This article was first published in NerdWallet. com.

Welcome to NerdWallet’s Smart Money Podcast, where we answer your real questions about cash.

This week’s episode begins with information on how to get tested for COVID-19 right now.

Next, we move on to this week’s factor of a listener’s voicemail. Here’s it:

“I have a query. I took out a $3,000 non-public loan and my credit score dropped by about 30 issues, and I was surprised by this big drop. I thought about maybe five or seven problems. So [my] query is: it’s for a period of three years; if I repay this loan, say next week, can I get my 30 credit score issues back or not?Well, I appreciate your help. Thank you.  »

In addition, we are holding a raffle ahead of our next Book Club series, where listeners can enter for a chance to win Bola Sokunbi’s “Clever Girl Finance. “To see how to win the book, send an email to podcast@nerdwallet. com with the subject line “Book Sweepstakes” the deadline of the contest. Include the following information: your first and last name, email address, zip code, and phone number. It is not necessary to acquire it. Void where prohibited. Open to legal U. S. citizens over the age of 18. Tickets must be won by February 9, 2022. For more information, please visit our official Contest Rules page.

Discover this episode on one of those platforms:

Finding COVID-19 tests right now is tricky, but some recent adjustments have made it a little easier to get them. The government recently announced a new website, COVIDtests. gov, which allows you to request 4 loose tests according to the household. According to personal insurance, you can get up to 8 tests according to the month covered through your insurer. For tests you purchased before January 15, use the HSA or FSA quote to refund your fees. Also, if you’re traveling abroad, know how to navigate exams.

When it comes to reversing a drop in your credit score, start by understanding what’s going on in your score. Applying for a loan will put a thorough investigation into your credit report. The effect of thorough research will vary from user to user, but it prevents your score from being affected in less than a year.

To maintain healthy credit, monitor your credit score. This will help you become familiar with changes from week to week and help you spot fraud. Also consider using a credit simulator to see how an action like a loan application is most likely. have effects on your score. And most importantly, pay all your bills on time. A past due payment can remain on your credit report for seven years.

Do you have some money? Text us or call us at 901-730-6373. Or you can email us at podcast@nerdwallet. com. To pay attention to the previous episodes, head to the podcast homepage.

Sean Pyles: Welcome to the NerdWallet Smart Money podcast, where we answer your questions about non-public finance and you feel a little smarter about what you’re doing with your money. I’m Sean Pyles.

Sara Rathner: And I’m Sara Rathner, I’m replacing Liz Weston. To send Nerds your questions about money, call or text us at the Nerd Hotline at 901-730-6373; is 901-730-NERD. Or write to us at podcast@nerdwallet. com. No hit this subscribe button to get new episodes on your devices every Monday. If you like what you hear, leave us a comment. and don’t tell a friend about us.

Sean: In this episode, Sara and I are responding to a listener about how to oppose a drop in the credit score. But first, in our This Week in Your Money segment, we’re talking about how to navigate to get COVID testing right now.

Sara: COVID testing is the hot spot of the season that no one has ever asked for. Probably the least predictable Christmas sock that has become popular in December.

Sean: Yes.

Sara: Although I would have liked that; nor are they reasonable. Therefore, recent adjustments have been made that allow you to get your refund.

Sean: And as with everything pandemic-related right now, like mask tips and quarantine tips, it’s a pretty confusing topic. Therefore, we seek to rank through other tactics that other people can afford, get a refund, or miss COVID tests correctly. now. And for the most part, we’re talking about immediate COVID testing. At a higher level, because your insurance policy determines your medical care in this country, the type of insurance you have will be your advisor on how to cover covid testing. , if you can. And the two words that sum up what we’re going to talk about are “unnecessarily complicated. “

sara: and how. Starting January 15, user insurers will have to cover the charge of up to 8 immediate COVID checks depending on the user depending on the month. For now, it seems that you have to pay the check yourself and then request a refund. Biden’s management is looking for insurers to cover the charges upfront, but we’re not there yet. Another option is that if you have a financial savings account, or HSA, or a flexible spending account, otherwise known as an FSA, you can refund fees through those accounts. So if you paid a COVID check before the January 15 date, before insurance companies must reimburse you for the purchase of checks, you can still get a refund through your HSA or FSA. It’s also worth noting that those types of accounts would possibly cover other pandemic-related items, such as masks and hand sanitizer.

