COVID-19 and Your Credit

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A quick reminder if you have not seen or already participated in the government programs available, here are some quick links you may want to review and consider. Being prepared for the crisis that we are facing, you may want to review some additional information in regards to your personal or business Credit and Debt Profile, and how it may pertain to you.

Here is the best summary I have seen about the “Care Act” Click Below:

US Government Care Act Details

Banks and Lenders Overwhelmed By Calls To Postpone Payments

Corona Virus Affecting the Housing Market Click Here

In our opinion back in 2008 when the financial crises occurred, there were many challenges taking place in the banking system. As a precaution, if you call into your bank or your lender today or in the coming months ahead to potentially postpone your payments, take note that if you have a high line of credit within the same bank, there may be some possibility that now or in the future they may drop your line of credit to a lower amount if they think you are going through a financial crisis.

As this crises continues, the unforeseen elements to credit and credit capacity underwriting requirements for loans will change. Banks and lenders may eventually begin to include another element of risk as the “capacity to pay” may include CoronaVirus.
This can include additional risks and industries or job functions that they may determine.

Recently the Fed slashed interest rates and have eased banking lending requirements. This is a great opportunity in case you need a personal or business loan to stay afloat until this crisis subsidies, or if you are in a position to purchase or refinance.

Call your Banker or Mortgage Broker for details, or call us for a preferred Banker or Mortgage Broker in your area. Disaster Relief SBA Loan Website

Any potential loans, either personal or for business, SBA or otherwise, may still require Credit Checks. Keep your credit in order or at least preview where your credit standing is. Call us or email us to obtain a $ 1.00 No Hard Pull Credit Report prior to applying for any loan(s).

If you have any questions regarding your credit, debt, or how to maximize your scores for potential present or future loans, call us for a complimentary credit and debt evaluation to get you in the best credit position for the coming year.

Bill Ipsan
Ipsan West Credit Consultants
619.794.0278 office

We appreciate and thank all of our past and current clients as well as our referring partners, please stay safe.

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