Don’t let your unemployment situation wreck your credit. Do these things instead.
Millions of Americans have lost their jobs in the course of the coronavirus pandemic. That’s problematic not just from an income perspective, but from a credit score standpoint as well.
Unemployment benefits generally won’t replace your former paycheck in full. So, if you’ve lost your job, you may find you struggle to pay your bills. But unfortunately, the easiest way to wreck your credit is to fall behind on financial obligations, so take these steps to protect it.
1. Put your mortgage into forbearance
Falling behind on your mortgage could cause your credit score to plummet. But if you’re out of work, you may not be able to keep up with your regular payments. The solution? Ask your lender to put your loan into forbearance, which will allow you to pause your payments without being marked as delinquent.