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Maintaining Your Credit During the Covid-19 Pandemic

While it is critical to remain vigilant during the COVID-19 pandemic to stop its spread and save lives, it is important to note that the virus will also affect the economy and may impact your ability to pay your bills.

In addition to ensuring that you follow all the rules and maintain your health, it is also a good idea to think about taking measures to avoid getting into financial trouble and negatively impacting your credit score.

Here are some tips to help keep your credit card spending in-check:

Keep your credit card payments current.

Take a few minutes to review your credit card usage. It is important that you keep your credit card payments current. Stop any non-essential spending and determine exactly how much you need for the essentials like food, shelter and transportation. And remember, late or missed credit card payments can negatively impact your credit score.

Check your credit report regularly.

While keeping a tab on your credit report should be a regular practice, now is the time to be extra vigilant. Be aware of all activities happening around your finances and monitor your credit report for any unwanted or fraudulent activity. It is important to deal with these kinds of issues as quickly as possible before there is any damage to your credit score.

Pay your credit card bill on time.

Paying your credit card bill on time is a key step towards achieving and maintaining a good credit score. If you do not make on-time payments, you may risk damage to your credit score. If you think due to the pandemic you may miss a payment, you should reach out to your lender as soon as possible and discuss possible solutions to your situation.

Don’t overextend yourself.

Having a credit card is an important tool for managing both your monthly expenditures and for managing your credit score. Make sure you keep your credit card payments current. This is a smart step in managing your debt and staying on top of your finances.

In times such as these, you want to reduce your spending and your credit card usage. We are anticipating a period of economic uncertainty following the pandemic and that may have an impact on your ability to repay your credit card charges.

Fidem Finance:

If you are impacted by COVID-19, we may have affordable options based on your situation. We are here to help, reach out to us at 1-855-266-3131.  Our hours of operation are Monday to Thursday 8:00 am to 7:00 pm, Friday 8:00 am to 5:00 pm and Saturday 9:00 am to 5:00 pm. Or you can send an email to accountmanagement@fidemfinance.ca.