Published on 16, Aug 2022

The 5 Secrets of Excellent Credit: Devin M. Davis Helps You Understand How to Improve Your Score Fast!

If you are struggling with improving your credit score or are concerned about how it might impact your future, you are not alone. “Millions of people have low credit scores and are confused about how to improve them,” says Devin M. Davis, a Senior Credit Specialist, Business Coach, and retired U.S. Marine Corps Veteran. “That’s why I help them to understand the five secrets of having excellent credit, which is so important in the American financial system.”

Secret #1: There are no collection or charge-off accounts on the credit report. 

Devin explains that if you want to have stellar credit, you need to remove all negative items on your credit report as soon as possible.

“Having these negative items has a huge negative impact on your credit score especially in the last 2 years, that is a huge impact,” he says. “To fix it, you will ideally have a professional look at it and avoid doing the ‘do it yourself’ kind of thing, which will only make things worse for you in the long run.” 

Secret #2: Good credit scores are backed by at least four tradelines. 

A tradeline is basically an account that appears on your credit report. For example, any of your credit cards are considered tradelines. Your car note is a tradeline. Your mortgage is a tradeline. People with great credit typically have 4+ tradelines on their credit report. Credit card tradelines hold the biggest weight when it comes to improving the score.

“Four is just the minimum - you should have four or more open accounts on your credit report at all times,” Devin advises. “If you don’t have many tradelines, you should think about getting added as an authorized user from maybe a family member. Tradelines, authorized users, and piggybacking are all the same thing. The more accounts you have in good standing on your report, the more solid your credit report will be. I would make sure the card you get added has no missed payments, has a low debt utilization ratio that is under 30%, and has over two years of payment history.”

Secret #3: People with excellent credit have an aged tradeline that is at least two years old.

Individuals with high credit scores typically have an aged tradeline that is over two years old. Older aged tradelines and higher credit limits correlate to bigger credit score increases. 

“It can be tempting to close old accounts, especially if you just paid them off, but doing so will decrease their age. Instead, leave accounts open and use them a few times a year,” Devin recommends. “That way, the bank won’t close them due to inactivity. After all, you must have credit in order to have a credit score, so this will work to your advantage.” 

Secret #4: The debt utilization is under 10%. 

A low debt utilization will help you improve your credit score. To know your percentage, go to your credit monitoring site and look at the Credit Factors section, which will tell you exactly what your utilization is. 

“If your debt is over 30% utilization, your score is automatically dinged,” Devin reveals. “You want your utilization to be as low as possible, preferably between 10-30%, which is the sweet spot. Good is under 30%, better is around 10%, best is around 2% percent, never keep your credit cards at 0% percent. If you keep your credit card at 0 percent, over 6 months your card might get closed by the bank for non use.

If you are unable to pay down debts, then an authorized user tradeline, one with a high credit limit, will balance out your utilization.” 

Secret #5: Credit inquiries are kept to a minimum. 

Try to limit the number of low-hard inquiries to under four on each credit bureau. He says that once you go over four, your score takes a hit. In the end, you could get denied for credit just for having too many hard inquiries.

Information about how to manage your credit is available.

“The world of credit and how to manage your score can be confusing,” Devin states. “Remember: no matter where you stand, you can always improve your score. Reach out if you ever need guidance. I’ll be more than happy to help you understand how to read a credit report and improve your credit fast so you can feel more financially secure and start getting the approvals you need.” 

Devin M. Davis is a retired U.S. Marine Corps Veteran and self-made entrepreneur who has built several successful businesses, including a business coaching company and a financial services business. As the author of Business Credit Secrets and the builder of Boost Score Now, he has taught and studied finance, credit, business, money, motivation and leadership for many years. Devin is using what he knows about attaining success to help more people understand that there really are no elevators to success - only the stairs that they choose to walk up, one step at a time.