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Thats the highest it has ever been.
He says you should pay off your credit card balance every week.
Here are his five reasons why paying off your cards weeklyis the best approach.
Your payment history is the most significant factor affecting your credit score.
According to Experian, how you pay off your credit card accounts for 35% of your score.
Godwin says that a single missed payment can drop your score by 50 points or more.
Your credit utilization is calculated by combining all of the limits and balances listed in your credit report.
According to Godwin, your credit utilization should ideally stay below 10% to boost your credit score.
Paying off your balance weekly makes sure that your balance remains low relative to your limits.
Godwin points out that by clearing your balance weekly, you effectively avoid these charges.
The problem is that any interest paid can quickly cost you more than you get from these benefits.
Its a win-win you get agood credit score, and you also receive the most value from your cards.
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