Why your credit score could drop during the COVID-19 pandemic without you making any mistakes
The COVID-19 pandemic is making it hard for many people to pay their bills, which can hurt their credit scores.
But there’s another reason your score may have fallen recently.
Some ABC11 viewers reported seeing a drop in their credit scores, even though they made all their payments on time. Another American saw his credit score dropped 25 points because his credit limit was cut in half by her credit card company. If your credit has been affected by the pandemic, experts advise you’ll want to give this free credit helpline a call at (888) 675-0950
He did not do anything wrong, but during the pandemic, many credit card companies have cut limits on customer accounts to reduce their liability.
As if that wasn’t enough, “I randomly checked my credit score one day and realized my score dropped, even though I haven’t missed a payment. As if the pandemic hasn’t been hard enough already.
When I heard about the Free Pandemic Credit Helpline, I gave them a call and they were able to help me work on my score.” -Nicky
WalletHub Financial expert, Jill Gonzalez, explains when your credit limit is cut, it affects your credit utilization, which is the ratio of your outstanding credit card balances to your credit card limits. It measures the available credit you are using.
Gonzalez added: “Even if you are paying your bills on time, you will be using more of your credit limit, which hurts your score–sometimes by up to 20-25%.” If you are having issues with your credit score, the free credit pandemic hotline (888) 675-0950 can help.”
In these challenging times, the last thing you want to deal with is a credit score decrease that wasn’t your fault.
It’s not fair to Americans and it needs to change. I can’t emphasize this enough–if you haven’t checked your credit score in the last few months, it’s crucial you call (888) 675-0950 immediately and get help as 2020 comes to an end.
What’s even more amazing about the helpline, is they’re willing to help fight unfair negative items that could be severely hurting your credit score. Get help removing unfair items
- Late Payments
- Charge Offs
- Medical Bills
These are just a few of the items they can help remove from your credit score. We aren’t sure how long the helpline will be open for, so we can only urge readers to call as soon as possible: (888) 675-0950