in Interest

If you’ve been focused on getting a high credit score, then it probably means that you’ve got a few different debts…which means that you’re likely paying out interest every single month!

Let’s say your debt load is $200,000. If the average interest percent on that debt is 5%, you’re paying out $10,000 in interest every single year! Eeek!! Instead of that, I think I’d rather have no credit score.

Related: What If I Had a Zero Credit Score? The Pros and Cons…

3) It Means You Can Make Payments On Time…Congratulations

So…you borrowed money because you didn’t have any and promised to pay it back on a certain date…and then you did (well, at least some of it anyway..*cough* *cough* minimum payment *cough* *cough*). Well congratulations! Here’s your blue participation ribbon…I mean, an extra point on your credit score.

If you do what you say you’ll do, that’s just called having character and that should really just be expected out of everyone.

4) You Can Borrow More Money…But Do You Really Want to?

When you borrow money and pay it back successfully, your credit score goes up. And you care, why? So you can borrow more money?

But do you really want to keep borrowing money all your life?

If you had $50,000 in the bank and were going to buy a $10,000 car, you’d pay for it with cash, right? I mean, you would avoid interest payments, you’d probably get a better deal on the purchase, and you wouldn’t have to deal with that stupid payment every month for the next 7 years of your life. YES! Of course you’d buy the car with cash!

So if your goal is to buy cars with cash, then stop making excuses to build a credit score so you can buy it with debt! Instead, think to yourself, “What would I have to do between now and three years from now to buy a car with cash?” It really is amazing what your brain can do when you start asking the right questions!

5) A High Credit Score Has Nothing to Do With Wealth

Dave Ramsey is worth more than $55 million. With this wealth, guess what credit score Experian, Equifax, and TransUnion reward him with!!



A perfect 850??

Try zero.

He has no credit score.

But how is this possible? Dave Ramsey is obviously wealthy. Why wouldn’t these companies advise that banks and businesses lend him money? Obviously he’s good for it and would be able to pay them back. The answer: It’s because the FICO credit score is an algorithm that’s based purely on people’s ability to borrow and pay their bills…not on building wealth.

When you’re telling people about your high credit score, you’re basically saying, “I borrow money all the time, and I pay it back with interest…oh btw, I have no money…which is why I borrow in the first place.”

It’s Time to Stop Worrying About Your Credit Score

Alright, so your high credit score has nothing to do with wealth. We just proved that. So what should you be focused on instead?

  1. Getting out of consumer debt (use the FREE debt snowball tool)
  2. Save up a 3-6 month emergency fund – put it in savings and don’t touch it!
  3. Buy a modest house (no more than 2X your yearly income) and pay it off as quickly as possible, while…
  4. Putting 15% of your income into your retirement (Check out Wealthsimple – through this link, you get a free $50!)
  5. Then, once your house is paid off, invest aggressively (rental houses, the stock market, or your own business) and repeat!

Related: The Absolute Simplest Way to Become Wealthy

That’s really it. Investment programs sure like to make it sound complicated, but it really is as easy as the five points above. Just roll up your sleeves and make it happen! I mean, if you can put up with my sass throughout this entire article, then you can follow the five steps above and become wealthy. Giddy up!!

Are you convinced that a high credit score has nothing to do with wealth? I sure hope so!!

Battle of the Mind Credit Cards Money

AUTHOR Derek Sall

Derek has a Bachelor's degree in Finance and a Master's in Business. As a finance manager in the corporate world, he regularly identified and solved problems at the C-suite level. Today, Derek isn't interested in helping big companies. Instead, he's helping individuals win financially--one email, one article, one person at a time.


  1. Thank you for writing this! I fall into the “excellent” range with no formal debt outside of credit cards (paid off in full every month). The suggestion from the credit card companies to improve my score is to get a mortgage. I’ll just take your advice and stop worrying about my credit score!

    • Glad you got a take-away from this. If your score is excellent and you pay your bills on time, it will stay excellent. Whenever you decide to buy a house, you’ll have no trouble.

  2. I agree with most of what you say in this article, Derek, but I do disagree with a couple of statements. First off, the fact that Dave Ramsey is worth $55 million is not an indication that he is “good for it” as there are plenty of millionaires that do not pay back the money that they owe and must therefore be sued to pay up. I’m not saying that Mr. Ramsey wouldn’t pay back any money owed but I would want to see a credit score before I lent money to someone.

    Secondly, where I work there have been people not hired because of low credit scores and others who were denied a promotion because their credit score wasn’t high enough.

    Lastly, your credit score will determine what interest rate you are charged when you finally buy a house with a mortgage, at what rate or even if you can get insurance.

    • Hey James. First off, thanks for the comment! I always love to hear from my readers.

      I’m not saying that if you have a 450 credit score, don’t worry about it. What I’m saying is that a high credit score is absolutely no indication that you’re wealthy. There are plenty of people out there that have an 800 credit score and their net worth is $0. I’m not impressed with a high credit score.

      If you want to win in life, focus on what’s truly important – your wealth. Do your best to get out of debt, save up an emergency fund, and invest in the assets that grow. These actions will make you a financial success – not taking on a car loan to boost your credit score by 10 points…

  3. How refreshing! Shedding light on the way the banks use folks with such a plethora of debt instruments. When folks play the game right….at the end of the day all they get is a pat on the back from the credit score companies, and if peeps don’t save and invest on their own they may have nothing to lean back on if they lose their job or retire. Some folks even go so far as to consider the “room” left on their credit cards as their personal emergency fund. Thanks for sharing about Dave Ramsey’s zero credit score…how marvelously revolutionary!

    • Glad you liked the post, Carla. An emergency fund should be real money put into a safe account, and everyone should be saving for their future retirement. I can’t believe how many people think they’re good with money because they have an excellent credit score… It’s pretty scary actually…and life isn’t going to end well for them.

  4. Where did your initial capital come from to make your first investment?

    • I spent far less than I earned and I saved up the money over time. Simple as that!

Comments are closed for this article!

Related posts