In this tough economic times, Charlotte Oliver shares her professional experience to help save your credit from being destroyed. With unemployment at an all time high, a lot of us are out of work. Here are a couple things you can do to help your credit score from falling below 600.
1. Don’t ignore their phone calls. They understand the economy and are willing to work with you. If they call, answer your phone and let them know you’re unemployed. See what type of plan they are willing to work out.
2. Contact your lenders! Most lending companies will offer payment deferments. This will be a limited deferment and simply adds a couple payments (the ones you’re deferring) to the end of your loan. This will not affect your credit score.
3. Pay the minimum payment. Most minimum payments are very manageable. If your credit card company has a minimum payment of $15 a month, pay it. This will at least keep your payments up to date for the credit burueas.
Article written by Charlotte Oliver, C.P.A.