Coronavirus Cash Crisis: Should I Worry About My Credit Score?

The video discusses financial priorities during a crisis, emphasizing the importance of focusing on essentials rather than debt repayment. It advises not to worry excessively about credit scores during such times. The video also highlights the availability of free services to regularly check credit scores. Additionally, it suggests contacting lenders to understand the long-term impact on credit scores and to document any agreements made, which can serve as proof if reported to a credit bureau.

What should be the primary focus during a financial crisis according to the video?

• Investing in stocks

• Ensuring basic needs are met

• Maintaining a high credit score

• Paying off all debts

What is recommended for keeping track of your credit score regularly?

• Ignoring credit scores during a crisis

• Paying for a premium credit monitoring service

• Using free credit score services

• Hiring a financial advisor

What is a potential consequence mentioned for not managing loans during a crisis?

• Higher interest rates on new loans

• Increased savings

• Improved credit score

• Defaulting on loans

Why is it important to contact lenders during financial difficulties?

• To close all accounts

• To request more loans

• To understand the long-term impact on credit scores

• To negotiate lower interest rates

What should you document when reaching an agreement with a lender?

• The amount of debt you owe

• The lender's contact information

• The terms of the agreement

• Your credit score