Financial crisis can happen to any person at any time in today’s time. Its worst effect is on the financial health of the person. Many times people use credit cards a lot during this period, due to which their credit score is significantly affected. Today in this article we will tell you how you can protect your credit score in times of financial crisis.
make minimum payment
In times of financial crisis, you should pay at least the minimum bill on all your credit cards. This will help you maintain score. Let us tell you, there are two amounts in any credit card bill. First – there is a complete bill. Second – there is a minimum bill. By paying this you can avoid late fees.
negotiate with banks
If you are facing financial crisis then definitely inform the company giving you the loan. Companies are also ready to help you in times of financial crisis. You may also get exemption from installment payment for a few months.
make necessary payments first
At the time of financial crisis, when your salary arrives, you should first pay the EMI etc., so that you are not charged any late fees etc. by the bank. Also try to minimize unnecessary expenses.
Do not apply for loan again and again
To avoid financial crisis, if you are repeatedly applying for personal loan, then you should avoid it. No matter how many banks and NBFC companies you apply for a loan, the same number of times your credit report will be drawn by the banks and your credit score will reduce.
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