Whats my credit score is one thing we should all know the answer to! Have you been discovering that finance institutions have gone from virtually throwing money at individuals regardless of whether they can afford to repay it or not, to not loaning anybody anything at all?

There must be a happy medium but as yet the banks and credit card issuers don't seem 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 lenders do it an alternative way again, you can easily see how one can get confused.

So what is a good solution to the question of what's my credit score ? If at all possible you should be targeting the 700 to 800 level as the greater your number the easier 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 problem scoring this a couple of years ago but now the goal posts have been changed. Loan providers are far more likely to analyze your file and they get worried if they see a lot of recent searches as it implies you have tried to acquire fund from other places. They also get jittery if your current credit agreements have not been well maintained. Overdue payments or arrears raise big warning flags.

You should look at your annual credit rating to ensure all the information presented on file is right. If there are errors, you could have them rectified. You can even see if you have any old accounts which 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. 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 present arrangements completely under your control. Try to decrease the balances outstanding. If you have made regular payments on all your commitments, then make contact with each loan provider to determine if they offer a better interest rate. The lesser the charges you are paying, the further your money will go and you will get rid of debt faster.

It's also wise to focus on paying back just one card keeping the minimum monthly obligations going on the others. You may either pick the card with the highest rate of interest and pay all additional money into this one. This is the smart option as you will lower your overall charges. But sometimes 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 that will spur us on to big triumphs.

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