Covid credit card repayment holiday effect on credit score
Discussion
Ok a few things
1. There is no such thing as a universal credit score, only a report. The score you see if you go into clearscore etc is just to give you an idea but each lender has their own criteria.
2. No, a payment holiday for this isn’t supposed to be recorded like a missed payment, however banks will see that a payment wasn’t made And can draw their own conclusions.
3. The interest will still accumulate.
Basically take it if you need it as it is much better than defaulting but don’t take it if you can at least make the minimum payment.
1. There is no such thing as a universal credit score, only a report. The score you see if you go into clearscore etc is just to give you an idea but each lender has their own criteria.
2. No, a payment holiday for this isn’t supposed to be recorded like a missed payment, however banks will see that a payment wasn’t made And can draw their own conclusions.
3. The interest will still accumulate.
Basically take it if you need it as it is much better than defaulting but don’t take it if you can at least make the minimum payment.
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