COVID-19 has made so many people and businesses borrow money to survive. So many people and merchants who have debt aren’t able to pay it back, which hurts their credit. Good credit is a key factor in keeping financial fitness. So, what can you do to protect your credit during such crisis? How FirstAmericanMerchant.com can help business owners who lack good credit? Just read below to know.
During COVID-19: FirstAmericanMerchant.com
As you know, a good credit score guarantees better deals on loans and more favorable terms for merchant services. So, having higher credit scores is extremely important for each person and business.
The good news is that you can still obtain a loan or get access to the necessary merchant processing services if you turn to a reputable merchant services provider specializing in the high risk field.
Thanks to an expert like FirstAmericanMerchant.com, which is a high risk lender and processor, you can get fast and easy approval for the right merchant funding for your own financial needs. This is how you can enjoy the most secure and cheapest financing and payment processing services in the field.
Tips to Protect Your Credit
Now, let’s concentrate on your credit. Maintaining good credit isn’t an easy task even when the economy is strong, let alone in times of economic crises, when there’s a need for increased awareness, vigilance, and financial discipline.
Here’re 9 tips to help you protect your credit amid COVID-19:
- Have emergency savings. You may all of a sudden get faced with economic shifts.
- Check your credit score each month. Be more vigilant during an economic crisis.
- Manage your expenses more wisely and carefully.
- Priorities your payments.
- Do your best to make your credit card payments on time.
- In case you’re going to miss a payment, visit your bank or lender without losing time and tell them your situation.
- Use less than 30% of your total limit at any time to avoid hurting your credit.
- Avoid high utilization and remember that an active credit card account is usually better than an inactive one.
- Follow the information provided by the credit card issuer. Financial institutions usually offer assistance to borrowers in times of crises.
To sum up, the global COVID-19-related crisis has resulted in a severe economic slowdown. Because of the recent lockdowns and shutdowns, credit has deteriorated for a lot of people and businesses. Unpaid debt and missed payments are the most decisive factors that can hurt your credit. Take the right steps to improve the situation.
Author Bio: Michael Hollis is a Detroit native who has helped hundreds of business owners with their FirstAmericanMerchant.com solutions. He’s experimented with various occupations: computer programming, dog-training, accounting… But his favorite is the one he’s now doing — providing business funding for hard-working business owners across the country.
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