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If I become unemployed, how will it affect my credit score?
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scooby76
1 year ago
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Being unemployed, in and of itself, will not affect your credit score, and losing your job will not show up on your credit report. However, being unemployed can indirectly hurt your credit score because you won't have a steady stream of income and may fall behind on your credit card payments, bills, loans, mortgage, and other financial responsibilities. The ripple effect of being unemployed, which leads to financial instability, increased debt, and finally defaulting on payments is what will ultimately impact your credit score.
In an economic crisis of record-high unemployment, the best way to prepare for such a situation is to have an emergency fund that can cover at least 6 months of your monthly expenses, which coincidentally is the current average length of unemployment today. Extra savings will be a lifesaver should you lose your job, helping you stay on top of all your payments and avoid debt so your credit score won't suffer as you search for employment.
vendejp 1 year ago