What's My Credit Score? Why Would You Care What Your Credit Ratings Are Anyway?

Whats my credit score is one thing we ought to all know the answer to! Have you been finding that financial institutions have gone from virtually throwing money at individuals irrespective of whether they could repay it or not, to not loaning anybody anything at all?

There should be a happy medium but as yet the banks and credit card banks don't seem to have discovered it. Add to that the fact that the three different agencies all calculate your score slightly in a different way and the loan companies do it another way again, it is easy to see how one can get perplexed.

So what is a good answer to the issue of what's my credit score ? If at all possible you ought to be targeting the 700 to 800 level as the higher your number the easier it will be to acquire future credit and the lower your rate of interest. A 750 credit score is a good figure to target at least initially.

Many people would have had no problem scoring this a couple of years ago but now the goal posts have been changed. Lenders are far more likely to analyze your file and they get worried if they observe too many recent look ups as it implies you have tried to receive finance from other places. They also get jittery if your present credit agreements have not been well maintained. Overdue payments or debts raise big red flags.

You need to look at your annual credit rating to make sure all the information presented on file is accurate. If there are faults, you can have them fixed. You can even see if you have any old accounts which are still active but you thought had been closed. We often clear the balance on a credit card but forget to cancel the account. Browse through all your active accounts and get rid of the ones you don't utilize anymore.

Don't apply for more credit until you have your present arrangements completely under your control. Try to reduce the balances outstanding. If you have made regular payments on all your commitments, then speak to each loan company to find out if they will offer you a better rate of interest. The lesser the charges you are paying, the further your money will go and you will pay back debt sooner.

You should also focus on paying back just one card keeping the minimum monthly premiums going on the others. You can either select the card with the highest rate of interest and pay all additional money into this one. This is the good option as you will reduce your overall charges. But sometimes we may have a small balance on a credit card - if we get this one cleared we have scored a small success in our battle against credit card debt that will encourage us on to big achievements.

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