His consecration was scheduled for 12 July 1503, however, he resigned before that date in favour of his brother John IV of Saxe-Lauenburg, possibly because the Diocese of Hildesheim was too heavily indebted.
The cathedral chapter at Münster elected Eric as his successor, preferring him over Francis of Waldeck and John of Rietberg, a nephew of the late Conrad and canon at Cologne.
Eric was consecrated a bishop in the same year and celebrated his First Mass, assisted by his brother John and his half-brother Bernard.
This, he belonged to the League of Lüneburg, opposing Henry the Younger of Brunswick-Wolfenbüttel, Eric I of Brunswick-Göttingen-Calenberg, Bishop Francis of Minden, and the Knights of Saldern.
During a dispute with Count Klaus the Hedges Rider of Tecklenburg, Eric occupied the County of Lingen.