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How Filing For Unemployment May Affect Your Credit Score

Video Credit: Wochit - Duration: 00:40s - Published
How Filing For Unemployment May Affect Your Credit Score

How Filing For Unemployment May Affect Your Credit Score

The novel coronavirus pandemic has thrown tens of millions of Americans abruptly out of work.

According to Business insider, filing for unemployment doesn't mean your credit score will automatically drop.

However, it can be impacted if you don't have an emergency fund and start living off your credit cards.

If you need to carry a balance, take action now to look for balance transfer opportunities that offer a lower interest rate.

However, be warned that if you've already lost your job, lenders are loathe to extend credit to people with no means of paying it back.

If that's the case, call each creditor and try to negotiate more flexible terms and a lower interest rate.

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