Broadly defined, consumer credit is any type of loan provided to individuals in order to buy consumer goods. Most people in Keene, Texas probably deal with consumer credit every day in the form of credit cards.
Why can't I Get Credit in Keene, Texas?
The most likely explanation as to why a Keene, Texas bank won't give you a credit card or loan is that you have bad credit. In Keene, Texas, credit scores are created by private corporations called "credit bureaus." These companies collect all the available financial information on a person (such as the amount of credit currently available to them, and its ratio to their debt) and use it to calculate a simple numerical score. This number gives would-be lenders an easy way to assess a person's risk as a borrower. It is not known to many people exactly how your credit score is calculated, because the formulas used by these companies are closely-guarded 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 explicitly 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 Keene, 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 typically fix it. Also, it's good to show that you know how to use credit responsibly. For example, a person in Keene 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.
Credit reports are generally meant to be used by lenders to assess 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 maintain a high credit score.
How Can a Keene, Texas Lawyer Help?
A good lawyer in Keene, 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.