Tag: credit history

The Credit Balance Myth: What Really Impacts Your Score
February 25, 2025 Off

The Credit Balance Myth: What Really Impacts Your Score

By The Admiral Staff

The article debunks the myth that carrying a credit card balance improves your credit score. While a balance appearing on your credit report is normal due to reporting timelines, consistently carrying a balance offers no benefit and incurs unnecessary interest. Maintaining a credit utilization ratio below 30% (ideally below 10%) is key, along with making on-time payments and keeping older credit card accounts open to demonstrate a long credit history. Fluctuations in your score are normal and shouldn’t be a major

Decoding Your Credit Score: FICO vs. VantageScore
July 16, 2024 Off

Decoding Your Credit Score: FICO vs. VantageScore

By The Admiral Staff

The article explains that there isn’t one single credit score, but rather multiple ways to calculate it, with the most common being the FICO Score and VantageScore. Both range from 300 to 850, with higher scores indicating better creditworthiness. FICO, historically used by mortgage companies, has various versions (like FICO 10), while VantageScore was created by the credit bureaus as an alternative and can score individuals with shorter credit histories. Payment history is the