Whats my credit score is one thing we ought to all know the answer to! Are you discovering that loan companies have gone from practically throwing money at people regardless of whether they could repay it or not, to not loaning anyone anything?
There must be a happy medium but up to now the banks and credit card companies don't appear 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 loan companies do it a different way again, you can easily observe how you can become confused.
So what is a good answer to the issue of what's my credit score ? If at all possible you ought to be aiming for the 700 to 800 level as the greater your number the simpler it will be to obtain future credit and the lower your interest rate. A 750 credit score is a good figure to aim for at least initially.
Many people would have had no problem scoring this a few years ago but now the goal posts have been moved. Loan providers are much more likely to examine your file and they get nervous if they see too many recent look ups as it implies you might have tried to obtain fund from other sources. They also get jittery if your existing credit agreements have not been well maintained. Late payments or arrears raise big red flags.
You need to look at your yearly credit score to ensure all the details held on file is correct. If there are mistakes, you can have them fixed. You can even see if you have any accounts that 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 of 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 agreements fully under your control. Try to decrease the balances outstanding. If you have made regular payments on all of your commitments, then contact each lender to see if they will offer you a better rate of interest. The lesser the charges you are paying, the more your money will go and you will get out of debt faster.
It's also advisable to concentrate on repaying 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 extra cash into this one. This is the sensible option as you will lower your overall charges. But at times we can have a small balance on a card - if we get this one cleared we have scored a small victory in our battle against credit card debt that will encourage us on to great triumphs.
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