This episode features Devin Norcross, a long-time friend and credit expert who has spent over a decade helping people navigate the complex world of credit and debt management.

In our conversation, Devin and I tackled some of the most misunderstood aspects of credit. He explains how the credit industry often preys on young adults, offering credit cards with no education on their long-term impacts, highlighting the importance of understanding the system before diving in. We also discussed the critical difference between credit bureaus, which collect your financial data, and scoring agencies like FICO, which calculate your credit score. Understanding this distinction is crucial for managing your credit effectively.

Devin introduced us to VantageScore, an emerging alternative to FICO. While it’s not yet widely adopted, it’s something to watch as it could play a bigger role in the future. One of the more surprising insights was how paying off old collections can sometimes lower your credit score—underscoring the importance of timing and strategy when managing debt.

Devin also shared some practical tips, like keeping credit accounts open and active, and managing your credit utilization carefully. These small adjustments can lead to significant improvements in your credit score.