Rebuilding Credit after Unemployment 

Credit Information

First thing’s first. Being unemployed does not directly affect your credit score. The reason we’re bringing up this topic is because we understand that being unemployed might mean you’re not bringing in as much money per month, which could make it more difficult to make regular payments on loans, bills and other things. If you find yourself in this situation, try not to panic. Here are a couple things to consider.

Assess the situation.

Take a moment to breathe and assess the situation. How much damage was really done? Did you miss a payment or two? Were you just late on a couple payments? If that’s the case, try not to worry about it too much. Keep making regular payments (even the minimum amount is good!) on time, and your credit score will eventually bounce back.

Did you run up a large credit card bill?

If the answer is yes, focus on paying that off first. Your credit score will go up if you are using less of your credit limit. Try to make larger payments than the minimum to keep shrinking that balance.

Plan ahead for upcoming expenses.

If you know a larger-than-normal expense is just around the corner (think furnace repair or new brakes for your car), plan ahead. A loan from World Finance can be a smarter, more efficient option than putting the expense on a credit card.

Read up.

We understand that experiencing unemployment can be overwhelming and stressful. At World Finance, we’re here with some of the tools you need to navigate your financial situation. Check out our other blogs about how to raise your credit score, simplifying your finances and what to know before applying for a personal installment loan.