BECU DP- Forebearance/Deferal

Anonymous · ‎08-20-2020

Thought I would share this so no-one makes the same mistake I did. Took a Covid-19 deferment on a personal loan through Lending Club. My though was that I could pay down more of the higher interest CC debt with it and just tag it on to the back end of the loan. Fast forward 4 months and apply via phone for a BT Visa through BECU. Forebearance or Deferal makes you ineligible for any more credit extension through BECU for 6 months. 6 months from when you start paying again. Confirmed with the CSR on the phone, and again via their messenger app that the underwriters require 6 months of payments post forebearance. Hope this helps someone else out. Cheers!

Tito1183 · ‎08-20-2020

I'm thinking of doing the same on a LightStream loan. Not looking to apply for new credit through them or anyone at the moment. How has the deferral affected your credit? So they still report paid as agreed? Or has their been anything negative?

Thanks!

K-in-Boston · ‎08-20-2020

I'm sorry to hear about your denial for the BECU Visa. It's important to understand that taking deferral and forebearance offers is a signal to lenders that you are currently unable to meet your financial obligations, so it is improbable for most lenders to extend new or additional credit while that is listed on your credit reports.