Sherron
Carpal \'Tunnel
Reged: 11/25/06
Posts: 20056
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"Sooo, you know for a fact that your mortgage company went SOLELY based on your consumer statement?"
Two words...READING COMPREHENSION...you should try that sometime...big difference between going "solely on my statement" and taking my "statement into account"...but, you just want to argue, so I'll let you win. You're right. Feel better yet?
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PrincessJ
Carpal \'Tunnel
Reged: 06/25/07
Posts: 7176
Loc: 39.10 degrees North 94.58 degr...
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>Subway ham sandwich with the works spewed on monitor<
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I hope life isn't a big joke, because I don't get it.
--Jack Handey
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preemiemom
Carpal \'Tunnel
Reged: 01/17/07
Posts: 19391
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I stand by what I said. A consumer statement, just sitting on a credit report, when pulled by a creditor is NOT going to change the creditor from denying you, to approving you.. SOLELY based on that statement being there. I knew what you said, I knew what I said. No reading comprehension issue on my end.
They didn't DENY you and THEN approve you based on "oh, look, there's a statement!". Your statement (which was likely pointed out to the creditor BEFORE they rendered a decision) was taken into consideration but was likely not the deciding factor. You probably had newer/better credit etc etc etc.
My point was that the average lender (ie: issuing a credit card, or a car loan) isn't doing that deep a dive nor cares about the circumstances. They process a bazillion applications a day. Don't have time for that. In the case of a mortgage you're likely going through a broker whose JOB it is to "sell" you as a candidate and will use ANY positives they can to do so, including your statement.
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Sherron
Carpal \'Tunnel
Reged: 11/25/06
Posts: 20056
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*shakes head*... does what you say actually make sense to you? Just checking... but, I won't engage, so... YOU'RE RIGHT.
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preemiemom
Carpal \'Tunnel
Reged: 01/17/07
Posts: 19391
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LOL.. Yes, it does. Obviously, otherwise? I wouldn't say it. Did asking that question make sense to YOU?
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Sherron
Carpal \'Tunnel
Reged: 11/25/06
Posts: 20056
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You're right.
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javajunkiee
Carpal \'Tunnel
Reged: 06/01/08
Posts: 3154
Loc: SC
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Can I clarify something here please? There are two ways to get explanations for credit issues in front of a credit grantor. You can add a generic stmt to your file at the credit reporting agency, which is what I was referring to above with the Mars comment, and there is a credit explanation you can provide direct to a lender.
If any hiccups in your credit were explained sufficiently solely by the stmt appended to your credit file, you were very, very, lucky. In my experience, and the experience of a significant number of posters on the two credit based boards I'm on, those stmts alone are not enough to satisfy a mtg lender.
If you couple that stmt with a credit explanation letter, which goes into more detail and provides supporting documentation, your chances for approval are greatly increased. I have been approved using this method more than using the available field(s) for consumer stmts alone.
Your mileage may vary, but that doesn't mean either you, me or PM are wrong. Or right for that matter. Credit scores and credit approvals are like trying to hit a moving target; too many variables can affect the outcome. I do honestly believe however, that those stmts alone are fairly useless.
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Marriage doesn't come with a money-back guarantee.
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katiebear22
journeyman
Reged: 06/29/07
Posts: 66
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Also, if you have a hard time accessing your reports online, you can write in to each agency for your free report. That would be preferable in my opinion than paying for them... I just don't have the money to spare. Lol.
Not all creditors receive consumer statements (they have the choice when they pull the report, EXCEPT for fraud alerts...) so it might actually be best to explain your credit situation to a lender directly as opposed to adding a detailed statement.
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Success is not final, failure is not fatal: it is the courage to continue that counts.
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