Now We're Worrying about Our Credit Score!

Some businesses are re-opening on a reduced level, but there are still many Americans out of work and for some prospects aren't promising. Over 20 million Americans lost their jobs in April alone. It's no wonder Worrying About Your Credit Score is adding to all the other worries you have right now. Jill Gonzalez from Wallethub says the company's recent survey shows many Americans are worried about their credit score tanking. She says one thing will hurt your score the most. "People are not able to keep up with their payments --- and a late payment is the worst thing for your credit score." She says help can be as close are your phone. "Ask your creditors what they can do to help you. The wait time of the phone will probably be a little bit lengthy - but what else are you doing !?!"

Gonzalez is encouraged by how many credit card companies and utility providers are working with their customers if they just call them.

FICO Score Methodology to Change

She says late payments lead to collections and that is damaging to your score. "Get in touch with you service providers. If you're unable to pay bills for power, cable, internet, water, start a dialog with them to prevent them from sending those bills to collections."

Gonzalez adds that credit card companies are being especially generous with customers who call them.

photo: Getty

People are worried about their credit score

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