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

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

If you can't get credit in Garner, North Carolina, it could be because you have a poor credit score, or simply don't have any credit history. In Garner, North Carolina, private companies called "credit bureaus" compile a person's credit score using all available information about their finances, including their debt-to-credit ratio, records of evictions, and late payments. All of this information is fed into complex mathematical algorithms that calculate a numerical score. Exactly how these scores are calculated is known to very few people, since the formulas used are tightly-guarded trade secrets.

U.S. law states you are entitled to one credit report per year for free. This will allow you to see your credit score, and any factors that might be hurting it, which can help you improve it in the future. You should be aware, however, that many websites offering a "free" credit report will begin charging you a monthly fee a month after you register, and then make it very difficult for you to cancel your membership, requiring you to do so over the phone rather than online. They also sometimes only tell you about this fee in the fine print.a

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

To make your credit score better, there are a few simple things you can do. First of all, you should check your report for errors and report them to the credit bureau to be corrected. Also, you should show that you are willing to use credit, but able to do so responsibly. For example, using a credit card for a few inexpensive purchases per week in Garner, then paying the entire balance at the end of the month.

Credit reports are a tool for lenders to assess how risky it is to loan money to someone. Therefore, showing that you routinely pay your debts in a timely manner is the best way to maintain a good score.

How Can a Garner, North Carolina Lawyer Help?

A good lawyer who practices consumer bankruptcy or other financial practice areas in Garner, North Carolina can be very helpful in resolving consumer debt issues. These issues can be very complex, and an attorney can make it much easier to navigate them.