Credit, broadly defined, is the provision of money on the assumption that payment for it will come later, or over time. Consumer credit is simply credit extended to individuals in order to buy consumer goods or services. Most people living in Apex, North Carolina deal with at least one form of consumer credit every day: credit cards. In fact, credit cards are one of the biggest sources of consumer debt in the United States.

Why can't I Get Credit in Apex, North Carolina?

If you can't get credit in Apex, North Carolina, it could be because you have a bad credit score, or simply don't have any credit history. In Apex, North Carolina, credit scores are created by private corporations called "credit bureaus." These companies compile all the available financial information on a person (such as the amount of credit currently available to them, and its ratio to their debt) and use it to calculate a simple numerical score. This number gives would-be lenders an easy way to assess a person's risk as a borrower. It is not known to many individuals exactly how your credit score is calculated, because the formulas used by these companies are closely-guarded trade secrets.

Under U.S. law, you have a right to see your own credit report once a year, for free (you can, of course, see it more times than that, but you'll likely have to pay a credit bureau. You should be cautious, however. Many websites claim to offer "free" credit reports, but require a credit card number in order to register. If you do not affirmatively cancel your membership (which can usually only be done over the phone, and not online), they will start charging you a monthly fee.

How Can I Improve My Credit Score in Apex, North Carolina?

The first thing you can do to improve your credit score is to check your report for errors. These companies are not perfect, and sometimes make errors in compiling your credit report, including extremely serious ones. If you find an error, you should report it to the credit bureau, and they will usually fix it. Also, it's good to show that you know how to use credit responsibly. For example, a person in Apex with no credit history can rapidly build up a good credit rating by getting a credit card, making a few small purchases with it, and then paying the entire balance at the end of each billing cycle.

Because credit reports are meant to be used by possible lenders to determine somebody's risk as a borrower, showing that you always (or close to it) pay your debts in a timely manner is the best way to improve your credit score, and to keep it high.

How Can a Apex, North Carolina Lawyer Help?

A good Attorney specializing in consumer bankruptcy or other consumer finance issues in Apex, North Carolina can be instrumental in resolving consumer debt concerns. These issues can be complex and frustrating, and an Attorney can make the navigation of them much easier.