If you’re a furloughed government employee or other worker sidelined by the shutdown – or worse, working without a paycheck – you’re probably at risk of missing payments or racking up large credit card bills. How do you keep your credit score from dropping as a result?
On-time payments are one of the most influential factors in your credit score, so let’s start there.
Hopefully, you have an emergency fund to cover short-term payments. If not, your shutdown goal is to minimize negative reports to the three major credit reporting agencies (Experian, Equifax and TransUnion). Credit scoring systems don’t have any mechanism to make exceptions with missed payments, but lenders have some leeway in how missed payments related to the shutdown are reported.
Avoid all delinquencies, even if you have to run larger credit balances to do so. If delinquency a…