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 individuals in New Windsor, New York probably deal with consumer credit every day in the form of credit cards.
Why can't I Get Credit in New Windsor, New York?
The most likely reason as to why a New Windsor, New York bank won't give you a credit card or loan is that you have poor credit. In New Windsor, New York, 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 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 difficult by requiring that you cancel your membership by phone, rather than letting you do it online.
How Can I Improve My Credit Score in New Windsor, New York?
To improve your credit score, you can do a few fairly simple things. First, you should check your credit report for mistakes, and report them to the credit bureau so they can be corrected. It's also good to show that you can use credit responsibly. For example, someone with no credit history in New Windsor may get a credit card, and use it for a few affordable purchases every month, and then pay down the whole balance at the end of the month. This is a good way to quickly obtain a good credit score.
Because credit reports are primarily meant to make it easier for possible 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 New Windsor, New York Lawyer Help?
An experienced New Windsor, New York 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.