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Unemployment
Saving Energy, Unemployment

Does Unemployment Affect My Credit Score?

This content is for the first stimulus relief package, The Coronavirus Aid, Relief and Economic Security Act (The CARES Act), which was signed into law in March 2020. For information on the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, the stimulus relief package currently pending legislation, please visit the “New Coronavirus Relief Package: What Does it Mean for You and a Second Stimulus Check” blog post.

The COVID-19 pandemic has changed the economy in many different ways. One of the biggest changes has been changes to employment for many people. In some cases, many have been laid off. In other cases, people have been furloughed or had their hours reduced. The number of people receiving unemployment compensation has also hit record numbers. In this article, we’ll take a look at how filing for unemployment and/or receiving unemployment compensation can affect your credit score.

How does unemployment compensation affect your credit score?

The process for filing for unemployment is different in each state. Generally, you will need to file paperwork with your state’s unemployment office, either in person or online. The amount of unemployment compensation you receive generally depends on the salary you earned at your most recent job.

The CARES Act of 2020 made several changes to the unemployment process. First of all, it waived the requirement that several states had in place where one must be actively looking for work to receive unemployment compensation. It also broadened the definition of who was eligible for unemployment and gave an extra $600/week to most people receiving unemployment compensation.

The good news is that filing for unemployment or receiving unemployment compensation does NOT appear on your credit report. Generally, credit reports will not update your employment information unless you apply for new credit. And remember, only information about your financial accounts affects your credit score.

Is filing for unemployment bad for your credit?

As we discussed, the mere act of filing for unemployment or receiving unemployment compensation is not bad for your credit. Being on unemployment does not affect your credit score and in most cases will not even appear on your credit report at all.

Where being unemployed can hurt your credit is all of the ancillary effects from being without a job. Generally speaking, unemployment compensation is less than the salary that you were receiving (though the extra $600 from the CARES Act has changed that for some people.) With less income, that will obviously have a big impact on your overall household budget. 

What can damage your credit while you’re unemployed? 

Even though the act of filing for unemployment or receiving unemployment compensation does not affect your credit score, your credit can still be damaged while you’re unemployed. Two of the factors that make up your credit score are your total balances and your credit utilization ratio. Both of these can be affected if your finances are impacted due to a loss of income.

If you find yourself to continue living below your means while your income is reduced, it is likely that you may end up with higher balances on your credit cards. This results in the increase of your credit utilization ratio, leaving a negative impact on your credit score. 

How to protect your credit when on unemployment

There are a few steps you can take to help protect your credit while unemployed. The key here is to minimize the effects that being without your regular salary has on the rest of your finances. 

One good way to protect your credit while on unemployment is to make sure to have a solid emergency fund. Ideally, you should aim to have 3 to 6 months of expenses in an emergency fund. But if you haven’t been able to create one yet, it’s no help saying that you should have! If your emergency fund or savings won’t cover your time without employment, you have a few options.

  1. Cut down on your expenses
  2. Ask a favor from close friends or family 
  3. Accept that your credit score will be impacted

The good news is that if your time with a limited income is short, your credit score should bounce back in no time as well! 

Does unemployment affect your ability to get new credit/loans?

Yes, it will have a significant impact on your ability to get new credit cards or other loans. Most places that offer credit ask for your current employment status. This makes sense since they need to assess your ability to repay the loan or credit that they are offering.

Different banks and creditors will have different policies for evaluating the information that you provide to them. In many cases, the bank will ask for proof of employment, such as your paystubs. This is especially true when trying to qualify for a home mortgage. If you’re not able to provide current pay stubs, this can have an impact on your ability to get a home loan, even if you’ve already been pre-qualified or approved. 

Hopefully, this information was helpful if you are in a situation where you are wondering how unemployment affects your credit score.

The post Does Unemployment Affect My Credit Score? appeared first on MintLife Blog.

