The Affects of Job Loss on Your Credit Score 

• Examine your finances
• Determine your monthly expenses 
• What is basic amount of survival money you need to meet your monthly payment obligations? 

• Look for hidden expenses which may be eliminated for the time being. 
• Think about all of your available lines of credit, such as the equity you have in your home and your savings. 
• Your 5 priorities should be rent/mortgage, utility bills, food, insurance, and medicine.
• Call your creditors and explain your financial situation; creditors are more likely to be reasonable discussing payment options than if you wait until you have missed a payment. 
• Don't close your accounts and cut up your credit cards; use them sparingly. Unemployment will compromise your ability to get a line of credit. if you have an overdraft guarantee from your bank for $4,000, but only $200 in your account, keep the account open but abstain from using it. It takes time for a bank to develop trust in account holders; avoid tarnishing your relationship with your banking institution.
• Create a job search plan of action. Be strategic not only in your finances but in your search for a job as well. 
• Look for networking opportunities everywhere. 

Protect Your Credit Score

• Keep track of your credit score and know what it is. You are entitled by law to one free credit report per year if you get them through AnnualCreditReport.com.
• According to the Fair Credit Reporting Act* you are also entitled to a free credit report if you are unemployed and searching for work. It is not uncommon for a future employers to run a credit check on you, (another reason why you should take charge of knowing what is on your yearly report).
• Check errors in your credit report you may ask to have it corrected, but this is a process that takes place via mail, and will not be an immediate fix.  If there is a problem be sure to take the time to resolve the discrepancy. 
• Without a regular paycheck coming into your household, the use cash for discretionary expenses is the suggested way to make purchases. You will naturally be more careful and mindful of how you are spending your money. An important benefit of using "cash only" is that if an emergency were to arise you would have credit available.
• Focus on making the minimum payments on your bills. Most important, make sure the payment is received on time. Maintain your cash reserves until you get your new job and when you get your new job, resume your goal of paying off your credit card balances.
• Defer debts when possible. Call your lender and inquire about an "economic hardship" deferment. Student loan payments can be deferred if you have been unemployed for at least 30 days, allowing you to postpone your payments and for interest not to accrue during your unemployment. Deferred debt does not impact your credit score because deferred debt is not reported to the Credit Bureaus as late or missed payments.