Sean: And those things are vital to being able to adopt what’s called the Swiss cheese topping method. Have you heard of it, Sarah?

sara: if It is like other layers with gaps. But if you overlay a bunch of things with other hollow patterns, you end up with a counterfeit object.

Sean: Masking, tests, shots, they all have their holes, but when layered, they offer more coverage than any single layer.

Sara: You know what? If something motivates us when we’re tired of the pandemic, because we’re all exhausted by it, it’s just a clever reminder that all the efforts you can put into protecting yourself, protecting your family, protecting the other. people around you and your community, it’s better than nothing.

Sean: Yes.

Sara: So masking, sanitizing your hands or washing your hands and of course getting vaccinated are wonderful tactics to combine, and we can get out of this as soon as possible.

Sean: Yes. C it’s hard when you’re in it. . . We’ve been there for almost two years. At this point, we see symptoms that the Omicron wave may have already peaked. I have followed a lot of epidemiologists who have taught me a lot about what we can be informed about our wastewater, which I never expected to be informed, yet here we are. While it may be tricky for your diligence, let’s do what we can and take care of each other.

Anyway, continuing the way other insurance can help you access COVID testing, I wanted to refer to Medicare and Medicaid. Original Medicare doesn’t cover internal testing at this time, so in order for those tests to be covered, other people who receive Medicare will want to do so. download according to a health care provider’s mission. However, Medicare Advantage could offer coverage and reimbursement for in-home testing, so those who get Medicare Advantage benefits check their plans. And that said, HHS will offer up to 50 million single-house testing at network fitness centers and Medicare-qualified fitness clinics. Medicaid, on the other hand, covers the charge for home exams. And if you are not insured, or even if you have insurance, you can go to COVIDtests. passv, the online website page the recently launched federal pass, to request up to 4 matching house tests with family member for loose shipments.

Sara: And there are a lot of tricks to locate checks that other people use. Our specific fitness insurance app has a COVID-19 segment that offers checks to send home for every user you have on your insurance plan. are insurance providers that have this availability, so check your insurance plan, ask your office’s benefits manager, or download your insurance plan app to see if it’s an option for you. And then, it’s another thing to look into more rural spaces as well, if you’re looking for checks. If you live closer to a city center, there are more check requests, but if the car ride isn’t as long to a less populated area, you may be able to find checks. quotes there.

Sean: Let’s also talk about checking a vacation abroad right now. NerdWallet editor Sally French recently wrote an article about a circle of relatives who ended up paying $1,000 for COVID checks to enter the United States and this circle of relatives was unlucky. Experience, however, highlights the logistical and monetary nightmare of the foreigner when many countries require evidence of a negative COVID check for you to enter them. And Sally’s article also explains how to take care of this process. It’s about knowing which checks are accepted through your destinations and how to locate checks as you browse, making plans on when to take the check and how much the checks are cashed, and the check fee can vary greatly. One user discussed by Sally in one article had to pay $100 per check, while another had to pay only $12. For more on this, see Sally’s article. We have a link in our display ratings post. You can locate this nerdwallet . com/podcast.

Sara: One thing to pay attention to is scams and scam sites. A few weeks ago, news emerged about a company called The Center for COVID Control. It seems true.

Sean: That’s right.

Sara: The company has many verification sites around the country, but the only problem is that many other people claim that the company is a scam in general. Other people reportedly won the effects of their checks even before they were verified. No, it’s okay. At a verification site in Florida, there was a tip pot with a sign that said “Tips for Tony. “Tony is a dog. So I guess they were just raising money for a dog, okay?

