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 Old Westbury, New York probably deal with consumer credit every day in the form of credit cards.
Why can't I Get Credit in Old Westbury, New York?
The most likely reason as to why an Old Westbury, New York bank won't give you a credit card or loan is that you have poor credit. In Old Westbury, New York, 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 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 have a right to see your own credit report once a year, for free (you can, of course, see 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 Old Westbury, New York?
To improve your credit, there are numerous things you can do. First of all, you should report any mistakes you see on your credit report to the credit bureau. These companies sometimes make errors, and some of them can seriously damage your credit score. It will also help to show that you can use credit responsibly. For example, if you have little to no credit history in Old Westbury, and want to rapidly build a good credit score, you can get a credit card, and make a few very small purchases with it every month. Make sure you don't run up a balance that you can't immediately pay off in full, and at the end of each month, pay the whole balance.
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 Old Westbury, New York Lawyer Help?
A good Attorney specializing in consumer bankruptcy or other consumer finance issues in Old Westbury, New York can be instrumental in resolving consumer debt concerns. These issues can be complex and frustrating, and an Attorney can make the navigation of them much easier.