COVID-19 and Your FICO score

by Middleton Thompson

This is an unprecedented time, and the negative impact on millions of Americans has been tremendous. Many individuals and families are without a paycheck while the bills keep coming in. In an effort to protect their credit scores and thereby their future access to credit, there are two questions individuals need to as:

  • What will happen if I miss payments on my credit cards and/or mortgage?
  • How will today’s credit card decisions affect my future credit access?

What can a person do to help protect their credit and thereby, credit score? Before bills are due, they need to contact the creditors as soon as they realize payments may not be made.  Do not remain complacent and think these bills will just go away. Ask the creditor if the credit limit on an account can be raised, thus preventing exceeding the current credit limit and negatively affecting the credit score. Ask if the creditor has a deferment plan or some type of repayment structure.

Some lenders have set up a program for qualified borrowers to “skip a payment.”  Other lenders have already set up options for their clients during this emergency.

In summary, this crisis will pass, but we all need to protect how it will affect our credit.


Middleton is the C0-Founder & President of Mortgage Insource Services. She can be contacted via email at or by phone at 859-420-1001.