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

Author: Craig

Whats my credit score is something we must all know the answer to! Are you finding that loan companies have gone from virtually throwing money at people irrespective of whether they can afford to repay it or not, to not financing anyone anything?

There should be a happy medium but up to now the banks and credit card issuers don't appear to have discovered it. Add to that the proven fact that the three different bureaus all calculate your score slightly differently and the loan providers do it a different way again, it is easy to observe how one can become perplexed.

So what is a good solution to the question of what's my credit score ? If possible you need to be aiming for the 700 to 800 level as the higher your number the simpler it will be to acquire future credit and the lower your interest rate. A 750 credit score is a good figure to target at least in the beginning.

Most people would have had no issue scoring this a few years ago but now the goal posts have been moved. Lenders are much more likely to analyze your file and they get nervous if they observe a lot of recent searches as it indicates you might have tried to obtain finance from other sources. They also get jittery if your current credit agreements have not been well maintained. Late payments or debts raise big warning flags.

You should check your yearly credit score to make sure all the details presented on file is correct. If there are faults, you could have them rectified. You may also see if you have any accounts that are still active but you thought had been closed. We often pay off the balance on a credit card but forget to cancel the account. Browse through all of your active accounts and close the ones you don't use anymore.

Don't apply for more credit until you have your current agreements fully under your control. Try to reduce the balances outstanding. If you have made regular payments on all of your commitments, then make contact with each lender to find out if they offer a better interest rate. The lower the charges you are paying, the more your money will go and you will get out of debt sooner.

It's also advisable to focus on repaying just one card keeping the minimum monthly premiums going on the others. You may either pick the card with the highest interest rate and pay all extra cash into this one. This is the sensible option as you will reduce your overall charges. But at times we may have a small balance on a card - if we get this one cleared we have scored a small success in our fight against debt which will inspire us on to great achievements.

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