How putting your credit card into forbearance can affect your credit score.
or resuming regular payments once forbearance is over). However, borrowers who don't fully understand their credit card forbearance programs can fall into a few common traps that can hurt their credit indirectly.Because forbearance frees up money in your monthly budget, it can come with a large sense of relief. However, putting things out of sight and out of mind could cause you to neglect your credit score if you're not careful.
Here are some traps you may fall into while in forbearance that could ultimately affect your credit score.You might think that you can spend more because your interest is lower, but be careful to avoid keeping a balance on your card. Qualifying for an interest rate reduction simply means your interest is lower, not that forbearance is interest-free.Eating up your utilization:
If you can't make payments towards your balance, it will stay on your credit report until you pay it off. A higher credit card
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