Source: mint.intuit.com

Loans, Making Money, Unemployment

6 Tips for Your Job Search During the Coronavirus Outbreak

A woman writes in a notebook with her laptop open next to her

New developments continue to pour in each day surrounding the coronavirus pandemic. The COVID-19 outbreak has drastically changed nearly every aspect of life for millions of people, and the workforce in particular has been hit hard. Businesses, employees, and job seekers are all scrambling to identify what exactly “normal” will look like in the coming months. Many employers are questioning how to continue business as usual, and people seeking new employment are left with an equally tough question: How do I get a job during this pandemic?

While things are
changing every day, it’s important to know there are plenty
of businesses still actively hiring new employees. Your job search may look a
bit different than it did in the past, but rest assured that there are still
opportunities ripe for the taking if you make a few adjustments to your overall
job search strategy.

Look Specifically for Remote Jobs

Many businesses
have been deemed “nonessential” and legally
ordered to shut their doors during the COVID-19 pandemic. With office buildings
closing up shop for the time being, it’s a great idea
to focus your job-hunting efforts on remote work.

Work-from-home
opportunities have recently seen an exponential growth in popularity, and the
coronavirus crisis has forced even more businesses to rely on remote work to
keep things operational. As you begin your search, keep a closer eye out than
usual for remote job opportunities related to your field and expertise.

Specifically, come up with a plan for yourself should you land an interview for a remote job. Be prepared for a virtual interview and have a game plan for discussing how you would manage a balanced work-from-home routine. If you have prior experience working remotely, emphasize this on your resume. Once you have a plan in place, start your search by browsing a job board focused on remote employment such as FlexJobs.

Embrace Online Networking

Your professional
network is more important now than ever before. If you haven’t logged into your LinkedIn account recently, this is the time
to start embracing the power of online networking.

In addition to
browsing available jobs on the platform, make sure you’re interacting with your connections, sharing articles, and
keeping your profile in tip-top shape. After all, your LinkedIn profile can
catch the eye of a recruiter and become a deciding factor in whether you are
chosen for a job.

Even further, according to a field experiment conducted by ResumeGo, job seekers with an active and comprehensive LinkedIn profile had a 71% higher chance of getting an initial job interview. In short, now is your time to shine on LinkedIn!

Broaden Your Job Scope and Your Resume

If you’ve been
job hunting during the current pandemic and simply haven’t found many jobs you consider an ideal fit for you, it might
be time to broaden your horizons—even if it’s just a little.

Remember to keep
an open mind as you browse openings and realize that current opportunities are
a reflection of these trying times. With companies implementing hiring freezes
and others struggling to adjust to remote work, your dream job simply may not
be feasible at the time, and that’s okay!

Reevaluate your
best skills and ask yourself how else they could be useful to a company. Are
there similar jobs for which you’d make a great
fit? Can you tap into any other skills that may not be listed on your resume?
Do your best to stay open-minded and have more jobs to consider.

Stay in Touch with Your Old Employer

If you were recently laid off due to the coronavirus, rest assured you’re not alone. Many employees lost their jobs and were left scrambling to file for unemployment or seek out other work opportunities.

However, before
you cut ties with your previous employer, consider keeping the lines of
communication open as they may plan to bring their previous staff back into the
business once the dust settles. This is an uncertain time for everyone, so keep
all your options on the table.

Take the Opportunity to Learn New Skills

Whether you’re a pro in your field or just beginning to learn the ropes,
there’s always room for anyone to acquire
new skills that can take their abilities to greater heights.

If you’re not in financial stress and don’t need to find a new job in a hurry, this can be the perfect
time to invest in your professional skills and learn something new. Browse the
internet for courses or tutorials to help you earn a new certification to add
to your resume.

Additionally, be
sure to check your local colleges and universities, as many schools are
offering free or discounted courses for people to take during the COVID-19
pandemic. If you’ve ever wanted to learn more about
anything, now is the perfect time to do so!

Pay Attention to the News

New developments
to the coronavirus and related relief efforts are announced daily. As medical
professionals and government officials continue to learn more about the virus
and adjust our precautions, you can expect a new norm for many weeks to come.

