The Coronavirus has deeply impacted the U.S. and world economy. Millions have lost their jobs and tens of thousands of companies no longer exist. In addition, as I write this, we are just a few weeks away from the 2020 elections. Considering the emotions on both sides, and the social unrest we experienced this summer, it can be argued that our country has not been this divided in over 100 years. On the minds of many, including me, is the state of the economy after the elections have passed. So, I want to address the question, should you fix your credit in a bad economy?
None of us that are living today have ever experienced a convergence of events such as this. And the outcome of the elections will give us a President and government that will have a vastly different course than the defeated candidate would have. The point is that we cannot look at a similar series of events in history to predict the health of our economy moving forward.
Looking Back at the Last Recession
However, we can recognize that we are in a recession now and look back at the previous recession that began at the end of 2007. That recession officially lasted just 18 months ending in 2009. But the impact was felt for much longer. I began my career in the credit repair industry in 2012 and spent years helping people fix the damage their credit score had suffered.
If this recession continues or deepens, the money supply will shrink and only those with good credit scores will have access to borrowing money if they need it. We’ve already seen a rise in the qualifying credit scores for a mortgage loan.
Another factor is that in a bad economy, opportunities arise. In the last recession, those with available funds on hand or the ability to borrow funds were able to purchase homes at prices that hadn’t been seen in a decade or more.
So, you should do everything you can now to increase your credit score.
You should do everything you can to fix your credit in a bad economy. Beyond good credit habits, increasing positive accounts on your credit reports, and knowing what behaviors can boost your score, you may need to remove derogatory items from your credit report. You can attempt to do that yourself if you have the time to learn how to do it.
However, if you do not have the time you should contract with a trustworthy credit repair company with a long track record to do it for you. This will require you to have the financial ability to sustain the service for several months. Our average client is on service with us for about 6 months at $89/month.
Learn How We Can Help
To find out more about how we help people increase their credit score visit Credit Repair by Experienced Professionals. There you will be able to watch a video and read the details.
If you would then like to speak with us about your specific situation, you can Book a Phone Appointment on that page to set up a phone call for a day and time that works for your schedule. We’ll talk to you about what’s on your credit reports and the probability of removing any negatives items. We’ll also give you some great advice to help build your score.
This article which was originally posted in 2020 is updated regularly and was last updated in July 2023.