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What's My Credit Rating? Why Would You Care What Your Credit Score Ratings Are Anyway?
Whats my credit score is something we must all know the answer to! Are you finding that financial institutions have gone from practically throwing money at people irrespective of whether they could afford to repay it or not, to not lending anyone anything?
There should be a happy medium but as yet the banks and credit card companies don't appear to have discovered it. Add to that the proven fact that the three different bureaus all calculate your score slightly differently and the loan providers do it an alternative way again, it is easy to see how you can become perplexed.
So what is a good answer to the question of what's my credit score ? If possible you need 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 target at least initially.
Many people would have had no issue 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 observe too many recent searches as it suggests 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 debts raise big red flags.
You need to check your yearly credit score to make sure all the information held on file is correct. If there are errors, you could have them fixed. You can also 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 active accounts and get rid of the ones you don't use anymore.
Don't apply for more credit until you have your current 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 determine if they will offer you 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.
You should also concentrate on repaying just one card keeping the minimum monthly obligations going on the others. You can either select the card with the highest interest rate 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 success in our battle against credit card debt which will inspire us on to great achievements.
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