Sean: Absolutely crazy.

Sara: Ouais. Je I don’t know what this has to do with COVID testing.

Sean: Yes.

Sara: I don’t know if dogs really have a big COVID outbreak, but it doesn’t matter. And one last word on testing: access to evidence is a matter of fairness. Studies have shown that low-income communities and communities of color are more likely to contract COVID and less likely to have access to COVID testing. And one thing you can do to help counter this in a modest way is to donate some of the evidence you may get in the coming weeks to a local shelter. that’s helping other homeless people and other vulnerable communities. Sean, I know this is all you plan to do.

Sean: Ouais. Je I mean, I paint from home. I rarely travel. So, my threat of exposure is low, but I need to make sure that other people in my netpaintings who aren’t as privileged can access those tests. So I plan to donate some of the evidence I get in the coming weeks. take as much as you can. I plan to donate them to a local shelter in my netpaintings where one of our friends paints. So I inspire other people to do the same if they are in a similar position.

Sara: Ouais. Si you have older or immunocompromised neighbors, it’s hard for them to walk into a store, run errands, wait in long lines, be exposed to a lot of other people, text them, knock on their door, knock on them. , find out if you can test them; leave it in front of your front door for them. It would be helpful if you have someone in your life, in your community, who is suffering to access those things.

Sean: Okay. Well, I think that’s enough for COVID testing for an episode, but we still have one more thing to deal with before we move on to that episode’s money factor. As you may have noticed, we are working very hard to publish wonderful podcast content for you, our beloved listeners.

And next month, we’ll be releasing our first episode of the new Nerdy Book Club series, where our own personal finance nerd, Kim Palmer, interviews e-book writers about non-public finance. In our first episode of the e-book club, Kim interviews Bola Sokunbi, writer of the eebook “Clever Girl Finance. “And we organize a raffle on the podcast where you have the possibility to win a single copy of the Sokunbi Ball eebook. To move on to winning, all you have to do is send an email. podcast@nerdwallet. com the contest period with the subject “Book Draw”. Also come with the following information: your first and last name, email address, zip code, and phone number.

And here’s a brief disclosure about the contest, courtesy of the wonderful minds of the NerdWallet legal team: The Smart Money podcast eBook Contest is sponsored through NerdWallet. It is not necessary to acquire it. Void where prohibited. You must be a legal resident of the United States, over the age of 18 to participate. Entries must be won by February 9. Visit nerdwallet. com/ebookclub for more details.

Now we can move on to the effective factor of this episode. The cash in this episode comes from a listener’s voicemail. This is it.

Listener: I have a query. I took out a $3,000 non-public loan and my credit score dropped by about 30 numbers, and I was surprised by this big drop. I thought maybe five or seven numbers. So [my] query is: it’s for a period of three years; if I repay this loan, say next week, can I get my 30 credit score issues back or not?I appreciate your help. Thank you.

Sara: To answer this listener’s question, we are united through Nerd Credit, Bev O’Shea.

Sean: Welcome to the podcast, Bev.

Bev O’Shea: Thank you, Sean. It feels like being back.

Sean: Let’s overlook what happened in the case of our listener. Why would a loan lead to a drop in credit score in this way?

Bev: You know, it wasn’t the non-public lending consistent with it.

Sean: Mmm hum.

Bev: I can’t ask our listeners questions, however, one of the things I would ask them if I could is if they implemented credits recently. Multiple credit programs can hurt your score. And the scores were from the same edition and from the same credit office?It can also be from another.

Sean: So, you need to make sure you do an apple-to-apple comparison, checking the same score from week to week so you can monitor any changes, because other offices calculate your score differently.

Bev: That’s right. And also when you apply for credits, they regularly do not review the 3 offices. They do if you apply for a mortgage, but in most cases, if it’s a non-public loan application or a credit card, they’re I’ll dial just one or maybe two. I think our listener’s considerations are: can I recover my problems?

