Broadly defined, consumer credit is any type of loan provided to individuals in order to buy consumer goods. Many people in Kittanning, Pennsylvania deal with consumer credit every day in the form of credit cards. In fact, credit cards are one of the largest sources of individual debt in the U.S.
Why can't I Get Credit in Kittanning, Pennsylvania?
The most likely explanation as to why a Kittanning, Pennsylvania bank won't give you a credit card or loan is that you have bad credit. In Kittanning, Pennsylvania, 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 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 numerous websites offering a "free" credit report will begin 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 sometimes only tell you about this fee in the fine print.a
How Can I Improve My Credit Score in Kittanning, Pennsylvania?
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 Kittanning 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.
Credit reports are meant to be a tool for lenders to easily assess a person's risk as a borrower. Therefore, showing that you are able to pay back your debts on time can be very effective in creating a good credit score.
How Can a Kittanning, Pennsylvania Lawyer Help?
A good Lawyer in Kittanning, Pennsylvania can be extremely useful in helping you resolve any consumer credit issue, such as bankruptcy, or getting errors removed from your report if the credit bureau is being difficult.