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The New Credit Normal: Navigating credit in a post-pandemic world

By Tonya Rapley, My Fab Finance



Chances are you’ve heard the word “unprecedented” more in the past year and a half than you ever have before. That's because 2020 and 2021 have been a year of unforeseen challenges and for many it has been difficult to find the exact words to describe the experiences lived in the face of a pandemic followed by job loss and inflation.

We are collectively facing a new ‘normal’ and for many, it has had a direct impact on our finances.

This year, Chase released findings for its Slate Edge Credit Survey, and a majority of respondents indicated that they are actively trying to improve their credit post-pandemic. Additionally, 22 percent said that the pandemic had a negative effect on their credit score.

There are several indicators to keep in mind when analyzing the health of your finances. Adequate savings, manageable debt amounts, sufficient income, and clearly defined goals with a plan to achieve them. Credit is one of these factors and it is essential when it comes to making big purchases such as buying a house or a car; and over 80 percent of all audiences surveyed agreed that a good credit score enables them to hit life milestones.

As an entrepreneur, and new homeowner myself, credit has played an integral role in achieving life milestones.

While much is changing, the rules of credit haven’t. Your credit score is based on data such as your payment history, balances owed, the length of your credit history, the type of accounts you have, and recent credit report activity. All of this can be found on your credit report.

Leveraging credit is one of the easiest and most effective ways to revamp personal wealth. Credit cards can be helpful tool for improving and maintaining your financial goals when used properly.

So how do we adapt to this new normal?

  1. Make Payments on Time
    Late payments can negatively impact your score. A payment that is more than 30 days late can reduce your credit score by as much as 100 points. If you cannot make your payment on time, reach out to your creditor as soon as possible to discuss your options.
  2. Check Your Credit Score Regularly
    It’s hard to change what you don’t understand. There are many tools available for you to check your credit score which allows you to make necessary changes and adjustments before your next major financial decision. opens in a new windowChase Credit Journey is free and you don’t have to be a Chase customer to enroll. You can see your latest credit score without affecting your credit, receive critical notifications that help protect your credit, and access personalized resources that can assist in improving your financial health.
  3. Create Goals and Find A Way to Stick to Them
    This is easier said than done, but it is possible. Creating financial goals, whether big or small, helps orient your actions in the direction of your hopes and dreams. Breaking your large goals down into smaller actions is a good practice that can make the seemingly impossible feel possible. Set goals based on what you would like to achieve in the next 30, 90, 120, and 360 days.

    If you find it challenging to stick to your goals, consider enlisting an accountability partner. Accountability can come from family, friends, online communities, or a local group that you are a part of.

As we head into the new year, it’s important to remain aware of how even slight changes can have major impact on our financial lives.

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