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 estate investor and entrepreneur Grant Cardone stirred a debate last week by calling credit scores “a trap to keep you in debt.”

He added that “the wealthy buy assets that don’t require a credit score,” implying that building true financial independence means avoiding the traditional credit system altogether.

Cardone’s post on X on Thursday drew mixed reactions. “Quite easy to say that when you’re wealthy enough to buy assets,” one person responded. “Everyone’s got to start somewhere.”

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“If they’re wealthy, they already have cash and don’t need a bank loan,” another added. “Like, duh. Is there some hidden message here that I’m missing?”

Others questioned who the advice was for. “And you’re giving this information to the working poor for what?” asked one commenter.

But this isn’t the first time Cardone has gone after credit and debt culture. In a post last year, he warned that “consumer debt makes slaves” and outlined the ripple effects: no room to invest, higher costs, and constant stress.

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Fellow personal finance figure Dave Ramsey echoed similar themes last year, saying on X, “My FICO score is zero. And that’s exactly how I like it.”

My credit score is zero. And that’s exactly how I like it. pic.twitter.com/DN2H0rUFmF

Ramsey argues that a credit score isn’t a sign of financial success, but proof of someone’s engagement with debt. “The FICO score mathematically is an ‘I love debt’ score,” he said during a 2024 talk, saying that income, savings and net worth don’t affect the number at all.

“You can get a raise at work tomorrow morning of a million dollars, and it will not change your FICO score one freaking point,” he added.

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Ramsey went further, saying to the audience that despite his net worth, he can’t rent an apartment due to his nonexistent credit history. “I can go to the local apartment complex… and I can’t rent an apartment there,” he said. “But I can write a check and buy the complex.”