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 Atlantic City, New Jersey 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 Atlantic City, New Jersey?
If you can't get credit in Atlantic City, New Jersey, it could be because you have a bad credit score, or simply don't have any credit history. In Atlantic City, New Jersey, private companies called "credit bureaus" gather 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.
Under U.S. law, you are legally entitled to one free credit report per year. This allows you to perform a simple financial check-up, to see what's affecting your credit, and to report any incorrect information contained in your report. There are countless websites that provide easy access to this information, but most of them require registration with a credit card. Once you view your free report, they will begin charging you a monthly fee unless you opt out. Some of them make this hard by requiring that you cancel your membership by phone, rather than letting you do it online.
How Can I Improve My Credit Score in Atlantic City, New Jersey?
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 Atlantic City, then paying the entire amount at the end of the month.
Credit reports are a tool for lenders to determine how risky it is to loan money to someone. Therefore, showing that you consistently pay your debts in a timely manner is the best way to maintain a good score.
How Can a Atlantic City, New Jersey Lawyer Help?
A good attorney who practices consumer bankruptcy or other financial practice areas in Atlantic City, New Jersey can be extremely helpful in resolving consumer debt issues. These issues can be very complex, and an lawyer can make it much easier to navigate them.