 TITLE: How to Get Credit During an Economic Downturn CONTENT: What Happens to Credit in a Tight Market\n----------------------------------------\nLending can be a risky business, especially if economic conditions impact borrowers' ability to make their monthly payments. During an economic downturn such as the one caused by the COVID-19 (coronavirus) pandemic, lenders may be more willing to work with existing customers who are struggling to make their payments, by deferring payments, for example. But to make up for that, they also may tighten up their underwriting standards for new applicants.\nWith mortgage lenders, for instance, this may mean you need to have a higher credit score and make a bigger down payment than usual to get approved for a loan. Other loan types may have similar requirements, though with unsecured options like personal loans and credit cards, the emphasis will be on your credit score and history instead of a down payment.\nThe people who may be hit the hardest by these changes include business owners and people with poor credit, who may experience more financial challenges when times are tough than consumers who have excellent credit.\nFortunately, this doesn't mean that all bets are off if you need credit. You just may need to approach the situation differently and take some more time to research your options. END