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 Pelham Manor, New York probably deal with consumer credit every day in the form of credit cards.

Why can't I Get Credit in Pelham Manor, New York?

The most likely reason as to why a Pelham Manor, New York bank won't give you a credit card or loan is that you have poor credit. In Pelham Manor, 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.

In the U.S., you have a legal right to view your credit report for free, once per year. This is a good chance to perform a financial check-up, and see if there are any errors on your report which need to be corrected. While some third-party companies will give you a free credit report through their website, you should be aware that many of them (without making this clear up-front) will begin charging a monthly fee afterwards, in exchange for continued access. If you just wanted the one free report, you can opt out of this, but you typically have to do so over the phone, and can't do it online.

How Can I Improve My Credit Score in Pelham Manor, 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. 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 Pelham Manor, 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 Pelham Manor, New York Lawyer Help?

A good Attorney in Pelham Manor, New York can be very useful in helping you resolve any consumer credit issue, such as bankruptcy, or getting mistakes removed from your report if the credit bureau is being difficult.