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. Many people in Pineville, North Carolina deal with consumer credit every day in the form of credit cards. In fact, credit cards are one of the biggest sources of individual debt in the U.S.

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

The most likely reason as to why a Pineville, North Carolina bank won't give you a credit card or loan is that you have poor credit. In Pineville, North Carolina, private companies called "credit bureaus" collect 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 equations that calculate a numerical score. Precisely 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 numerous websites offering a "free" credit report will start charging you a monthly fee a month after you register, and then make it very challenging for you to cancel your membership, requiring you to do so over the phone rather than online. They also may only tell you about this fee in the fine print.a

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

To make your credit rating better, there are a few simple things you can do. First of all, you should check your report for mistakes 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 modest purchases per week in Pineville, then paying the entire amount at the end of the month.

Credit reports are meant to be a tool for lenders to easily determine a person's risk as a borrower. Therefore, showing that you are able to pay back your debts on time can be extremely effective in creating a good credit score.

How Can a Pineville, North Carolina Lawyer Help?

An experienced Pineville, North Carolina lawyer specializing in consumer financial issues can help if you believe that your credit rating reflects false information, or if you think a third party has maliciously damaged it.