Broadly defined, consumer credit is any type of loan extended to individuals in order to buy consumer goods. Most people living in Bixby, Oklahoma deal with at least one form of consumer credit every day: credit cards. In fact, credit cards are one of the largest sources of consumer debt in the United States.
Why can't I Get Credit in Bixby, Oklahoma?
If you can't get credit in Bixby, Oklahoma, the most likely reason is that you have a poor credit score. In Bixby, Oklahoma, private companies called "credit bureaus" compile 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.
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 many websites offering a "free" credit report will begin charging you a monthly fee a month after you register, and then make it very difficult for you to cancel your membership, requiring you to do so over the phone rather than online. They also sometimes only tell you about this fee in the fine print.a
How Can I Improve My Credit Score in Bixby, Oklahoma?
To make your credit score better, there are a few simple things you can do. First of all, you should check your report for errors and report them to the credit bureau to be corrected. It also helps to show that you are willing to use credit, but can do so responsibly. For example, if you have little to no credit history in Bixby you might consider getting a credit card, making a few small purchases each month on it, and then paying off the balance in full at the end of each month. This takes a bit of discipline, but it is a good way to quickly establish a good credit rating.
Because credit reports are primarily meant to make it easier for potential lenders to assess your risk as a borrower, showing that you pay back your debts in a timely manner can go a long way in creating a good credit score.
How Can a Bixby, Oklahoma Lawyer Help?
A good lawyer who practices consumer bankruptcy or other financial practice areas in Bixby, Oklahoma 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.