Whats my credit score is something we should all know the answer to! Have you been discovering that financial institutions have gone from practically throwing money at individuals regardless of whether they could afford to repay it or not, to not lending anybody anything at all?
There must be a happy medium but as yet the banks and credit card issuers don't seem to have found it. Add to that the fact that the three different bureaus all calculate your score slightly differently and the lenders do it an alternative way again, you can easily see how you can get confused.
So what is a good answer to the question of what's my credit score ? If possible you should be targeting the 700 to 800 level as the greater your number the easier it will be to obtain future credit and the lower your rate of interest. A 750 credit score is a good figure to aim for at least initially.
Most people would have had no issue scoring this a couple of years ago but now the goal posts have been changed. Loan providers are far more likely to examine your file and they get worried if they see too many recent searches as it suggests you have tried to acquire fund from other places. They also get jittery if your current credit agreements have not been well maintained. Overdue payments or arrears raise big red flags.
You should check your annual credit rating to ensure all the information held on file is accurate. If there are mistakes, you can have them rectified. You can also see if you have any old accounts which 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. Go through all your open accounts and get rid of the ones you don't use anymore.
Don't apply for more credit until you have your current arrangements completely under your control. Try to decrease the balances outstanding. If you have made regular payments on all your commitments, then make contact with each loan company to see if they will offer you a better interest rate. The lower the charges you are paying, the further your money will go and you will get rid of debt faster.
You should also concentrate on paying back just one card keeping the minimum monthly payments going on the others. You can either pick the card with the highest interest rate and pay all additional money into this one. This is the smart option as you will lower your overall charges. But sometimes we can have a small balance on a credit card - if we get this one cleared we have scored a small victory in our battle against debt which will spur us on to big triumphs.
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