While cases have
been escalating at an alarming rate, keep in mind that things will get
better
. Stay up-to-date on the latest developments by tuning in to a
reputable news source so you can be one of the first to know if new
opportunities become available. Nonessential businesses will eventually open up
at some point, and when that moment comes, there will be an influx of new job
opportunities for those who move quickly.

Conclusion

During such difficult
times, it’s easy to become unmotivated when it
comes to pursuing new employment. Circumstances are changing each day, but
remember there is still plenty you can do to carry on with your job hunt.

Go to Guide

Privacy Policy

Several businesses are actively hiring, and others are even urgently seeking new team members. While your job hunt may look different for the next couple months, keep your head up! Together, we will overcome this crisis.

McLean Mills is a career coach and resume writer, as well as a content creator for Enhancv. He has over a decade of experience helping job seekers unlock their hidden career potentials and knows the hiring game inside and out. In his spare time, he loves jogging, playing frisbee with his dog, and spending time with his children.

The post 6 Tips for Your Job Search During the Coronavirus Outbreak appeared first on Credit.com.

Source: credit.com

Home Improvement, Unemployment

Staying Home for the Super Bowl? 9 Items To Give Your Place a Sports Bar Vibe on Game Day

Super Bowl setupfstop123/Getty Images

Truth: Some folks were just fine with the fact that Thanksgiving and other holidays had to be scaled back last year due to the coronavirus. Frankly, less exposure to Aunt Martha meant you could avoid her gloppy casserole and prying questions about your love life.

But we’ll admit that watching the Super Bowl at home—when you’d rather be at your favorite sports bar tossing down hot wings and yelling at the screen—is just a wee bit depressing.

Alas, we still shouldn’t gather indoors as the pandemic hangs on. But the game (and the halftime show!) must go on—and there’s no reason we shouldn’t enjoy it in style. So why not transform your den into your own mini sports arena? For some help, here’s what the pros would include for maximum fun on game day.

1. TV trays

Tuck this slender piece along your couch end when the game is over.

Wayfair

“The Super Bowl is all about the snacks, so I’d pick these retro TV trays, especially since you can also use them as a mini desk after game day,” says Darla DeMorrow, author of “Organizing Your Home With SORT and SUCCEED.”

This wheeled pick can be slid into place easily, plus the lower shelves neatly hold remotes, books, and other den gear ($105, Wayfair).

2. TV wall mount

 

Swivel this device for the right angles in your TV room.

Amazon

Among the best parts of sitting in a sports bar are the multiple screens and replays, which means you’ll never miss a single fumble. At home, you can up your game with a sturdy wall mount so your flat-screen TV is perfectly tilted.

You can mount the bracket on wood, brick, or concrete and then relax, knowing the 10-year warranty has you covered ($27, Amazon).

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Watch: Rent vs. Buy: Yes, Even NFL Players Should Run the Numbers

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3. Cozy seating

Compact chairs are smart for small spaces,

Crate & Barrel

Comfy recliners or—better yet—smart-looking swivel chairs are the ultimate in seating in front of your big-screen TV, says Karen Gray-Plaisted of Design Solutions KGP.

This barrel shape sports a ’70s vibe as well as durable boucle upholstery that’ll help hide black bean dip drips ($1,199, Crate & Barrel).

4. Themed tumblers

Steel-lined, splash-proof mugs are a must during touchdowns.

Macy’s

Real fans feature their favorite team’s colors and logo at Super Bowl time, whether it’s a jersey hung on the wall or a set of cool containers for serving drinks.

If your money’s on Tom Brady to lead the Tampa Bay Buccaneers to the championship this year, outfit your den with these bright tumblers. Beverages stay cold for a full 24 hours thanks to double-wall insulation ($30, Macy’s).

5. Air fryer

A toaster oven and air fryer in one sleek device

Kohl’s

Homemade mac and cheese balls are cheaper (and possibly even more delicious) if you prep them yourself. But the best home cooking perk comes from using an air fryer, which yields healthier results.

If you can swing it, this high-end appliance is a workhorse that air-fries, bakes, broils, and toasts all of your snacks and breakfast foods in a stylish, stainless-steel package ($250, Kohl’s).

