How to protect your credit score if you lose your job.
Note: Though you won't be charged a late payment fee , your card issuer must eventually report your late payment to the credit bureaus if it goes unpaid for a period of time . While using a no-late-fee credit card during unemployment could keep you from getting hit with charges, your credit score will eventually dip if you keep skipping payments.Credit bureaus and card issuers cannot see if you've filed for unemployment unless you give them explicit permission.
Card issuers don't reveal how often financial reviews happen, says Tayne, but there are a couple of behaviors that can trigger a review. When your issuer conducts a financial review, you'll be asked a few questions related to your employment status and spending. You normally have up to 14 days to present the requested documents. The issuer may also include a request for bank statements to show that you're still receiving paychecks, if it's determined that you can't afford to pay your credit card bills.
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