Title: How Job Loss Can Affect Your Credit Score
Headings: How Job Loss Can Affect Your Credit Score
Credit Scores & Credit Monitoring Credit Reports & Scores
How Job Loss Can Affect Your Credit Score
What Does Affect Your Credit Score
How Your Credit Score May Be Indirectly Affected By Job Loss
You Fall Behind on Your Credit Card or Loan Payments
You Increase Your Credit Card Balances or Take Out New Loans to Make Ends Meet
You Open Up Several New Accounts to Get Money to Pay Your Bills
Maintain Your Credit Score for Your Job Search
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Content: These are some credit-impacting events that could happen as a result of you losing your job: You Fall Behind on Your Credit Card or Loan Payments
After losing your job, it may be impossible to stay current on all your payments. This is understandable after a dramatic loss of income. However, payments over 30 days late still get reported to the credit bureaus and will impact your credit score. Payment history makes up 35% of your credit score and is the biggest factor influencing your credit. 2 ﻿ The further behind you get on your bills, the more your credit score will be impacted. Tip
Contact your creditors and lenders to discuss hardship options. You may be able to defer payments for a few months until you're able to begin making regular payments again. You Increase Your Credit Card Balances or Take Out New Loans to Make Ends Meet
Without enough money in savings or insufficient unemployment benefits, you may turn to credit cards or loans to make ends meet. But here's the trouble with that: