Unlocking the Power of Credit: Building and Managing Credit for Financial Success

Why This Episode Is a Must-Listen Credit doesn’t just open doors. It can make or break your financial future. In “Unlocking the Power of Credit for Financial Success,” Andy Wang and a panel of experts demystify the secrets of credit scores, break down new innovations in fintech, and reveal actionable tactics for building—and protecting—your financial reputation. Whether you’re just starting out, rebuilding after a setback, or looking to leverage credit for new opportunities, this episode has the clarity, insight, and real-world strategies that LinkedIn professionals need right now.  I want to thank our sponsor Seeking Alpha Premium, the investment research platform that helps you make smarter decisions with institutional-grade analysis and proven stock ratings. Get $30 off your first year plus a 7-day free trial at www.inspiredmoney.fm/alpha. Meet the Expert Panelists Howard S. Dvorkin, CPA, is a nationally recognized debt and credit expert, two-time author, and Chairman of Debt.com, where he has dedicated his career to helping Americans achieve financial freedom. A pioneer in financial education and consumer advocacy, he has shaped state and federal legislation, led national credit counseling associations, and appeared as a trusted voice in major media outlets including The New York Times, CNN, and Fox News. https://www.howarddvorkin.com Anthony Davenport is the founder and CEO of Regal Credit Management, a leading firm that helps professional athletes, entertainers, and high-net-worth individuals build, restore, and protect their credit. A best-selling author of Your Score and a certified FICO® credit expert, he is a sought-after speaker and media commentator featured in outlets such as Forbes, USA Today, and Oprah Magazine. https://anthonymdavenport.com Cullen Canazares is the Co-Founder & CEO of Rental Kharma, the pioneers in the rent reporting industry for over 12 years, having helped more than 125,000 families build credit by reporting rent payments to major credit bureaus. A Stanford Graduate School of Business alumnus and serial entrepreneur, he has dedicated his career to advancing financial inclusion and empowering renters to raise their credit scores, achieve homeownership, and access better financial opportunities. https://www.rentalkharma.com https://www.rentalkharma.com Reyna Gobel, MBA, MPH, is an award-winning freelance journalist and keynote speaker whose work on personal finance, nutrition, travel, and wellness has appeared in The Atlantic, Scientific American, Money, Reuters, AARP, and U.S. News & World Report. She is also the author of seven books—including Graduation Debt, a Washington Post Book of the Month—and has educated audiences at hundreds of colleges, alumni associations, and organizations nationwide. Her nutrition course is available at www.bestnutritionclassever.com and you can find her content at www.walletsandwaistlines.com. https://reynagobel.com Key Highlights: 1. The Real Credit Score Formula—Demystified Howard Dvorkin breaks down the evolution of credit scoring from subjective loan office assessments to the current data-driven FICO model. He emphasizes, “If you take credit out, pay it off. If you can't pay it off immediately... try to keep the utilization under 10%.” Focusing on payment history and credit utilization gives you control over the score that controls so many major financial moments. 2. Insider Secrets to Credit Optimization Anthony Davenport reveals how timing and reporting dates can cause credit scores to fluctuate—even if you pay off your cards monthly. He recommends, “Find out the reporting dates for each of your credit cards and set up your auto payment to pay it off a few days in advance before that date. That way, your credit score is going to stay optimal every month, in and out.”  3. Building Credit Without Going into Debt Cullen Canazares shares how rent (and now, utility) payments can count toward your credit score, thanks to new fintech solutions and imminent industry upgrades. For those without credit cards or thin files, this is a groundbreaking way to build creditworthiness—without taking on new debt.  4. Develop a Mindset for Long-Term Credit Health Reyna Gobel underscores the importance of confidence, knowledge, and bite-sized action. “A lot of people don’t know the nutrients they’re eating either,” she says, connecting personal finance to health. Starting with small, manageable steps, like pulling your credit report or disputing an error, can yield big results. Call-to-Action Here’s my challenge to you this week: Pull your credit report. It’s free at AnnualCreditReport.com, and reviewing it is the first step in taking control. Look for errors, understand what’s driving your score, and make one small improvement... whether that’s paying down a balance, setting up autopay, or reporting your rent. As we heard from our guests, small actions can have a huge impact over time. Find the Inspired Money channel on YouTube or listen to Inspired Money in your favorite podcast player. Andy Wang, Host/Producer of Inspired Money