Should You Really Be Worried About Your Credit Score During COVID-19?
Should You Really Be Worried About Your Credit Score During COVID-19? Most people are worried about their credit score as they max out credit cards to buy groceries and keep the lights on. But what impact will that have on your credit score? Washington Post Personal Finance Columnist Michelle Singletary says don’t worry about your credit score right now.
She compared your credit score to the SAT score. You only need your SAT score when you are attending college and you only need your credit score if you are about to buy something like a car or a house. You are not doing that right now. She said to call all of your creditors, the bank financing your car, bank financing your mortgage. She said most will work something out with you.
The majority of your credit score is based up on-time payments so once you get back on your feet you can easily repair your score with on time payments. In short, she said do not worry about your score. Once we get through this pandemic, you can work on repairing your score.
