Credit Cards Writer, Finder
With some people being laid off or simply unable to run their business during this pandemic what advice would you give to maintain or improve their credit score during this time?
The way you treat your credit card shouldn’t change much during the quarantine. You’ll want to continue to pay your monthly statement in full to avoid interest and avoid purchasing items you can’t immediately pay off. This practice alone is enough to maintain, or even build, your credit score during a quarantine.
But if you’ve been furloughed or your income has taken a hit since the quarantine, consider other options. First, contact your credit card lender. Most banks are offering assistance to cardholders financially impacted by coronavirus. If your account is in good standing and you took advantage of a payment deferment, fee waiver or other assistance options from your bank, these allowances won’t affect your credit score. If you’re already sitting on credit card debt and want to avoid mounting interest, you could consider performing a balance transfer as well. By moving your existing debt to an intro APR balance transfer card, you can cut back on months of interest that would have cost you otherwise.