2020 Credit Review

2020 has been a challenging year for most of us. Below you will find a quick summary of the 2020 Credit Review.

COVID-19

The COVID-19 pandemic that started in China at the end of 2019 started expanding throughout the world at the beginning of 2020.

Many of us know of friends, family, acquaintances that contracted the virus and some have died.

The US Economy

As the deadly virus was spreading in the USA, our economy was shut down by closing businesses and limiting the physical interaction in an attempt to slow down the spread of the virus. However, the saying “it spreads like a virus” was based on facts and it happened in 2020. Many businesses closed down for good as a result of the shut-down and the unemployment raised to high numbers. It is now predicted that the Chinese economy will surpass the US economy by 2028, earlier than previously predicted due to the coronavirus pandemic.

Stock Market

After the big dip at the beginning of 2020, after the pandemic news hit the USA, the Stock Market came back strong at its highest levels by December.

Interest Rates

Nevertheless the 2020 turmoil, the interest rates continued to be low. Thus, the real estate market has done very well as buyers took advantage of the low interest rates to get loans and invest in real-estate.

Many know that owning real-estate helps increase credit scores for some.

Credit Scores

Banks allowed creditors to defer their monthly credit card payments for few months beginning from March without reporting them as late with the credit reporting agencies. That helped many of us from having our credit scores drop as we awaited the government financial help.

Happy New Year! 2021

As we are now awaiting the second stimulus checks, we are hoping for a better, brighter and a healthier 2021.

Do you need to have a 2020 credit review done?

Call us at 702.541.8215 if you need help repairing your credit score and your credit report

The CARES Act

CARES Act = Coronavirus Aid, Relief, and Economic Security Act

Programs available to eligible Nevadans under the CARES Act:

Pandemic Unemployment Assistance (PUA)

PUA is available through December 26, 2020 to eligible individuals:

  • Self-employed
  • 1099 contract workers
  • Gig workers
  • Employees whose wages are not reported for unemployment insurance
  • Employees who have not earned enough wages or worked enough hours for regular unemployment benefits
  • Individuals who were going to start work but could not due to COVID-19 pandemic
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Pandemic Emergency Unemployment Compensation (PEUC)

This program has been implemented effective May 10, 2020. It is payable through December 31, 2020 to eligible claimants whose claims have been exhausted.

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Federal Pandemic Unemployment Compensation (FPUC)

Eligible individuals received an additional $600 per week in addition to their weekly benefit amount from another unemployment compensation program. The program ended July 25, 2020.

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Lost Wages Assistance (LWA)

Lost Wages Assistance (LWA) provides an additional $300 per week to any “eligible claimant” affected by COVID-19 that is collecting benefits under the following programs:

  • Unemployment Insurance (UI)
  • State Extended Benefits (SEB)
  • Trade Readjustment Allowance (TRA)
  • Pandemic Emergency Unemployment Compensation (PEUC), and
  • Pandemic Unemployment Assistance (PUA)

To receive LWA, claimants must be unemployed due to COVID and be eligible to collect at least $100 benefits for UI, PEUC, PUA, SEB, or TRA for weeks ending 08/01/2020 to 09/05/2020.

LWA is payable beginning the week ending August 1, 2020 and will end the week ending September 05, 2020.

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Build Your Credit with No Credit History

Have you recently been denied for a credit card because of insufficient credit history? How can you build your credit if no one will qualify you for a credit card?

Apply for a secured credit card to start building your credit history

To get qualified for a secured credit card, you’ll have to provide your credit card issuer with a security deposit prior to approval. The limit on your secured credit card will be the amount of your security deposit.

The credit card issuer reports your purchases and repayment activity to credit bureaus the same way as the unsecured credit card issuers. That will help you build your credit history.

Use the secured credit card responsibly

Once you received your secured credit card, use it regularly, without overspending and get into a healthy habit of paying it on time.

The secured credit card will incur interest on statement balances that are not paid in full and on time. These charges can add up quickly and they will increase your card balance which will negatively impact your credit score.

It is important to pay attention to how much you spend and when you repay. Make your credit card payments on time, all the time.

Monitor your credit score

Check your credit score and credit history regularly as you get used to your credit card. Your credit card issuer may give you free access to your score.

With controlled spending and on-time payments, your credit score and credit history will improve over time.

High credit scores will help you qualify for low interest loans and unsecured credit cards that offer rewards.

Popular credit cards: CITI ▪ CHASE ▪ CapitalOne

If you already have a credit history and need help improving your credit score, our credit repair specialists are a phone call away.

CALL: 702.541.8215