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February 25, 2025
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
February 24, 2025
By
The Admiral Staff
Your credit utilization ratio, the amount of credit you’re using compared to your total available credit, significantly impacts your credit score. Experts recommend keeping this ratio below 30%, ideally closer to zero, as it signals responsible borrowing to lenders. You can improve your ratio by decreasing spending, paying balances early, requesting a credit limit increase, opening another credit card (though this can trigger a credit inquiry), and regularly monitoring your utilization.
March 6, 2024
By
The Admiral Staff
Many Americans are unaware of their credit utilization, available credit, and how their actions impact their credit scores. A recent survey found only 9% are aware they have multiple credit scores. The article explores this issue by interviewing people and using the Credit Sesame app to demonstrate how to find credit scores and personalized steps for improvement.
January 3, 2024
By
The Admiral Staff
Paying off debt can sometimes cause a temporary drop in your credit score, despite seeming like a positive action. This can happen for several reasons: reducing your overall credit limit, lowering your average credit age, changing your credit mix (like eliminating installment loans), or other factors like late payments or increased balances on other accounts. While frustrating, these dips are usually short-term, typically recovering within a few months, and shouldn’t deter you from paying off debt. Lenders consider multiple factors, including your