Sean: Well, I need to communicate a little bit about that as well. So do you have any idea why the drop in our listeners’ credits scores 30 numbers instead of what they expected, which is around seven or five numbers?

Bev: The first is that they might not have the same score in comparison, but another is that creditss scores have many moving parts. Your score could drop because your balance is higher than normal. lead to a minimum if it leads to an accumulation in what is called the use of your creditssss. If you use a particularly high percentage of your available creditssss in a car creditssss, it can cause you to lose trouble. You may lose problems when you pay off a loan. You may lose problems if you close a credit.

Sean: Aside, can you explain why you would lose trouble if you paid off a loan?Because other people go through this all the time and it can be a huge source of frustration.

Bev: Oh, of course it’s possible. Yes. C it is contradictory.

Sean: That’s right.

Bev: People will think that if I repay a loan, I’ve shown that I’m a very smart creditsss risk; and what creditss scores see is that you have one less line of creditsssss from which they can calculate the probability that you will repay a loan. This can be incredibly frustrating. Specific car loans can cause a challenge because you lose some of your available credits and then increase the use of your credits. Even paying off a car loan can hurt your credits, especially if you don’t have another installment loan. Installment loans are loans that have level bills where you pay the same amount each month.

Sean: I’m in a position where my student loans and my car loan are on track to be paid off in the same year, and I guess it would possibly not be smart for my credit report and credit score.

Sara: No, but you’ll probably sleep much better at night.

Sean: Yes. My bank account and my savings account will be very satisfied when I have all that cash to put into it from the loans I repay, that’s for sure.

Bev: Would you have an installment loan?

Sean: Yes, I guess it’s probably not bad news for me, because I’ll still have my mortgage and have it for several years, decades to come. But I’ll have two out of three of my paylines on my credit report at that time.

Bev: Oh, I don’t think it will do much harm if that’s the case.

Sara: And, Sean, I guess you probably have one or more credit cards, so you still have that combination of credits, and it can also be smart for your credit score over time.

Bev: Sí. La credit score loves mortgages.

Sara: It’s smart to know because you also have a mortgage. Why?

Bev: Oh, because you went through so many tests to get your loan to show that you’re creditworthy, and you can see on your credit report that you’re paying off your loan on time.

Sara: That’s right. If you’ve never gone through the procedure of underwriting a loan before, it’s just a matter of begging to love you for several months. It’s like, here are all my bank accounts, here’s an explanation for everything. Here are all my strengths. Here are my other debts, please love me. Please lend me a lot of money.

It also opens the question of what effect applying for other types of loans, such as a car loan, a loan, a car loan, can have. Can you tell us what kind of drop other people can expect if they apply for a non-public loan than a loan [or] car loans?

Bev: In general, a credit check is largely a credit check. Sometimes some loans (and those would be non-public loans for other people in distress) can hurt more, but in general, an investigation is an investigation.

Sean: Okay.

Bev: It doesn’t matter what you implemented for.

Sean: So even if a loan turns out to be larger on your credit report than a car loan or other type of non-public loan, doesn’t the survey itself matter from one loan to another?

Bev: No, and it doesn’t matter if you get the loan or they deny it.

Sara: It’s to know. So no matter what, even if your application is denied, will your credit score be temporarily affected?

Bev: Or, if you’re in a scenario like this auditor where you approve the loan and see the effects of it and need to pay them off, it might not be smart for you to repay the loan, as far as your creditssss are concerned. I fully perceive where the listener is coming from. When we were filling out our basement, I thought about how smart it would be for me to get a 0% introductory credit card so I could put those fabrics and things I was buying into the credit card and I would have 12 months to pay for it. So I ordered one and they gave it to me, and it was the first $1,000 creditssss limit they gave me. And I was so frustrated because a $1,000 limit wouldn’t help me much. . .

are: no

Bev:. . .  with basement expenses. And besides, even if I charged them, I’m going to have this massive use of credits on that credit card. So I wish I hadn’t applied.

