Broadly defined, consumer credit is any type of loan extended to individuals in order to buy consumer goods. Most people living in Guthrie, 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 Guthrie, Oklahoma?

If you can't get credit in Guthrie, Oklahoma, the most likely reason is that you have a poor credit score. In Guthrie, Oklahoma, credit reports are prepared by private companies that have access to a great deal of financial information about almost anyone who has a Social Security Number. These companies are called "credit bureaus." They take relevant information, such as one's credit-to-debt ratio, and past-due payments, and use complex mathematical equations to generate a numerical score. Relatively few people know what these exact formulas are, since they are well-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 Guthrie, Oklahoma?

To improve your credit, there are many things you can do. First of all, you should report any errors you see on your credit report to the credit bureau. These companies sometimes make mistakes, and some of them can seriously damage your credit score. It will also help to show that you can use credit responsibly. For example, if you have little to no credit history in Guthrie, and want to quickly build a positive credit rating, you can get a credit card, and make a few very small purchases with it each month. Make sure you don't run up a balance that you can't immediately pay off in full, and at the end of each month, pay the entire balance.

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 Guthrie, Oklahoma Lawyer Help?

A good lawyer who practices consumer bankruptcy or other financial practice areas in Guthrie, 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.