Broadly defined, consumer credit is any type of loan given to individuals in order to buy consumer goods. Many people in Corpus Christi, Texas deal with at least one common type of consumer credit on a regular basis: credit cards. Credit card debt is one of the largest sources of individual debt in the U.S.
Why can't I Get Credit in Corpus Christi, Texas?
If you can't get credit in Corpus Christi, Texas, it could be because you have a poor credit score, or simply don't have any credit history. Credit scores in Corpus Christi, Texas 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 potential 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.
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 clearly 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 Corpus Christi, Texas?
The first thing you can do to improve your credit score is to check your report for errors. These companies are not infallible, and sometimes make mistakes in compiling your credit report, including very serious ones. If you find an error, you should report it to the credit bureau, and they will normally fix it. Also, it's good to show that you know how to use credit responsibly. For example, a person in Corpus Christi with no credit history can quickly build up a good credit rating by getting a credit card, making a few small purchases with it, and then paying the whole balance at the end of each billing cycle.
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 Corpus Christi, Texas Lawyer Help?
A good Lawyer in Corpus Christi, Texas 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.