Grant Cardone Dismisses Credit Scores as a 'Debt Trap,' Advocates for Asset-Based Wealth Building
In a social media post that quickly went viral, prominent real estate investor and entrepreneur Grant Cardone declared the ubiquitous credit score a "trap to keep you in debt." He contends that the financially elite operate on a different plane, focusing on acquiring income-generating assets that seldom require a credit check.
"The wealthy buy assets that don't require a credit score," Cardone stated, framing the traditional credit system as a hurdle rather than a stepping stone to genuine financial independence. His comments tap into a long-standing critique of consumer debt culture but place the emphasis squarely on asset accumulation as the alternative path.
The reaction was swift and polarized. Critics were quick to highlight the privilege inherent in the statement. "It's quite easy to dismiss credit when your wealth allows you to bypass it entirely," wrote one respondent on X. Others questioned the practicality of the advice for most Americans: "And you're giving this information to the working poor for what? To feel worse about their necessary car loan?"
Cardone's stance is not isolated. Personal finance commentator Dave Ramsey, a long-time critic of debt, has famously proclaimed his own FICO score to be zero. "The FICO score mathematically is an 'I love debt' score," Ramsey asserted in a recent talk, arguing it measures debt management, not financial health. He illustrated the point with a stark example: despite his substantial net worth, he claims he would be denied a standard apartment lease due to his lack of credit history—yet could purchase the entire complex outright.
This perspective, however, clashes with the foundational reality of modern financial life for millions. Mortgages, auto loans, and even some employment opportunities often hinge on a credit history. Financial advisors typically warn that completely avoiding the credit system can create significant barriers, even for those focused on building assets.
Voices from the Readers:
Michael R., Financial Planner (Seattle, WA): "While I agree we over-emphasize credit scores, calling them a 'trap' is reductive. For most people, responsible credit use is a tool that facilitates asset acquisition, like a first rental property. The goal should be financial literacy, not total avoidance."
Lisa T., Small Business Owner (Austin, TX): "Cardone has a point about the system being skewed. When I started my business, my personal credit was scrutinized more than my business plan. It feels designed to keep you playing a game where the rules constantly change."
David K. (Cleveland, OH): "This is peak tone-deaf millionaire advice. Tell the single parent trying to finance a reliable car that their credit score is a 'trap.' It's a survival tool for people who don't have a trust fund. He's blaming the player, not the rigged game."
Priya S., Graduate Student (Boston, MA): "As someone with six-figure student debt, this debate is exhausting. We're told to go to school to build a future, then shamed for the debt required. Whether it's a trap or a tool, it's the system we have. The conversation needs to be about reform, not just condemnation."
The debate underscores a deepening divide in personal finance philosophy. On one side, figures like Cardone and Ramsey promote a debt-averse, asset-centric model of wealth. On the other, traditional planning acknowledges credit as an integrated, if imperfect, component of economic mobility. As consumer debt levels remain high, this clash of ideologies shows no sign of abating, leaving individuals to navigate the conflicting advice on their path to financial security.
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