Whats my credit score is one thing we should all know the answer to! Have you been discovering that finance institutions have gone from practically throwing money at individuals irrespective of whether they could afford to repay it or not, to not loaning anybody anything at all?
There ought to be a happy medium but up to now the banks and credit card companies don't seem to have discovered it. Add to that the fact that the three different bureaus all calculate your score slightly in a different way and the lenders do it an alternative way again, you can actually observe how you can get perplexed.
So what is a good answer to the question of what's my credit score ? If at all possible you should be targeting the 700 to 800 level as the greater your number the simpler it will be to obtain 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. Loan providers are much more likely to examine your file and they get worried if they observe too many recent searches as it implies you have tried to acquire fund from other sources. They also get jittery if your existing 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 certain all the details held 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 quite often pay off the balance on a credit card but forget to cancel the account. Go through all your active accounts and get rid of the ones you don't use anymore.
Don't apply for more credit until you have your present arrangements completely under your control. Try to lessen the balances outstanding. If you have made regular payments on all of your commitments, then contact each loan company to find out if they will offer you a better interest rate. The lesser the charges you are paying, the further your money will go and you will get rid of debt faster.
It's also wise to concentrate 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 smart option as you will lessen your overall charges. But at times we can 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 spur us on to big triumphs.
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