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. Most people in Port Jefferson, New York probably deal with consumer credit every day in the form of credit cards.

Why can't I Get Credit in Port Jefferson, New York?

The most likely explanation as to why a Port Jefferson, New York bank won't give you a credit card or loan is that you have bad credit. In Port Jefferson, New York, 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 algorithms that calculate a numerical score. Exactly 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 hurting your credit, and to report any false information contained in your report. There are numerous 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 Port Jefferson, New York?

To improve your credit rating, there are numerous things you can do. First, you should check your credit report for errors and report them to the credit bureau. These companies can make mistakes like anyone else, and sometimes these errors can damage your rating. 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 inexpensive purchases per week in Port Jefferson, then paying the entire balance at the end of the month.

Credit reports are usually meant to be used by lenders to assess the risk of a prospective borrower. For this reason, how one handles debt is a major factor in one's credit score. Paying all of your debts in a timely manner is a good way to maintain a high credit score.

How Can a Port Jefferson, New York Lawyer Help?

A good lawyer who practices consumer bankruptcy or other financial practice areas in Port Jefferson, New York 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.