Broadly defined, consumer credit is any form of loan given to individuals in order to buy consumer goods. Most people living in Stillwater, 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 Stillwater, Oklahoma?
If you're having trouble getting credit in Stillwater, Oklahoma the most likely reason is that you have no credit history, or a bad credit score. Credit scores in Stillwater, Oklahoma are calculated by private companies known as "credit bureaus." These entities compile 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 possible lenders with a quick assessment 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.
In the U.S., you have a legal right to view your credit report for free, once per year. This is a good chance 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 Stillwater, Oklahoma?
To improve your credit rating, there are countless things you can do. First, you should check your credit report for mistakes and report them to the credit bureau. These companies can make errors like anyone else, and sometimes these errors can damage your score. Also, it's good to show that you know how to use credit responsibly. For example, a person in Stillwater 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 usually meant to be used by lenders to determine the risk of a prospective borrower. For this reason, how one handles debt is a major factor in one's credit score. Paying all of your debts in a timely manner is a good way to keep a high credit score.
How Can a Stillwater, Oklahoma Lawyer Help?
A good Attorney in Stillwater, Oklahoma can be very useful in helping you resolve any consumer credit issue, such as bankruptcy, or getting mistakes removed from your report if the credit bureau is being difficult.