Hi everyone, I took the time to do some research with some lenders in regards to granting new credit when student loan payments start back in October. So, behind the scenes, here is what is going to take place. The most important & weighted indicator, is on-time payments that are consistent. As long as you have been making monthly payments & your debt to income ratio is in the parameters, you should have no issues getting/applying and being approved for new credit.
The problem will occur when, instead of amount paid, it shows ND-no data or payment. From a lender's view, no payment history, whether due to deferred, or by the COVID law act on student loans, is a red flag.
