Is anyone noticing any ill effects from accepting pandemic relief options from lenders, whether installment or credit cards? I haven't noticed any at this time, but I did notice these things. Not sure how this would affect someone in the future. Also, it's yet to be seen how the lack of payments will be reported, if at all.
I accepted 2 because employment was in question.
Discover - no issues other than there is no payment status reporting for April. Not sure what will happen since I paid this month.
Chase Auto - the deal was 3 months deferment with no interest. I have a letter from them confirming the terms. While going through credit karma, I noticed an alert that my loan balance went up. Looking at the account, it appears I was charged interest for the last 2 months. Logging into my account does not show this. Chase is showing the balance I started the deferment with, which is below $21k. My reports are not showing any payment status updates while having a comment that account is in deferment.
You might be seeing lagging interest from the month before you got the deferrment. My TD Auto loan does this and CK throws up a notice on me every month.
As far as asking for help, I agree with AJC... It's better to let your lenders know you're in a pinch. They know it's no fault of your own and hopefully don't hold it against anyone who's been a solid customer.
@ChargedUp wrote:You might be seeing lagging interest from the month before you got the deferrment. My TD Auto loan does this and CK throws up a notice on me every month.
As far as asking for help, I agree with AJC... It's better to let your lenders know you're in a pinch. They know it's no fault of your own and hopefully don't hold it against anyone who's been a solid customer.
Then why does my loan in my Chase account not show the increase? The balance Credit Karma is reporting is higher than what my account says.
@Brian_Earl_Spilner wrote:
@ChargedUp wrote:You might be seeing lagging interest from the month before you got the deferrment. My TD Auto loan does this and CK throws up a notice on me every month.
As far as asking for help, I agree with AJC... It's better to let your lenders know you're in a pinch. They know it's no fault of your own and hopefully don't hold it against anyone who's been a solid customer.
Then why does my loan in my Chase account not show the increase? The balance Credit Karma is reporting is higher than what my account says.
Are you comparing pay off amount vs. what is reported to the bureaus?
On a simple interest loan, there is what's called "per diem", which is your daily interest calculation. Your payoff quote is usually only solid for about 10 days, after that the "per diem" is added in and will change your loan balance. Chase is reporting at one time to the bureaus while your balance will float up and down during the same month with payments and per diem added and subtracted. My pay off and what is reported to the bureaus are rarely the exact same number.
Copied from my TD Bank FAQ:
Q. Why does the payoff amount on my billing statement differ from the amount I received on the automated system, from an agent, or online?
A. The payoff amount on your billing statement is an estimate calculated on the date your statement is printed. It’s very important that you get a current 10-day payoff quote either online, by sending a request through our Secure Message Center, or by calling us at 1-800-556-8172.
Q. How can I obtain the per diem (daily interest) on my loan?
A. You can receive your per diem by doing one of the following:
i. Send a message through our Secure Message Center while logged into our website requesting the information. We are also able to provide you with a payoff letter which will include your per diem.