My husband lost his job about 4 months ago and we’re now living solely on my income until he finds a new job. Recently, I’ve been skipping some of smaller bills to pay our larger obligations (mortgage and car payments). I see my FICO score has plummeted lately – I assume because of these missed payments. Is this downward spiral inevitable for people in our position.

Julie Alexander’s response: Always remember that with every small bill there is an amount that will stop you from reporting negative with the credit bureau. This amount may not stop a late fee or over the credit line charge but it will act as damage control until your finances are back in order so you can pay the balance down. In this day and age it is very important that you and your significant other work as a team because not knowing what can stop the bleeding on your credit report can be fatal for 7 years.