Will Furlough affect credit score?

Martin2001

If i have the option to use holidays or Furlough, which is best for credit score, or is there no difference?

jimbo26

I don't know what your asking, but it doesn't really matter because nothing is better for your score, as your score is a made up number generated by the CRAs and only seen by you.

phillw

Ignore the usual unhelpful "credit score" is a made up number posts.
If you Furlough then you are in effect getting a reduction in salary & you should declare the reduced salary if you apply for credit while you are being paid the reduced salary.
If you aren't going to apply for credit then it won't make any difference, if you are then it still might not make any difference. Maybe if you're getting a mortgage on your dream property and you're going to self move and the property is already empty, otherwise you shouldn't really be looking to move anyway.
Once the furlough is over then it won't have any effect on your ability to get credit.

D3xt3r5L4b

Martin2001 said:

If i have the option to use holidays or Furlough, which is best for credit score, or is there no difference?

Why would how you are being paid effect a made-up number?

Martin2001

It was more of a worry, that say in 6 months I would like to move house, would it make any difference having been furloughed for a month. If the pay was different I suppose it would drop down my average over the last year, or however many payslips they averaged over, but probably not a great amount.

Thanks philw

mwarby

If you forlough can you make all the contractual payments on your debt ? If so that is a good option

If you take a payment holiday this won't be shown as missed or late payments, but it will be there in the data that the balance didn't go down and no payments were made. This will have an effect on the score shown, what the real lif effect is will vary from lender to lender