How will Covid19 effect credit rating?

RobW1977

My wife has a really good credit rating, never misses a payment, pays everything off as soon as she can, The mortgage is in her name and we have applied for the Covid19 holiday which looks ok, we understand how that works, will getting a holiday on credit cards, loans, utilities etc will that go on credit file? and in 2/3 years hopefully this is all a distant memory will it be used against us/her? 
Whats the best advice to do, we're not cancelling DDs just going to pay what we can afford, both are self employed so at the moment not sure where money is going to come from?
Thanks

[Deleted User]

It depends how it's marked.  Berst hope would be as a U, so effectively not reported for that month.  But of course, the balance would not reduce, so it depends on the level of detail a lender dives into when they review your files.

If you can maintain contractual payments then do so, but if you can't, take advantage of what's on offer. 

Thrugelmir

You can rebuild your credit file in the future. Do whatever is neccesary to get get by. You'll be far from alone. 

DCFC79

RobW1977 said:

My wife has a really good credit rating, never misses a payment, pays everything off as soon as she can, The mortgage is in her name and we have applied for the Covid19 holiday which looks ok, we understand how that works, will getting a holiday on credit cards, loans, utilities etc will that go on credit file? and in 2/3 years hopefully this is all a distant memory will it be used against us/her? 
Whats the best advice to do, we're not cancelling DDs just going to pay what we can afford, both are self employed so at the moment not sure where money is going to come from?
Thanks

The package for self employed people will be announced tomorrow, checks Martins Twitter feed.

David_White

Communication is key as more so than ever there's going to be a huge difference between cancelling all your DD's and sorting it out in a few months and contacting your creditors directly in order to come to an agreement.
I expect there may be differences across companies but Experian have stated that mortgage holidays (applied for correctly) will be classified as a U and not damage your score.