Whats my credit score is one thing we should all know the answer to! Are you finding that finance institutions have gone from virtually throwing money at individuals regardless of whether they could repay it or not, to not loaning anybody anything?
There should be a happy medium but up to now the banks and credit card banks don't seem to have found it. Add to that the fact that the three different agencies all calculate your score slightly in a different way and the lenders do it a different way again, it is easy to observe how one can get confused.
So what is a good answer to the issue of what's my credit score ? If at all possible you should 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 rate of interest. A 750 credit score is a good figure to aim for at least initially.
Many people would have had no problem scoring this a couple of years ago but now the goal posts have been moved. Lenders are much more likely to analyze your file and they get worried if they see too many recent look ups as it implies you have tried to obtain finance from other sources. They also get jittery if your present credit agreements have not been well maintained. Overdue payments or arrears raise big red flags.
You need to look at your annual credit score to make sure all the details presented on file is right. If there are mistakes, you can have them fixed. You can even see if you have any old 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 your open accounts and get rid of the ones you don't utilize anymore.
Don't apply for more credit until you have your present arrangements fully under your control. Try to reduce the balances outstanding. If you have made regular payments on all of your commitments, then speak to each loan provider to see 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 get out of debt sooner.
It's also wise to focus on paying back just one card keeping the minimum monthly payments 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 sensible option as you will reduce your overall charges. But at times we may have a small balance on a credit card - if we get this one cleared we have scored a small victory in our battle against credit card debt that will spur us on to great achievements.
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