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letter of explanation for credit inquiries

good morning.it is very typical for lender’s/underwriters to request explainations of credit inquires.the reason is that if you were granted credit from any co. the underwriter would want to know what the newly established credit limit is in order to consider a portion or percent of that against you in your debt ratio when qualifying you.you may have obtained credit from them..the inquiry doesn’t indicate if credit was granted or not.i would suggest being upfront but.

When explaining a credit inquiry, it is important to list the exact details that show up on the credit report so that it is easy for a underwriter to check it off. You want to list the creditor,

Letters of Explanation will be required for the following items: Derogatory past credit. Bankruptcy. Foreclosure. Deed in lieu of foreclosure. Short sale. Late payments. irregular deposits. large deposits. Gaps in employment. Credit inquiries. Other issues that the underwriter needs.

A letter of explanation is a 100-word letter that sits on file at the three major credit bureaus; TransUnion, Experian and Equifax. This letter then gets sent out to anyone requesting a copy of your credit report, providing context for any negative credit entries.

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To her they were a "confidant" to whom she would sometimes sign off “Kathy”, as if penning a letter to a close friend. about her notorious diary entries during an inquiry into her.

Although the process of rebuilding your credit might seem tedious, it is definitely worth the effort. Following these five steps can help you in your efforts to rebuild your credit. body of the.

Borrowers are often prompted to write a letter explaining the reasons for credit default. You can use our sample letter as a guide if you asked to write such a letter. Dear Sir or Madam, This letter provides explanations for each negative item on my credit report that you will receive as part of my mortgage application.

One of the most common requests for letter of explanations is the credit inquiries that are reported on your credit report. Let’s take an example of sample credit inquiries on credit report: Credit Inquiries. ABC Mortgage. First Financial. Best Home Loans. Capital One Credit Card. Used Autos.

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