Sean: Did you call and ask for an upper credit limit?

Bev: I did. And they gave me $1,100. She made me so. . .

Sean: One hundred more. Super.

Bev: It’s frustrating because I was told it was the result of seeing what I was going to be able to afford. And I thought, why does it have to be the lowest credit limit I’ve ever had?

Sean: Yes.

Bev: And I still don’t understand, but my temptation was to cut off the credit card. It doesn’t do me any good because I still have this credit app.

Sara: So it’s important, I look forward to this listener and anyone else who makes similar decisions. It turns out that once you apply, your credits are damaged, and your behaviors in the future may not erase that initial credit inquiry, but they could help you in the long run, if you do things like pay your expenses on time and things like that. So how can you recover in the long run and how long does it take?

Bev: It will depend on why that person’s score went down. In the most productive case, immediately, it would be because there was a high rate on a creditss card that increased the use of creditsss. Once this is refunded and reported to the creditss offices, the damage is repaired. If it’s your mistake, if your record was combined with someone else’s, if someone reported you late when you weren’t, those are the kinds of mistakes, big mistakes that weren’t your fault, that when you correct them, you get your problems back right away. Serious research or several of them won’t hurt your credit score for more than a year.

Sean: We talked a lot about the importance of on-time bills and how it can help you increase your score, but also if you don’t make a payment, how much your score can decrease. If our listener makes on-time bills each month, how long do you think it would take you to rebuild your score and get back to where you were before you were given that loan?

Bev: Sean, it’s hard to say because getting this loan probably isn’t the only explanation for why the points stand out. Do you track your score every month?

Sean: Every week.

BEV: Have you ever noticed a point replacement that you couldn’t explain?

Seán: Yes. And when I dig a little deeper, I think it tends to come down to my use. From week to week I’ve noticed that my score varies around seven topics and this has happened in the last few weeks I think because I spent more on vacation, I traveled more, things like that. So I think I have the explanation, but I’m not sure; however, that’s the only difference I see with what I’ve done on credit.

Bev: And you very closely.

Sean: And it’s still a little tricky to pin down what’s going on.

Sara: Yes. I have noticed that my score varies from week to week. Sometimes there is an apparent explanation, I recently implemented a credit card and my score drops. I also use the NerdWallet app to track it, so I get an alert. when this happens. So it doesn’t surprise me. You know, some fluctuations are normal. If you see something vital and there’s no apparent explanation, it’s worth exploring just to make sure no mistakes were made or anything like that.

BEV: Of sûr. Ouais. Il can also be identity theft, a factor you need to address very quickly.

Sean: We talked about this a little earlier, but will prepaying the loan make our listener feel affected?

Bev: Paying off the previous loan may make a difference, but not the difference the listener expects. This can really lower your score. If I only paid a ridiculously high interest rate, I would do it anyway. It’s just not going to improve your credit score.

Sean: Yes, and you probably wouldn’t delete the loan application or credit check.

bev: no

Sara: And how unusual are the consequences of prepayment of loans?You know, you hurt yourself financially by paying off your loan earlier than expected.

Bev: They’re not common, but they’re worth checking out.

Sean: Let’s look at how to rebuild credit, because that’s what our listener and many other people are interested in doing. What do you think is a smart starting point for other people, Bev?

Bev: Getting bills done on time is boring each and every time, but it’s crucial. If you make a mistake and have a late payment of more than 30 days, this will almost be reported to the credit bureaus. the score is high, you can lose more than a hundred points. Scores drop and recover slowly.

Sean: And that’s because the late payment mark will remain on your credit report for up to seven years. Correct?

Bev: That’s right. I mean, there are things you can do to rebuild your creditsss and one is to get a secured creditsss card or ask someone who has a smart score and payment history to upload it to a creditsss card, if they’re willing to do it.

Sean: You were added as a legal user, didn’t they?

Bev: They don’t even want to give you the physical creditsss card or the creditsss card number. Just because you’ve been added can your creditsss score.

