Your financial wellness is a top priority at Jax Federal Credit Union. This year has proven to be an economic uncertainty for some, and we want to make sure that you stay positive. Here are a few questions you may have regarding your credit score and how it can impact your purchases.

My job situation has changed. What can I do with my finances that won’t lower my credit score?

One of the largest commitments to your credit cards is the interest rate. Call your lender to discuss a lower APR to adjust your monthly payments. You can also take a small reach out to discuss a payment relief program or small cash advance. These services don’t affect your short-term credit score. Being mindful of your spending habits, as making a late payment can negatively impact your score.

What types of actions could negatively impact my credit score?

A common change to your credit score can happen when you apply for a loan. This is because new applications usually trigger a new credit bureau inquiry. Using up available credit will cause your score to dip, so be cautious of spending beyond what is necessary. Have a plan to pay down your balances as best you can. If you’re delinquent on any payments, it could show up negatively on your credit report.

Will co-signing a loan for someone have an impact on my credit score?

It might be tempting to be helpful, but co-signing could affect your score in several ways. As a co-signer, you become responsible for payments towards the loan as the person you are co-signing for. If the person you’re helping is unable to pay, the payment responsibility is transferred to you. If you can’t pay for this added expense, it will negatively impact your credit score. Taking on the debt obligations as a co-signer will also impact your ability to secure additional credit or loans of your own.

Tips for reviewing your credit score:

Here’s how to access your reports, and things you should know:

  • Go to
  • No fee to access your credit reports from Equifax, Experian, and TransUnion.
  • Reports available once every seven days through April 2021.

Once you have your report, here are the key details you should review:

  • Personally identifiable information (name, address, SSN)
  • Open accounts.
  • Loans (mortgage, auto loan, etc.).
  • Look for any inaccuracies or suspicious activity (accounts you don’t recall opening, loans paid in full that show a balance, etc.).
  • No fee for filing a dispute.

If you find something on your credit report that you’d like to dispute:

  • File a dispute in writing with the credit reporting agency and business that reported the information.
  • Include documentation (paid in full invoices, receipts, etc.).
  • Send letters by certified mail with return receipt requested.

Be aware of Coronavirus Scams

Scammers are taking advantage of COVID-19 fears. Watch out for emails, texts, posts, or ads offering vaccines, products, or medical tips in exchange for your information, money, or clicks. Get more information about these scams.