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What's My Credit Rating? Why Would You Care What Your Credit Ratings Are Anyway?
Whats my credit score is one thing we must all know the answer to! Have you been finding that loan companies have gone from practically throwing money at people irrespective of whether they could repay it or not, to not financing anyone anything at all?
There should be a happy medium but up to now the banks and credit card companies don't appear to have discovered it. Add to that the fact that the three different agencies all calculate your score slightly in a different way and the loan providers do it an alternative way again, it is easy to observe how you can become perplexed.
So what is a good answer to the issue of what's my credit score ? If at all possible you need to be targeting the 700 to 800 level as the higher 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 target at least initially.
Many people would have had no problem scoring this a few years ago but now the goal posts have been changed. Lenders are much more likely to examine your file and they get nervous if they observe too many recent look ups as it indicates you might have tried to acquire finance from other sources. They also get jittery if your existing credit agreements have not been well maintained. Late payments or debts raise big red flags.
You need to look at your yearly credit rating to make sure all the details held on file is correct. If there are faults, you can have them fixed. You may 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. Go through all of your active accounts and get rid of the ones you don't utilize anymore.
Don't apply for more credit until you have your present agreements completely under your control. Try to reduce the balances outstanding. If you have made regular payments on all of your commitments, then contact each lender to find out 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.
It's also advisable to concentrate on repaying just one card keeping the minimum monthly premiums 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 at times we can have a small balance on a card - if we get this one cleared we have scored a small success in our battle against credit card debt that will inspire us on to big achievements.
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