What's My Credit Score? Why Would You Care What Your Credit Score Ratings Are Anyway?

Whats my credit score is one thing we ought to all know the answer to! Are you finding that financial institutions have gone from practically throwing money at people regardless of whether they could repay it or not, to not loaning anyone anything?

There should be a happy medium but as yet 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 an alternative way again, it is easy to see 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 higher your number the easier 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. Lenders are far 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 acquire finance from other places. 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 make sure all the information 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 often clear 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 reduce the balances outstanding. If you have made regular payments on all 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 rid of debt sooner.

You should also 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 smart option as you will reduce your overall charges. But sometimes 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 achievements.

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