Coronavirus Credit Help

Financial Resources for the COVID-19 Outbreak

If your finances have been impacted by the coronavirus (COVID-19) outbreak, you’re not alone. To help you find the resources and information you need, we’ve pulled together articles to help you find answers to your questions.

Resources for Unemployment

As of April 3, over 17 million Americans have filed for unemployment benefits. If you’re new to the process, here’s what you can expect, new relief options provided by the CARES Act and how unemployment insurance will affect your credit.

Guide to the CARES Act

Find out if you qualify for new unemployment provisions, loan relief or other forms of financial aid.

How Unemployment Affects Your Credit Score

Losing your job is never a good thing, but it can also indirectly impact your credit. Learn what you can do about it.

What Is Pandemic Unemployment Assistance?

We’ll explain important information on PUA provided by the CARES Act and how PUA may differ between states.

Mortgage Relief

If you find yourself unable to pay your mortgage or facing a late payment, there are alternatives you can consider before defaulting on your loan. If you have a federally-backed loan, you qualify for certain provisions under the CARES Act.

The CARES Act Foreclosure Moratorium

If you’re currently facing foreclosure, the CARES Act, which includes a moratorium on foreclosures for all federally backed mortgages, may help you.

Forbearance

For some, forbearance is a good short-term option if making your mortgage is a difficulty.

What Are Your Coronavirus Mortgage Relief Options?

If you’re struggling to make payments on your home loan, there are options for mortgage relief that may be available to you.

What score do I need to...

Without a credit score of at least 620 you are unlikely to qualify for a home loan, and even then, you may find it difficult to get approved. Scores of 700 or higher are ideal for securing low interest rates and moderate monthly payments.

Even with a score as low as 500 you may be approved for a car loan, but the interest rate will be in double digits. Raising your score to at least 660 will likely allow for single digit interest rates and significantly lower monthly payments.

Personal loans vary greatly based on the amount being asked and your credit score. As such, you may be able to get approved for a smaller loan even with a low score. For optimal rates, you’ll want a score of 700 or higher.

Student Loan Relief

Under the CARES Act, students with federally-backed student loans are being offered leniency. If you do not have a federally-backed loan, there are still options available to you that you can try to negotiate for with your lender.

Student Loan Grace Period

A student loan grace period is the short time immediately after graduation before you have to pay loan payments.

Does Student Loan Deferment or Forbearance Affect Your Credit?

Suspending payment through deferment or forbearance should not significantly impact your credit score, but it may affect your finances in other ways.

Do Student Loans Affect Your Credit?

Student loans can have a significant positive or negative effect on your credit score, depending on how you pay them back.

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Resources for Managing Financial Emergencies

Whether you’re currently facing unemployment, unable to make a payment on your mortgage or suddenly overwhelmed by medical bills, here are a few articles that can help you protect your finances and limit debt.

Credit Card Debt Relief

Learn which route, from debt consolidation to personal loans, is the best for you.

The New 2020 Tax Deadline

Learn how your taxes might be affected by the COVID-19 pandemic, from the new 2020 tax deadline to other tax relief options.

How to Prepare Yourself for the Next Recession

As you face the next recession, here are ways you can carefully budget your finances in anticipation of the turbulent future ahead.