What's My Credit Rating? Why Should You Care What Your Credit Ratings Are In Any Case?

Whats my credit score is one thing we should all know the answer to! Are you discovering that financial institutions have gone from virtually throwing money at people regardless of whether they can afford to repay it or not, to not loaning anybody anything?

There must be a happy medium but as yet the banks and credit card banks don't appear to have found it. Add to that the undeniable fact that the three different bureaus all calculate your score slightly in a different way and the lenders do it a different way again, you can easily see how one can become confused.

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

Most people would have had no problem scoring this a couple of years ago but now the goal posts have been moved. Loan providers are far more likely to analyze your file and they get nervous if they see a lot of recent searches as it implies you have tried to obtain fund from other places. They also get jittery if your present credit agreements have not been well maintained. Late payments or arrears raise big warning flags.

You should look at your annual credit score to ensure all the information presented on file is correct. If there are mistakes, you can get them rectified. You can even see if you have any old accounts that are still active but you thought had been closed. We quite often clear the balance on a credit card but forget to cancel the account. Browse through all of your open accounts and close the ones you don't use anymore.

Don't apply for more credit until you have your present arrangements fully under your control. Try to decrease the balances outstanding. If you have made regular payments on all your commitments, then speak to each lender to see if they offer a better interest rate. The lesser the charges you are paying, the further your money will go and you will get out of debt faster.

You should also focus on repaying just one card keeping the minimum monthly payments going on the others. You may either pick the card with the highest rate of interest and pay all additional money into this one. This is the sensible option as you will lower your overall charges. But sometimes we may have a small balance on a card - if we get this one cleared we have scored a small victory in our fight against debt that will spur us on to great triumphs.

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