Here’s How To Keep Up With Your Credit During Coronavirus

Here’s How To Keep Up With Your Credit During Coronavirus

These are unprecedented times, for the world, for your health, and for your money. The stock market has taken a deep dive, businesses have transitioned to at-home work, and major U.S. cities have taken measures to close all non-essential establishments. Headlines are telling investors what to do with their money in the markets, and personal finance experts are urging savers to keep their hands (and eyes) off their 401(k)s. But what about credit?

Yes, it’s true. The coronavirus pandemic can affect your credit (particularly if it impacts your livelihood and ability to keep up with your monthly bills). So it’s crucial to keep an eye on things for the time being. Here’s how you can keep your credit healthy even if you’re feeling under the weather.

Keep an eye on your credit report. “Check your credit reports for accuracy and be sure that any credit inquiries are legitimate,” says Jeff Richardson, Vice President and Group Head – Marketing & Communications at VantageScore Solutions. Though this practice is always important, it is even more important during a time of financial vulnerability. You should access your full TransUnion credit report through your financial institution.

Understand your credit. During a time like this, you might need available credit for a last minute emergency, Richardson says. If you feel like you don’t have enough, ask your lender to increase your credit limits to help you get through the pandemic. It’s important to do this while your income remains solid.

Beware of fraudsters. At a time like this, fraudsters are likely to strike, so we must “remain vigilant,” Richardson says. You can do this by checking your bank and credit card statements regularly to ensure that everything on there is accurate. The American Bankers Association urges you to be aware of phishing scams that are posing as your bank. Note: Your bank will never ask you for your pin or your password, so if you get an email asking you for one of those items, you should immediately delete and ignore it.

Refinance with patience. Since the Federal Reserve cut short term interest rates to 0%-0.25% this week, many are rushing to refinance their loans. Because of the mad dash to refi, lenders need more time to get to each request, says Richardson. Be patient — your lender will get back to you with options as soon as possible. The same is true if you’re applying for a home equity line of credit or HELOC.

Pay what you can. A release from Equifax urges consumers to pay at least the minimum on their credit cards during the pandemic to avoid late fees or other penalties. If you are unable to pay…

Talk to your lender. If you are feeling strapped or like you won’t be able to make a payment on time, talk to your credit lender. Many may be offering forbearance or deferred payment plans to help consumers stay on track during these precarious times, according to a release from VantageScore. Richardson adds that lenders will likely work with their customers to create options that are right for them.

With Rebeca Cohen

Articles
Missed Child Support Payments: Impact on Credit Score
Missed Child Support Payments: Impact on Credit Score

Just 44% of custodial parents receive the full amount of child support they are entitled to, according to the US Census Bureau. ...

Read More

Answer First, Add Later
Answer First, Add Later

Credit cards are good for many reasons, including building a credit history and increasing your credit score. Perhaps a credit ca...

Read More

Why Did My Credit Score Drop?
Why Did My Credit Score Drop?

Checking your credit score is fairly an easy way to tell if you’re making smart financial moves with your credit cards and loans....

Read More

Protect Your Score
Protect Your Score

Maintaining a good credit score can be stressful. Add something like the coronavirus to the mix and things get even harder. Don’t...

Read More

Murky Mortgages
Murky Mortgages

The coronavirus has caused interest rates to plummet. That has led many homeowners to refinance their mortgages. In fact, accordi...

Read More

How to keep your credit solid during the coronavirus outbreak
How to keep your credit solid during the coronavirus outbreak

Maintaining a good credit score during this pandemic might not be at the top of your mind. However, try to remember that this cri...

Read More

How to Review your Credit Report
How to Review your Credit Report

...

Read More

Know it All
Know it All

Credit cards are vital pieces in your financial world. For that reason alone, the more you know about those small pieces of plast...

Read More

Give Your Credit Score Some Love
Give Your Credit Score Some Love

...

Read More

Website Terms of Service

Please read these "Website Terms of Service" carefully before using SavvyMoney Checkup ("site", "website"). Accessing this site, or making this site available to any third party, indicates that you have read and accept these terms.

  1. Materials. Materials in this site are copyrighted and all rights are reserved. Text, graphics, databases, HTML code, and other intellectual property are protected by US and International Copyright Laws, and may not be copied, reprinted, published, reengineered, translated, hosted, or otherwise distributed by any means without explicit permission.
  2. Links to Third-Party Sites. Linked, third-party sites from website are not under the control of the Licensor. The Licensor is not responsible for the contents of any linked site or any link contained in a linked site, or any changes or updates to such sites.
  3. Confidentiality of Codes, Passwords and Information. Licensee agrees to treat as strictly private and confidential any username, password, user ID, and all information to which you have access through password-protected areas of website.
  4. Maintenance. Licensor shall provide Licensee any new, corrected or enhanced version of the site as it becomes available. Such enhancement shall include all modifications to the site which increase the speed, efficiency or ease of use of the site, or add additional capabilities or functionality to the site, but shall not include any substantially new or rewritten version of the site.
  5. Limitation of Liability. Licensor shall not be responsible for, and shall not pay, any amount of incidental, consequential, or other indirect damages, whether based on lost revenue or otherwise, regardless of whether Licensor was advised of the possibility of such losses in advance. In no event shall Licensor's liability exceed the amount of license fees paid by Licensee, regardless of whether Licensee's claim is based on contract, tort, strict liability, product liability or otherwise.