No Debt, No Credit, and No Problems at FinCon12 – sos075

Got 5 minutes? That's all I need to show you how to live debt-free and not have to worry about your credit score. You can have no debt, no credit, and have no problems – even for a house!

Ignite: A Spark

An Ignite Spark is a fast-paced, 5 minute presentation which allows the speaker only 15 seconds before his next slide advances automatically. There is no room for error and many unprepared (or drunk) presenters have been “challenged” when realizing they are way behind and the slides keep movin' on and on and on…


Listen to the audio (click the play button at the top of this post).

To watch the 5-minute video performance on YouTube, click here.

No Debt, No Credit, No Problems

That was the title of my presentation. Everyone wants to be debt free but so few of us try to live a debt-free lifestyle in a room full of Financial Bloggers (more about the conference below).

In 5 minutes I bust the myths that say

  • Debit cards aren't safe
  • I need credit cards for the reward points
  • You have to have a credit card to travel
  • It is possible to have a car without a payment
  • You need to “build your FICO score”
  • You can't buy a house without a credit score

Click here to listen to an extended audio version of my presentation 

Here's the problem: Fair Isaac Corporation (FICO) isn't fair

The components of the FICO score IS ALL BASED ON DEBT:

Components of a FICO score

Why must I borrow money and pay interest in order to buy a house? I understand banks want us to show how credit-worthy we can be, but credit scores do not measure normal monthly payments.

Your rent, electric bill, or cell phone payment do not help your credit score one ioda. However, miss one of these payments and your credit score will be dinged! The Fair Isaac credit score isn't really fair is it.

eCredable to the rescue

In the video I explain that you can save up to pay for things like vacations, a car, and even a house – no debt allowed! But if you are like me and you can't save up enough to buy a house outright then you can buy a house without a credit score. It's a service called eCredable.

Click here for an interview with eCredable CEO Steve Ely

FinCon12 (St. Louis represents!)

Many of the biggest names in this specialized group were there: PTMoney (the host), JMoney (, PunchDebtInTheFace, Thousandaire, and some big names from St. Louis including

I was most excited to meet…

A long-time friend and brother-from-another-mother Brad Chaffee. He is known as the Enemy Of Debt and he is AWESOME! I wrote a post when he finished paying off his debt (includes link to the video)

Among the others I was excited to meet or had met were Dave Hilton from, previous guest Carrie from, another previous guest Ashley from, as well as Jesse Mecham and Steve Mudie from YNAB. Guest speakers included Ramit Sethi and Liz Weston.

I'm going back again next year, and I'm bringing my budgets with me!


Finally: The YNAB Minute

Think you may have entered something wrong in the checkbook register of YNAB? Click on the questionable budget Outflow to see every transaction that is included in that total.

Give YNAB a try free for 34 days

Save 10 percent off YNAB software

Ignite FinCon12: No Debt, No Credit, No Problems
Quick Wins to Save Money Fast - That Last!


  • BradChaffee

    Reply Reply September 13, 2012

    Thanks for the mention Steve! I really enjoyed talking with you too and I hope we can do it again really soon. Perhaps we could do a podcast together some day soon. I love your stuff and I have to say, while you were doing your Ignite presentation, I wanted to SCREAM “I have a ZERO FICO score too and I don’t care!” LOL

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