Consumer credit is any type of loan provided by some lending institution, usually a bank, to individuals for the purchase of consumer goods. Many people in Glendale, Wisconsin 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 Glendale, Wisconsin?
The most likely explanation as to why a Glendale, Wisconsin bank won't give you a credit card or loan is that you have bad credit. In Glendale, Wisconsin, 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.
In the U.S., you have a legal right to view your credit report for free, once per year. This is a good opportunity 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 typically have to do so over the phone, and can't do it online.
How Can I Improve My Credit Score in Glendale, Wisconsin?
To improve your credit rating, you can do a few relatively simple things. First, you should check your credit report for errors, and report them to the credit bureau so they can be corrected. Also, you should show that you are willing to use credit, but able to do so responsibly. For example, using a credit card for a few inexpensive purchases per week in Glendale, then paying the entire balance at the end of the month.
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 Glendale, Wisconsin Lawyer Help?
A good lawyer who practices consumer bankruptcy or other financial practice areas in Glendale, Wisconsin can be very helpful in resolving consumer debt issues. These issues can be very complex, and an attorney can make it much easier to navigate them.