How to Improve Your Credit Score During COVID-19 Pandemic

The COVID-19 pandemic has affected millions of lives in so many ways. One of the most critical aspects of pandemic impairment is the economy that resulted in job loss. The loss of employment, together with the increased monetary needs to support one’s personal finances, has pushed some people to acquire a loan.

But what if you have a bad credit score? Is there a way to improve it during the pandemic so you can apply for a loan? Or will all of these unfortunate events only lead to a negative effect on your credit history?

5 Tips to Improve your Credit Record

Improving or maintaining your credit record during a lockdown would be a considerable effort. Given all the circumstances, it would be hard to think of a way to take care of your financial reputation. However, you can try to use these tips to maintain or improve your credit records during the lockdown.

Emergency Fund

The COVID-19 pandemic shows us the importance of having an emergency fund. When times get rough, an emergency fund can come in handy. You can use this to continue paying off your credit cards and loans to retain your good credit history, even if you are currently unemployed. 

You have to train yourself to save money, for it will be the only source you can get to survive. Cut down on unnecessary expenses and stick to your monthly budget. May this crisis be an example of how important an emergency fund is. 

Take Advantage of Your Skills and Knowledge

The loss of a job has a negative impact on your credit score, though it will not be a direct impact, but as a result of how you manage credit and bill payment during this time. The payment of your credit cards and loan will be delayed due to this event.

Try to apply for another job online. Utilize your knowledge and skills and apply for a home-based job. At this time and age, there are so many jobs offered online. Do not waste your time during this lockdown, be productive, and be creative in finding ways to acquire money to pay off your bills, credits, and loans that will improve your credit history.

Do Not Engage in Panic Buying 

Panic buying or hoarding will not do any good for your budget. Fear is inevitable during this time. Getting infected with this deadly virus and having an insufficient supply of food and medicine due to the lockdown are the primary concerns. 

However, panic buying will only worsen the situation. Plan and budget all your expenses and prioritize items that are necessary for surviving. Do not forget to allocate a budget for your bills and credit cards. Always be aware that any delay in payments can give you a bad credit score

Talk it Out 

Talking to your credit card providers or lenders would be a good idea. Discuss solutions with them cause no one can help you better than they can. The Equifax announces that they are working closely with the lenders and creditors to minimize the impact of the pandemic on the consumer’s credit history.

Knowing your options will give you a heads up in planning your financial moves during this crisis. You are not the only one affected by the pandemic. This is a global issue that affects not only millions of employees but also big companies, including the financial industry. 

Check for a Government Assistance Program

Check for an assistance program that you can qualify for. It is better than acquiring another loan, to sum up on your current burdens. As this is a global crisis, the government is helping the community to cope with the pandemic. Inquire via the government’s website and ask if there is any assistance provided for employees who lost their job due to the pandemic. 

You can use the assistance money to pay bills, credits, or loans. You can pay your obligations in a minimal amount you can afford. However, if you can not pay your obligations in full, adding a consumer statement to your credit report would be advisable.

Credit Score is Expected to Decline

Due to the economic distress we are experiencing, the credit scores are expected to decline. Not only your credit score but everyone that was affected by the pandemic. Consumers are anxiously waiting for the country to reopen all businesses so that they can go back to work and rebuild their financial reputation. 

This prediction is the very reason we need to have strategies to minimize the damage this crisis has given us. Executing a damage control will help you bounce back fast after the pandemic.


Having a good credit record is essential even during the pandemic. We should not forget to look into our credit history and do something to keep it the way it is or improve it despite the job loss and the crisis. Taking care of your credit record will benefit you afterward. 


Anzhela Sychyk

Anzhela is a seasoned business journalist with a keen eye for spotting industry trends and a knack for explaining complex financial concepts in a clear and accessible way. With over 15 years of experience covering the world of finance and economics, Anzhela has established herself as a respected authority on all things business.