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 Selden, New York probably deal with consumer credit every day in the form of credit cards.
Why can't I Get Credit in Selden, New York?
The most likely explanation as to why a Selden, New York bank won't give you a credit card or loan is that you have bad credit. In Selden, 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.
In the U.S., you have a legal right to view your credit report for free, once per year. This is a good opportunity 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 normally have to do so over the phone, and can't do it online.
How Can I Improve My Credit Score in Selden, 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 Selden, then paying the entire balance at the end of the month.
Credit reports are meant to be a tool for lenders to easily assess a person's risk as a borrower. Therefore, showing that you are able to pay back your debts on time can be very effective in creating a good credit score.
How Can a Selden, New York Lawyer Help?
An experienced Selden, New York attorney specializing in consumer financial issues can help if you believe that your credit score reflects false information, or if you think a third party has maliciously damaged it.