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

If you're having trouble getting credit in Poteau, Oklahoma the most likely explanation is that you have no credit history, or a poor credit score. Credit scores in Poteau, Oklahoma are calculated by private companies known as "credit bureaus." These entities collect all the available information about your finances, look at how much debt you have, if you've paid it back in a timely manner, and other factors, and calculate a numerical score. This number provides potential lenders with a quick estimate of how risky it is to lend money to a person. The exact formulas that these companies employ to create credit scores are trade secrets.

Under U.S. law, you have a right to view your own credit report once a year, for free (you can, of course, view it more times than that, but you'll likely have to pay a credit bureau. You should be cautious, however. Many websites claim to offer "free" credit reports, but require a credit card number in order to register. If you do not affirmatively cancel your membership (which can usually only be done over the phone, and not online), they will start charging you a monthly fee.

How Can I Improve My Credit Score in Poteau, Oklahoma?

To improve your credit rating, there are many 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. It will also help to show that you can use credit responsibly. For example, if you have little to no credit history in Poteau, 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 meant to be used by potential lenders to assess somebody's risk as a borrower, showing that you always (or close to it) pay your debts in a timely manner is the best way to improve your credit score, and to keep it high.

How Can a Poteau, Oklahoma Lawyer Help?

A good Lawyer specializing in consumer bankruptcy or other consumer finance issues in Poteau, Oklahoma can be instrumental in resolving consumer debt issues. These issues can be complex and frustrating, and a Lawyer can make the navigation of them much easier.