Question

I haven’t checked my credit score but, does anyone know if during this time your credit score may still get affected if you aren’t paying on time? I still haven’t received unemployment yet and only got my stimulus. My husband is the only one working and we’re starting to get behind.  

Answer 1

It will affect your credit score if you are 30 days late. You might get a fee from the company but until it is 30 days late they won’t report to credit bureau. I would recommend calling the credit companies and asking what they can do to help. & in the meantime make the minimum payments or see about possibly consolidating debt

Answer 2

Not if the bill has been deferred by the company but if you’re getting legit late notices then yes

Answer 3

It’s going to depend on each company/bill. Your best bet is to call them all and explain your situation. They might work with you.  

Answer 4

Depends on the company. I was forced into deferred student loans that I cannot cancel the deferment even though I can pay. Since it is listed in deferment my score dropped  

Comments

@laspisa who’s your servicer? from what I’ve seen others have been able to contact their servicer about cancelling the forbearance and while I haven’t, I have Nelnet and they have the option to do it as well

Answer 5

Yeah it’s up to the company. I know my sister called and worked with hers since she works for Disney and was thus furloughed. Because the companies are allowing the deferred payments, it won’t be reported as late. If you just get behind more than 30 days, it will ding your credit

Answer 6

Call before you are behind and make arrangements.  

Answer 7

Call each company see what they are doing, and make arrangements. I wouldn’t assume because either way, they probably will work with you but need to hear from you.  

Answer 8

Depends on the company. I was shocked when I called Navient. My great lakes student loans were deferred per government order in US but Navient said they are not governed by the united states so I would not have deferred payments. I still have to make those payments.  

Answer 9

Some places are considering it forbearance (specified as covid-emergency) and filing that when a payment is not made. I was told they still have to report it to the credit bureaus and it’s up to the credit bureaus how it affects your score. (Most likely based on past history is what I was told)