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What's My Credit Rating? Why Would You Care What Your Credit Ratings Are In Any Case?
Whats my credit score is something we ought to all know the answer to! Have you been finding that finance institutions have gone from virtually throwing money at individuals regardless of whether they can afford to repay it or not, to not lending anyone anything at all?
There must 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 undeniable fact that the three different bureaus all calculate your score slightly differently and the loan companies do it an alternative way again, you can easily observe how one can get confused.
So what is a good solution to the question of what's my credit score ? If possible you ought to be targeting 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 in the beginning.
Most people would have had no issue scoring this a few years ago but now the goal posts have been changed. Lenders are much more likely to analyze your file and they get worried if they see a lot of recent searches as it suggests you might have tried to acquire finance from other sources. They also get jittery if your present credit agreements have not been well maintained. Overdue payments or arrears raise big warning flags.
You should check your yearly credit rating to ensure all the details presented on file is accurate. If there are mistakes, you can get them rectified. You can also see if you have any accounts which 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 close the ones you don't use anymore.
Don't apply for more credit until you have your current agreements completely under your control. Try to decrease the balances outstanding. If you have made regular payments on all of your commitments, then speak to each loan company to see if they offer a better interest rate. The lower the charges you are paying, the more your money will go and you will get rid 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 may either pick the card with the highest interest rate and pay all extra cash into this one. This is the smart option as you will lower 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 fight against debt which will encourage us on to big achievements.
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