Sara: If you find yourself in a scenario where you’re someone’s legal user and it’s possibly not their credit card as responsibly as you’d like, can you be removed?

Bev: Yes, you can. You will have the number on the back of the card and ask for it to be removed.

Sean: What about other people who are really in trouble, but still need to know how to manage their credits responsibly?What recommendation do you have for them?

Bev: The best recommendation is to pay on time, each and every time, [and] monitor the use of credits. You may need to pay your bill a little earlier to restrict the use of your credits. You need it to be less than 30%, and less than 10% is even better.

Sean: For other people who don’t know the term creditssssss usage, it’s essentially the amount of available creditsssss you use. loans and cards, and the use of your card. Because, as he discussed earlier with his creditssss card that had the measly $1,100 limit, if he used all of that, he would do it more strongly than if he spread the prices among other cards.

Bev: I think that’s true, Sean, but there are exceptions. So I still hate to say it happens each and every time.

Sean: It’s smart to cover yourself with a canopy. Well, that is one of the reasons why we suggest that other people play with the credit simulator that we have in NerdWallet. You can add other points and see how applying for a loan or paying off a loan can improve your credit scores. Do you have any other recommendations for other people who need to be more informed about how to manage their credits?

Bev: One would be to keep credit cards open unless you have a convincing explanation of why to close them. close your account never to see it again. And finally, the account can hurt your score.

Sara: Something that occurs to me is that if you have an old credit card that isn’t used in a drawer of a cloth closet somewhere and you never use it, the issuer may also close it due to its inactivity. If you have one of those cards, you may need to qualify for some small fees a year, pay them in full and that way the card remains active and doesn’t take the hit on your credit score accordingly.

Bev: Usually, like Netflix, you can put it into automatic payment.

Sara: That’s what I do with one of my cards. My oldest credit card is my Netflix.

Bev: That’s the right thing to do.

Sean: Another thing I wanted to mention is that I think it’s vital that other people put their credit scores in perspective, because yes, the odds will change from week to week. If your score is already in good shape and you don’t foresee the desire to apply for more lines of credit soon, I think maybe other people shouldn’t worry too much about it. Yes, I check my score every week. I think it’s vital to monitor your score regularly, but don’t worry too much. It’s certainly not worth losing sleep. I think other people can focus on what they can control, make bills on time as you discussed earlier, Bev, and take a look to keep balances low and apply for credits in moderation.

Bev: I agree with that, Sean. I need to say that a credit score is not a character judgment. Some other people feel that this is the case. It’s not. There is no clever explanation as to why I know how to buy an 850. It doesn’t bring you anything that a 750 wouldn’t bring you. The right to brag is everything.

Sean: Well, Bev, thank you very much for us.

Bev: It’s a pleasure, Sean.

Sean: Okay. And with that, let’s move on to our takeaway tips, and I’ll get started. First, know what’s helping or hindering your credit score. Serious requests for new credit programs can cause your score to drop, but you can take steps to repair it, such as making bills on time.

Sara: Then keep track of your creditsss score. A weekly review can help you monitor changes; and use a creditsss simulator when you don’t know how an action is most likely for your creditsss score.

Sean: Finally, be sure to pay on time. An overdue payment can remain on your credit report for seven years. The effect of other credit errors, such as an application you regret, doesn’t last as long.

And that’s all we have for this episode. Do you have any questions about cash? Contact the Nerds and call or text us at 901-730-6373; is 901-730-N-E-R-D. You can also email us at podcast@nerdwallet. com and stop by nerdwallet. com/podcast to learn more about this episode. And don’t subscribe, rate, and rate anywhere you get this podcast.

Sara: And here’s our brief disclaimer, painstakingly crafted by NerdWallet’s legal team: your questions are answered by knowledgeable and talented financial writers, but we’re not financial or investment advisors. This information from Nerdy is provided for general educational and entertainment purposes and may not apply to your specific situation.

Sean: And that said, until next time, to the nerds.

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