6. Floor pillows

Choose from 10 shades and striped combinations

Wayfair

“Since this year is all about staying safe at home, I think football fans should get cozy with big floor pillows, and this way, everyone has a direct line-of-sight seat for the game,” says DeMorrow.

This twill fabric features a simple color palette that’ll mesh with most decor schemes ($97, Wayfair).

7. Mini fridge

Smart door storage keeps soda cans secure.

Wayfair

What’s the one thing you can’t run out of during the Super Bowl? That’s right, cold beer. To ensure easy access to your suds, consider a mini fridge (especially in this sea-foam shade) for your den or rec room. This little guy pulls its weight as it also includes a freezer compartment ($180, Wayfair).

8. Panini press

A press that comes in chrome, red, or stainless-steel finishes

Amazon

Wonder why those subs taste so good at the bar? They’re crisped on the outside and melty between the layers—and you can achieve this same hoagie nirvana in a panini press.

“I love to lay out cold cuts, bread, and condiments, and then each person can make their own hot sandwich at halftime,” says Gray-Plaisted.

Thick paninis are no challenge for this nonstick press, which is also aces at griddling quesadillas ($50, Amazon).

9. Cheese tray

Perfect for charcuterie or a pile of brownies and whoopie pies

Wayfair

Aww, did you think we wouldn’t give the Kansas City Chiefs equal time? They’re in it to win it, too, this year. Plus you can’t have too many trays and serving platters during the Super Bowl.

This well-priced choice comes with its own nifty cheese knife with a handy pick at the end for spearing the fattest piece of brie ($53, Wayfair).

The post Staying Home for the Super Bowl? 9 Items To Give Your Place a Sports Bar Vibe on Game Day appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

Home Improvement, Unemployment

What to do with Your Basement

Is your basement currently the deep, dark abyss where holiday decorations and outdated furniture get lost? It doesn’t have to be! Just because it is the bottom level of the house doesn’t mean you can’t make it a top priority on your home improvement to-do list. If you’re looking for a little inspiration on what to do with it, we have a few ideas.

For the Sports Lover
Transform your cold, dark digs into a space all sports fan could only dream of. Essentials you’ll need for the ultimate basement transformation may include big screen TV’s, a pool table, comfortable recliners, sports memorabilia and your own personal mini fridge. Your space will turn into a game day oasis for friends and family.

For the Athlete
Two words: personal gym. Save yourself time and money on those pesky gym memberships and build your very own dream fitness center. No longer will you have dart for the only open treadmill during primetime hours or worry if the person before you cleaned the machines. By purchasing your favorite pieces of equipment that will last, you can save yourself almost $2,000 each year on fees.

For the Entertainer
Do you find your family constantly hosting for holidays or celebrations? Wow them with an at-home bar, built by you. Stock the shelves with your favorite beverages, snag some awesome bar stools and let the fun begin! It’s the perfect place to direct everyone for an after dinner cocktail and some conversation. Just remember the rule of thumb, if you’re opting to build your own bar the average bar height is 42 inches to ensure that adults of all sizes can sit comfortably.

For the Artist
Always dreamed of having your own space to freely create masterpieces? Now is the time! Turn up the heat of your once cold and isolated basement with the warm hues of paints, pencils, and clays. Pick up some easels, fill the walls with things that inspire you and voila! Just keep in mind that because you’ll be in the basement with little light, choose a bulb with a CRI of 80 to 100 to reveal vibrant, natural hues.

For the Bookworm
You typically only see it on TV, but some homes do have beautiful built-in libraries. Build out shelving all around your basement, fill it with your favorite stories and cozy up on your favorite vintage chair to unwind from life with a good book. Are you making your own shelves? Cherry wood has a rich and warm red color that deepens over time, making it a perfect selection for shelving meant to be seen. Fellow book lovers might envy what you’ve done with your basement, and may even want to come browse your selections!

Don’t let your basement go unnoticed. Say goodbye to those stored away boxes and bags and hello to your new favorite place in the house. Have another idea? Share it in the comments below for other readers to get inspired by!

The post What to do with Your Basement first appeared on Century 21®.

Source: century21.com