How to protect your credit score during the pandemic?
Even if you are struggling at the moment, you can still do the things to protect your credit score. And this is our list of the top 5 things that you can do.
1.) Try to avoid late or missed payments. If you might miss your next payment, don’t avoid it or cancel it on your direct credit. Speak to the lender first as soon as you can about the support they can offer. That way you can try and avoid any missed payments on your credit report, which could reduce your credit score.
2.) Agree on payment holidays with your lender. If you might be unable to meet your regular monthly payments because of the pandemic. And you agree with your lender beforehand on the payment holiday. Then your credit score should be protected.
3.) Don’t max out credit cards. Usually, the closer you get to your limit the more it could start to reduce your credit score. So if you can, and wherever possible, try and spread the cost of borrowing over different accounts.
4.) Limit what you apply for. So, if you’re applying to new credit, use comparison services to help you check what you’re eligible for. These services let you shop around, without damaging your score.
Which means you only need to apply for the things you’re most likely to be accepted for.
5.) Keep an eye on your credit score. Using a free service, like Experian. That way, you’ll always be able to keep on top of any changes