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. Many people in Ocean County, New Jersey deal with 1 type of consumer credit almost every day: credit cards. These tiny pieces of plastic are one of the biggest sources of consumer debt in the United States.

Why can't I Get Credit in Ocean County, New Jersey?

The most likely explanation as to why an Ocean County, New Jersey bank won't give you a credit card or loan is that you have bad credit. In Ocean County, New Jersey, credit scores are created by private corporations called "credit bureaus." These companies collect 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 people 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 view your own credit report once a year, for free (you can, of course, view 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 explicitly 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 Ocean County, New Jersey?

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. It's also good to show that you can use credit responsibly. For example, someone with no credit history in Ocean County might get a credit card, and use it for a few inexpensive purchases each month, and then pay down the entire balance at the end of the month. This is a good way to quickly obtain a good credit score.

Because credit reports are generally meant to make it easier for potential lenders to assess your risk as a borrower, showing that you pay back your debts in a timely manner can go a long way in creating a good credit score.

How Can a Ocean County, New Jersey Lawyer Help?

A good lawyer who practices consumer bankruptcy or other financial practice areas in Ocean County, New Jersey 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.