Broadly defined, consumer credit is any form of loan provided to individuals in order to buy consumer goods. Most people living in Bethany, Oklahoma deal with at least one form of consumer credit every day: credit cards. In fact, credit cards are one of the biggest sources of consumer debt in the United States.
Why can't I Get Credit in Bethany, Oklahoma?
If you can't get credit in Bethany, Oklahoma, the most likely explanation is that you have a bad credit score. In Bethany, Oklahoma, private companies called "credit bureaus" collect 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 equations that calculate a numerical score. Precisely how these scores are calculated is known to very few people, since the formulas used are tightly-guarded trade secrets.
U.S. law states you are entitled to one credit report per year for free. This will allow you to see your credit score, and any factors that might be hurting it, which can help you improve it in the future. You should be aware, however, that numerous websites offering a "free" credit report will start charging you a monthly fee a month after you register, and then make it very challenging for you to cancel your membership, requiring you to do so over the phone rather than online. They also may only tell you about this fee in the fine print.a
How Can I Improve My Credit Score in Bethany, Oklahoma?
To make your credit rating better, there are a few simple things you can do. First of all, you should check your report for mistakes and report them to the credit bureau to be corrected. Also, it's good to show that you know how to use credit responsibly. For example, a person in Bethany with no credit history can rapidly build up a good credit rating by getting a credit card, making a few small purchases with it, and then paying the entire balance at the end of each billing cycle.
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 Bethany, Oklahoma Lawyer Help?
A good Attorney specializing in consumer bankruptcy or other consumer finance issues in Bethany, Oklahoma 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.