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

There ought to be a happy medium but as yet the banks and credit card companies don't appear to have found it. Add to that the proven fact that the three different bureaus all calculate your score slightly in a different way and the loan providers do it a different way again, you can actually see how you can become confused.

So what is a good solution to the question of what's my credit score ? If at all possible you need to be aiming for the 700 to 800 level as the greater 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 in the beginning.

Most people would have had no problem scoring this a few years ago but now the goal posts have been moved. Loan providers are far more likely to examine your file and they get nervous if they see a lot of recent searches as it implies you might have tried to obtain fund from other places. They also get jittery if your existing credit agreements have not been well maintained. Late payments or arrears raise big warning flags.

You should look at your yearly credit score to make certain all the information held on file is correct. If there are mistakes, you could have them rectified. You can even see if you have any accounts that 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 of your open accounts and close the ones you don't use anymore.

Don't apply for more credit until you have your present agreements fully under your control. Try to lessen the balances outstanding. If you have made regular payments on all your commitments, then contact each lender to see if they offer a better interest rate. The lesser the charges you are paying, the more your money will go and you will get out of debt faster.

You should also concentrate on repaying just one card keeping the minimum monthly payments going on the others. You may either pick the card with the highest rate of interest and pay all extra cash into this one. This is the sensible option as you will lessen 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 fight against debt that will inspire us on to great triumphs.

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