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Unemployment Can Affect Your Credit Score
#618333 08/17/10 09:51 AM
Joined: Jul 2010
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Angela J. Shirley Offline OP
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Angela J. Shirley
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Personally I know that it did affect mine after being laid off in June 2008, being on unemployment until January 2010 and not getting a job until July 23, 2010 (lol).

Clean Up Your Credit History

Credit scores are drawn from information in your credit history, so anything that's wrong there will show up here. Go to annualcreditreport.com and pull a free copy of your credit history. Carefully comb through it and check it for mistakes and do what's possible to make it look its best.

While things like late pays and delinquent accounts should drop off your credit history after 7 years (and the older they are the less impact they have on your score) there is a way to have them removed earlier. Simply ask the company that put negative information on your report to remove it. The process isn't hassle-free, but worth considering, especially if you're planning to borrow for a mortgage or other monster loan a few months from now.

fishMy Blog: How To Survive Unemploymentfish
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Re: Unemployment Can Affect Your Credit Score
Angela J. Shirley #619521 08/21/10 11:36 AM
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Dianne W - Editor Offline
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Dianne W - Editor
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Angela - first, congrats on the new job!!!

Second for readers, it's also important to talk to you creditors when you are unable to pay the bills. Avoiding them is not the way to go. You never know - they may be able to work with you.

Dianne Walker

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Re: Unemployment Can Affect Your Credit Score
Dianne W - Editor #619528 08/21/10 12:18 PM
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Angela J. Shirley Offline OP
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You are so right Dianne - it comes back to HAUNT you in years to come. They have a way of finding out when you want to buy something and start "asking" for what you owe them. It is ALWAYS best to TRY to work things out. If they will NOT work with you, then MOVE on and hope for the best. Excellent advice!

fishMy Blog: How To Survive Unemploymentfish
Re: Unemployment Can Affect Your Credit Score
Angela J. Shirley #624341 09/04/10 04:57 PM
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Angela J. Shirley Offline OP
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Angela J. Shirley
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fishAlot of people do not realize that those student loans they took out while in college, NEVER go away.

I did not know this (thank goodness I do not have one), until this co-worker at the job I got laid off from in 2008 told me that he was changing jobs (in his 30's) because the student loan people finally found him and started to "garnish" his wages.

The bottom line - he changes jobs EVERY time they find him to avoid paying what he owes them, NOW with INTEREST and penalities attached. What he does not realize is that with the recession the way it is right now, more employers will NOT hire him when they look at his "credit report" which I am sure has his student loan listed (lol).

Last edited by Angela - Walking Editor; 09/04/10 04:57 PM.
fishMy Blog: How To Survive Unemploymentfish
18: Unemployment Can Affect Your Credit Score
Angela J. Shirley #736252 12/31/11 09:47 AM
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Angela J. Shirley Offline OP
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Angela J. Shirley
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Originally Posted By: Angela J. Shirley
Personally I know that it did affect mine after being laid off in June 2008, being on unemployment until January 2010 and not getting a job until July 23, 2010 (lol).

Clean Up Your Credit History

Credit scores are drawn from information in your credit history, so anything that's wrong there will show up here. Go to annualcreditreport.com and pull a free copy of your credit history. Carefully comb through it and check it for mistakes and do what's possible to make it look its best.

While things like late pays and delinquent accounts should drop off your credit history after 7 years (and the older they are the less impact they have on your score) there is a way to have them removed earlier. Simply ask the company that put negative information on your report to remove it. The process isn't hassle-free, but worth considering, especially if you're planning to borrow for a mortgage or other monster loan a few months from now.

fishMy Blog: How To Survive Unemploymentfish

Moderated by  Corlia - Unemployment Editor 

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